On the interesting news front the WSJ had an article today about the Portofino condo project in Tampa where the developer (Providence Management Corp. based in Chicago) plans to terminate the condo association and convert the project back into a rental community forcing, as provided in the termination language, owners who don’t want to sell to have to sell at the fair market value of their unit, a price today which is less than their original purchase price. Talk about being rolled (by the way the developer only owns 30 units in the 396
unit complex but must still be in his control period as he controls 92% of the association votes).
(http://online.wsj.com/article/SB121132415516908607-email.html note this link will die after 7 days)
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