Article
and Video Courtesy of Channel 10 News
By Mike
Deeson
Published
November 19, 2013
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Watch
VIDEO
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Palm
Harbor, Florida - Several homeowners say they are being forced to sell
their Pinellas condos at a loss.
Stephanie
Krasowski bought her condo home several years ago for around $160,000.
"You
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."
The
10 News Investigators spoke with more than a dozen
homeowners who have been fighting for their ownership
rights.
Sally
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.
"How
could this happen? How could a law not protect me as a
homeowner?"
It's
all happening at the Madison Oaks Condominiums in Palm
Harbor.
Residents
are being forced to sell thanks to a |
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little-known
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.
But
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.
Here
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".
The
company wants the whole complex switched to apartments-
forcing residents to sell their homes.
Pinellas
Representative Carl Zimmerman- who contacted the 10 News
Investigators- says he intends to do something about the
law.
"I
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." |
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How
bad is it?
Some
homeowners who paid close to $160,000, will be given less than $60,000 for
their homes.
They'll
have to move out, rent a new place- and still pay off their mortgages.
While
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
written law.
With
tears in her eyes, Karen Rehs said, "I will lose my whole life
savings if this happens."
The
law also says that if 10 percent of the condo owners object to terminating
the condominiums then the plan can't go forward.
But
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.
The
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
June Bozenka.
"You
can leave now I'm not doing interviews thank you very much," Bozenka
told us.
After
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.
"You
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
your own."
Now,
the Madison Oaks Condominium homeowners are suing. If they can prove 10
percent of the owners oppose the sale, they might have a chance.
The
10 News Investigators will stay on top of this and let you know what
happens.
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