New Waterfront Condominiums

A new law in Florida will make it far easier to redevelop older condominium properties.  The new expected to become effective in July will provide that all owners of an existing condominium development may be bought out so long as there is 80 percent consenting.  Currently many condominium documents state that all owners must agree to sell.  In the past there is usually always at least one owner holding out for far more money.  There are many older condominium developments along the coastal waters in Florida that were orignialy constructed in the 1960s that would be effected by this change in laws.  These condominiums were built far before the more stringent hurricane codes that came into place after Hurricane Andrew.  Replacing these properties with newer building meeting current code would be good for the region.  The new buildings would also provide for increased revenue through property taxes on properties of higher values.