My question involves a condominium located in the State of: Florida
I purchased an apartment-to-condominium conversion in Florida in May of 2006, before our state's housing bubble burst. I paid asking price for it, with a complete downpayment. Because the housing market has tanked in our state, my condominium complex has gone back to an apartment complex, renting out units as if the complex were just for renters. The complex even removed the sign that advertizes the sale of the units. So, I am in a complex with a few absent owners, a few present owners, but a lot of renters now.
I tried to refinance my unit to get a lower interest rate and was told my unit was worth about $6,000 less than I paid for it two years ago, so refinancing wasn't a possibility.
Do I have any recourse?
I would be happy if the developer would buy my unit back for what I owe and either let me rent at the going rate or let me move altogether. I don't understand how I can get the value of my home when I decide to sell if the complex is now full of renters.
Can I approach the developer with this idea or is it a nonstarter?
When I bought in this complex, one of the selling points the agents stressed was that the renters would be moving out at the end of their current lease terms, so I expected the complex to be full of owners...or empty if they weren't sold. My condo docs state that a percentage of the units may be rented, but after repeated calls to the revolving door of Homeowner's Association Managers, I still haven't received an answer as to what that number may be.
Any advice or help would be appreciated!