(WSVN)-A group of investors joined the board of condominium associations, approving a large special assessment, stating that unit owners must pay by August 1. Can they do it? Check out tonight’s Help Me Howard with Patrick Fraser.
Arbor Key is an affordable condo in Tamarak.
Maria Chaux: “I’ve lived here for a long time. I like the place.”
The 232 condos are also in the big chunks of real estate that developers want.
Patrick Fraser: “Are you trying to steal your property?”
Harvey Brown: “That’s right.”
Harvey came to that conclusion after four people bought about 50 units at Arbor Key Condo and were elected to the board of directors. In late June, it passed a special assessment of over $ 5.1 million that owners have to pay in one lump sum.
Harvey Brown: “22,000 people [dollars].. I have to come up with it by August 1st. “
That is correct. Owners of each condo must pay $ 20,000 to $ 24,000 for the assessment by August 1.
Maria Shaw: “We don’t have that money.”
That’s not possible for Maria, who is struggling to survive a $ 1,100 / month retirement.
Maria Shaw: “See, I have a very low income. That’s difficult for us.”
Residents were told to be sent to the collection if they did not pay the full amount by August 1.
Harvey Brown: “They said they might be crazy. That’s the only thing that comes to my mind. I say these people are crazy.”
Iris Gonzales owns two units in Arborkey and once participated in the board of directors.
Some of the repairs include roofs, pools and sunshades. She says they are needed, but she will take years to work, and she should be given those two years for the inhabitants to pay for the assessment. Says.
Iris Gonzalez: “If you step through your payment plans, people can be breathtaking and not choke, because everyone is in the same financial position as some investors. Not because. “
Already owners like Maria and Harvey are called by realtors who say she represents an unnamed buyer who wants to buy their condo.
Ernest, who owns several units here, says he can see what’s going on.
Ernesto Cuellar: “They want to seize as many people as possible. When a property hits the market, they buy it and they will buy it cheaply.”
It’s also good for investors who want to destroy condominiums and build expensive buildings on many acres of land.
Ernesto Cuellar: “They want to maximize their profits and don’t care who they’re doing along the way.”
Now, Howard, what can condominium owners do when the board makes a decision that could cost their home?
Howard Finkelstein: “Easy Solution: Remember the board and throw it away with a lump sum special assessment. Second Solution: Go to court and tell the judge what you think is happening And have the judge remove the board and temporarily appoint someone to get things right with property. “
I started checking. A company owned by one board member, Benjamin Jones, owns at least 40 units and pays in the range of $ 85,000 to about $ 115,000 per unit.
I emailed him and called him. He did not respond.
Only the fifth director speaks. Alberto Conde told me he voted against the special assessment. He resigned from the board because what was being done to the owner was incorrect.
Iris Gonzalez: “Give people a payment plan.”
That’s what owners who aren’t wealthy investors want. That’s what they need to stay in their condo.
Harvey Brown: “I’ve had a sleepless night every day since I received this letter. I don’t know what to do.”
Well, he may sleep well soon. 180 owners, like Harvey, are counterattacking and implementing what Howard has proposed. They try to bring back the board, and they hired a lawyer if they had to go to court.
This is happening in many condos, so let us know who won this battle for the building in case you are facing the same type of acquisition.
Do you have a problem you want to sell? Buy us and invest in your solution. What’s special about our rating is free.
In this Help Me Howard, I’m Patrick Fraser, 7 News.
Copyright 2022 Sunbeam Television Corp. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.