Floridians forced to sell their homes at huge losses
“Under a Florida law, companies that own more than 80 percent of condo units in one building can terminate a condo complex under certain conditions and turn it into apartments for rent. The companies have to pay the owners they’re evicting the “current market value” for their units, which may not even cover their mortgage. Some owners, who have diligently paid their bills and fees, are left without a home and drowning in debt.
“I thought we lived in a country where your property couldn’t be seized for private gain,” Gonzalez said. “And this blows me away that this is possible in the United States. It blows me away.”
According to Seminole County records, Gonzalez purchased her unit at Serenity at Tuskawilla from Prestwick Partners, a boutique property company run by two Miami lawyers. After Florida’s real estate crash, she had no intention of selling her unit; she figured its value would eventually bounce back. But she never got that chance. In 2013, Prestwick Partners filed papers to terminate the condominiums at Serenity at Tuskawilla.”
Martin, David. Aljazeera America 6 February 2015.
*