Florida Holdouts Against Condo Termination Duel With Real-Estate Firms

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Developers in South Florida look to condo terminations as a way of scoring prime land. Many unit owners are happy to sell. But some owners oppose selling and having to find a new home in one of the country’s most expensive states to buy.

Marjorie Mannix says her parents, in their 80s, reluctantly moved out of their oceanfront condo in Florida.When Joe and Janet Dippell bought their oceanfront condo in 2008, they thought they would live there forever. The Bal Harbour, Fla., property featured its own restaurant and the Dippells’ 3,300-square-foot apartment boasted water views.

But over the past two years, local developers have been trying to buy each of the Carlton Terrace’s 88 units. They plan to knock down the property and build a development where they can charge premium prices for more units.

 

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um...make the people doing the 'terminations' pay a fair market price.

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