Recently, there has been much talk about a measure set to take effect July 1, 2007 that could make prime waterfront properties in Florida ripe for redevelopment. Most condo and coop associations have rules that govern what percentage of owners it would take to sell their property to a developer; in the case of Regency Cove it is 90 percent. But under the new condo termination law quietly crafted by the Florida Legislature and signed by Governor Charlie Crist, and set to go into effect July 1, 2007, the percentage of residents required to sell a property would be disposed of. Even if co-op or condo documents require more than an 80 percent majority vote to terminate and sell, this new law replaces that number with 80 percent.
This new law infringes on individual property rights, and makes it much easier for a developer to take over a prime waterfront property. The states developers see huge profits in redeveloping prime propeties.
In my opinion, every resident needs to write their representative and voice their strong objection to this new law. This law interferes with individual property rights and needs to be repealed.
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2 comments:
Could you tell us the name and address we need to write to.
Thanks for the info. I'll be composing shortly!
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