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by charli from Tampa FL

Last Post 16 hours Ago


Condo ConversionReal Estate Crisis
Apr 20, 2008 | 7:55 AM
Category: News
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I am surprised that Fox hasn't jumped into the topic.  The article in the Trib was scary.  Last September I purchased a conversion unit in a nice complex convenient to work and shopping.   I am a 59 year old single woman who wanted a place of my own that I could do work on, but still have someone around to do the outside maintenance.  I wanted the security of a gated  and guarded community.  I spent all summer looking and when I saw this place I knew it was the perfect place... I, and others, were told that 7 of the buildings had been coonverted and were 90% sold.  More on that later.

Signed the papers on Labor Day weekend with closing set for the end of the month... they had 20 other closings that month.  The community has 12 buildings made up of townhomes and apartment like units.  Landscaping is great and well maintained.  2 pools, a huge lake with dock, a hot tub, gym, and a clubhouse with grills.  Well built... electric bill is running $25-50 less per month than my old apartment, and it was well built.

Well.... the nightmares began with in a few days of my moving in.  Somethings still have yet to be completed or fixed.  The fridge was not the same one there when I closed.  The washer/dryer was filthy, toilet was leaking, etc.  The last 2 were fixed but the w/d takes 2-3 times to dry a load.  My A/C unit was running constantly.  They came out and found that it had no freon!  Fixed it but they found out that the compressor and air handler were mismatched and older than what they, the Warranty Insurer, were told.  Repeated calls to the developer went unanswered, or scheduled appointments were never kept.

to be continued..

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charli read my blog view my photos
Apr 20, 2008 | 8:15 AM

Over the t-day holiday one owner had to replace her water heater. It was also older than the Warranty Insurer had been told so she had to foot the bill. She owns 2 units (rents one out to a life long friend and his wife). In January I had to replace my water heater. Luckily it was a few months shy of not being covered. 3 other owners have had to replace theirs. In February the A/C unit went out again. The Warranty Insurer would not cover the cost of replacement! Luckily I know someone in the business and got the "family" deal.

Then suddenly the sales office was moved out and the leasing office was moved into the clubhouse. The Manager knew nothing about it until the day it happened. Apparently the developer decided to stop the conversions. There was a big xmas party. It was announced that anyone (renters) recommending someone who signed a lease would get 1 month free off their lease!

The gated/guard part? No one has seen a guard for months... and they just fixed the gates!

A few of us did some research.... seems we were all lied to, as to ownership of the converted units. We were told that almost all of the units were individually owned. A look at the Property Appraiser's website shows that the developer owns 70%! And, he is the HOA! None of us had been told about the stoppage of the conversions. One owner of 2 units (his mother lives in one, he & wife in the other) was approached for a "buy back" at the first of the year. He has yet to hear back. Another owner was approached weeks after he moved in.

The renters have more privileges and get
Vittorio read my blog view my photos
Apr 20, 2008 | 4:36 PM

Time for you folks to get a lawyer. Some have group rates. Forget the Bozos you see on TV.
Neckcarjim read my blog view my photos
Apr 20, 2008 | 5:05 PM

Anyone who spent $100,000 or more for a apartment that they slapped a new coat of paint and put up some new light fixtures got what they paid for. This was a huge scam because face a fact you are buying nothing more then an apartment that someone elese lived in and did'nt care about.
Bad investment.
yellowdog read my blog view my photos
Apr 20, 2008 | 8:30 PM

Bad deal charti.

Thousands were snookered into believing the boom would last forever.

An apartment which rented for $900 per month is worth $90,000 as an investment if you want to earn 6%.

More than that is a dream.
charli read my blog view my photos
Apr 21, 2008 | 3:37 PM

Gang... I felt so good about this deal at the time. Location, amenities, building structure (as compared to newer buildings). I think it is time we owners got together. I am also going down to the Real Estate department at work and meet with my contact there. also going to contact building code inspectors. spend break time with a few of them, and have them look at the codes, permits, info given to them by the developer, etc. Then we will all set up the meeting to meet with a lawyer... a friend of one of the owners.

It's not been a good year for me... starting with my b-day last year when I had an accident at my old apartment. Buying this place seemed to be the only good thing that happened... and my b-day is coming up again in a few weeks.
charli read my blog view my photos
Apr 21, 2008 | 5:03 PM

Gang... great news... I just read, again, through the documents... Upon termination of condomiminium developement, the developer must pay off all mortgages, and divide any HOA proceeds equally among the owners of the condos.

Now if I can olny get the property management to complete pre-sale problems. I am ging to the management office on Wednesday and getting a copy of the lease agreement. I will show them about the fire hazard of renters using grills on the patios.

BTW... a lot of people at work were talking about the story. Some bought into condo units that are now being converted to rental units. According to the blog on the Trib, people are really upset.
yellowdog read my blog view my photos
Apr 21, 2008 | 9:49 PM

The SOP is for the developer to stall as long as possible and then to file bankrupcry and leave everyone holding the bag.

Hope this doesn't happen but.............
charli read my blog view my photos
Apr 22, 2008 | 3:50 PM

Yellowdog... if this developer files, he is in big trouble. I came up with an idea... if offered to purchase my unit... I'll take cash, they have to agree to let me live here until I find someplace else, I'll transfer the mortgage to the new place. I was told today, by my bank, that my plan is a very good one... can be done.
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charli

I am an Environmental Specialist with Hills. Cty. Basically, I am a "dumpster diver". I also do a lot of educational graphics design about the proper disposal of household chemical & electronics, litter, etc. My hobbies are very diverse... golf and reading, with sci-fi, forensic mysteries, and history being my favorites. My other passion is photography, mostly nature. Ever since experiencing my first hurricane in Florida, Cleo in 1964 when I was 15, when the eye went over my house, I have been fascinated with weather. I have a 99% accuracy... including predicting Charley's turn away from Tampa the night before he hit down south.

Member Since: 7/17/2006


 

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