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The Incredible Bulk: Has the Florida Condo Bulk Buyer Bill Lived up to the Hype?

As may you know, this past summer the Florida legislature adopted the 2010->Chapter 718->Part VII">Distressed Condo Relief Act to protect buyers who purchase more than seven units in a condominium from being defined as developers and inheriting certain “developer” liabilities. When the real estate market took a dive, distress buyers and lenders were hard pressed to jump into a pool of surviving developer liabilities. The press has credited the change in law for the spike in bulk purchases (though a building consensus that a pricing floor has been established may also be a significant factor).  

Will the momentum increase in 2011? Some say it will save the condominium market while others say it’s plagued with ambiguity and a short shelf-life.  The Act, by its own terms, is due to sunset on July 1, 2012, so as written, bulk purchases closing after that date will receive no benefits. 

Stay tuned for more on this topic as a glitch bill is already in the works for the Act. 

©2020 Greenberg Traurig, LLP. All rights reserved. National Law Review, Volume I, Number 78

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About this Author

Gary Saul, Greenberg Traurig Law Firm, Miami, Real Estate and Finance Law Attorney
Shareholder

Gary A. Saul is the Co-Chair of the Miami Real Estate Practice. He is a nationally recognized attorney who represents a broad range of clients in connection with the structuring, development, ownership and financing of real estate projects, including many high-profile, luxury and mixed-use, commercial, retail and residential condominiums and vertically subdivided projects

Concentrations

  • Real estate

  • Condominium Structuring and Offerings

  • ...

305-579-0846
Meredith Singer, Greenberg Traurig Law Firm, Miami, Real Estate and Finance Law Attorney
Shareholder

Meredith Singer has been with Greenberg Traurig since 2001. With 14 years of experience representing developers in the structuring, creation and operation of residential, commercial, mixed-use and hotel condominiums, homeowners associations, warehouse/office parks and planned developments, Meredith’s experience centers around the structuring and initial sales and marketing of condominium projects, planned communities and complex mixed-use developments. Meredith's practice also focuses on advising developers, lenders and purchasers in confronting the issues related to fractured condominiums, exist strategies and subsequent developer issues. Meredith was recently selected by Super Lawyers magazine as a Rising Star. The Florida Real Estate Practice was ranked #1 in Florida by Chambers & Partners USA: America's Leading Lawyers for Business between 2003-2007.

Concentrations

  • Real estate

  • Condominium development

  • Financing

305-579-0822