Oscar R. Rivera, left, and Lindsey Thurswell Lehr, right, of Siegfried Rivera. Courtesy photosEffective Termination Strategies in Today’s Troubled Condo Market
Just when offers from developers were gaining traction as a potential exit strategy for those in aging communities with necessary recertification repairs as well as high assessment and insurance increases, the appellate decision has hampered one of the procedures being used by associations to enhance their ability to terminate a condominium. The ruling has made strategic and creative approaches from developers and unit owners more vital than ever.
February 06, 2025 at 12:31 PM
7 minute read
An appellate ruling from March 2024 hamstringing the use of amendments to lower voting thresholds for condominium terminations is affecting Florida developers, associations and owners exploring the sale of substantial numbers of units to allow for termination of an existing condominium for redevelopment of the site. Just when offers from developers were gaining traction as a potential exit strategy for those in aging communities with necessary recertification repairs as well as high assessment and insurance increases, the appellate decision has hampered one of the procedures being used by associations to enhance their ability to terminate a condominium. The ruling has made strategic and creative approaches from developers and unit owners more vital than ever.
The opinion by the Third District Court of Appeal came in the case of Avila v. Biscayne 21 Condominium, and it was the focus of an August 2024 article from the Wall Street Journal titled “Zombie Condos, Angry Residents and a Ruling That Stunned Miami’s Developers.” The newspaper chronicled how the decision halted a long-standing practice of enacting amendments to a condominium’s governing documents to reduce the threshold of votes required to effectuate a termination of an existing condominium regime.
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