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New York

NY-based bulk buyer takes control of Palm Beach condo complex

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From the South Florida website: The Palm Court at Wellington in Palm Beach has been revived by a New York-based bulk buyer who bought over 90 units back in 2009 with the idea of recycling the condominium units back into rentals in the $1200 per month range, according to the Palm Beach Post. The $4 million-deal gave the buyer control of the homeowners association, including the power to raise fees, levy assessments, introduce new rules – and reject new buyers. Owners and Realtors at the complex, near the intersection of Wellington Trace and West Forest Hill Boulevard, are now upset that the association has hiked dues and claim that the association is obstructing new buyers so it can snap up units for itself. The buyer argues it’s protecting its investment by blocking people without the sufficient finances. [more]