Apartment To Condo Conversion In Florida

[StenoRPR]

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!

[LawResearcherMissy]

If you're asking if you can sue the developers because your unit is not worth what you paid for it, the answer is No.

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.

You're never guaranteed to get back the value of your home when you sell - markets and circumstances change, and you happen to have been caught in one of those changes.

I wouldn't expect the developers to be amenable to buying your unit back and letting you rent simply because the housing market went under after you bought your home.

Unless you're looking to sell your unit right this instant, what it's worth now doesn't mean very much.

[StenoRPR]

Well, thanks, LawResearcherMissy, for your reply, but no, that wasn't the question I was asking. I know I can't sue the developer because of a change in the market. I have owned property before and understand the volatility of the marketplace.

What I am trying to find out is if I have any recourse for buying my unit THEN, when it was condos (owners) only, the last of the apartment dwellers would be moving out at the end of their lease, and NOW, when the development has gone back to an apartment complex, essentially stopped selling the units, and now I'm stuck as the owner of a condo in an apartment complex.

I'm trying to find out what I can do here. Even when the market turns around in a few years, I'll still be an owner IN an apartment complex, and that's not what I purchased. I purchased a condo in a condo complex.

So, that's what I'm trying to figure out. Thanks for directing me to clarify my question.

[Mr. Knowitall]

What false representation did they make to you? If you can identify one, take the supporting documentation to a local real estate lawyer, and see if it's worth your while to try to sue over it.