and Video Courtesy of Channel 10 News
November 19, 2013
Harbor, Florida - Several homeowners say they are being forced to sell
their Pinellas condos at a loss.
Krasowski bought her condo home several years ago for around $160,000.
work so hard to live that American dream and then five guys from New York
can come in and take it from you. This is really unfair."
10 News Investigators spoke with more than a dozen
homeowners who have been fighting for their ownership
Wolfe was so surprised when she received notice that she was
being forced to sell to a corporation, and that she had
little say in the matter.
could this happen? How could a law not protect me as a
all happening at the Madison Oaks Condominiums in Palm
are being forced to sell thanks to a
state law. The law says that a condo complex can be converted to
apartments if 80 percent of the owners are in favor of the deal.
a lot of these owners planned on living at Madison Oaks for years and saw
these condo homes as a great investment for their future. Now these owners
are uncertain about their future.
is how it happened. In the past few years, more than 80 percent of the
condos at Madison Oaks were bought up, not by new neighbors, but by a
single company called "Madison Oaks, LLC".
company wants the whole complex switched to apartments-
forcing residents to sell their homes.
Representative Carl Zimmerman- who contacted the 10 News
Investigators- says he intends to do something about the
couldn't believe that people would be asked to leave their
homes- people that were paying their mortgage, paying tier
assessments and be forced to give up their home at a
fraction of what the home is worth. Surely the intent of
the legislature is not to evict people."
bad is it?
homeowners who paid close to $160,000, will be given less than $60,000 for
have to move out, rent a new place- and still pay off their mortgages.
this seems unbelievable that a company can force you to sell your home,
state records obtained by the 10 News Investigators show that already, 207
condo complexes have been terminated for what appears to be this poorly
tears in her eyes, Karen Rehs said, "I will lose my whole life
savings if this happens."
law also says that if 10 percent of the condo owners object to terminating
the condominiums then the plan can't go forward.
some condo owners claim that Madison Oaks, LLC is ignoring that rule and
going ahead anyway, even though this group that makes up more than 10
percent opposes the plan.
10 News Investigators wanted to ask the company about that, but they
weren't interested in talking. So we went to the management company,
McKinley Management, that runs the condo complex and tried speaking with
can leave now I'm not doing interviews thank you very much," Bozenka
the door was closed in our faces, these homeowners began to realize that
many doors are closing on their future. Now some are facing eviction,
bankruptcy, and more.
work so hard to obtain something that is part of the American dream,"
said Krasowski, "and it can just get taken from you, at no fault of
the Madison Oaks Condominium homeowners are suing. If they can prove 10
percent of the owners oppose the sale, they might have a chance.
10 News Investigators will stay on top of this and let you know what