Real-Estate Slowdown Causes Condo Conversion Aversion | The Wall Street Journal Online
Real-Estate Slowdown Causes Condo Conversion Aversion
By Kemba J. Dunham From The Wall Street Journal Online
One of the first signs that the Gateway Club at Orchid Lakes was going condo was when the owner of the Boynton Beach, Fla., apartment complex closed the gym within the past year. Tenants became suspicious when they couldn't get a clear answer why they no longer had access.
Their fears turned out to be well founded. Residents complain that they were later offered steep "insider" prices to buy their units -- $400,000 for a $1,500-a-month rental in one case. Some declined and moved out. When would-be buyers were wooed at a luau at the pool, existing tenants were excluded...
By Kemba J. Dunham From The Wall Street Journal Online
One of the first signs that the Gateway Club at Orchid Lakes was going condo was when the owner of the Boynton Beach, Fla., apartment complex closed the gym within the past year. Tenants became suspicious when they couldn't get a clear answer why they no longer had access.
Their fears turned out to be well founded. Residents complain that they were later offered steep "insider" prices to buy their units -- $400,000 for a $1,500-a-month rental in one case. Some declined and moved out. When would-be buyers were wooed at a luau at the pool, existing tenants were excluded...
posted by Patrick Leblanc at 9:01 AM
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