The Real Deal Miami

With new law in place, more South Florida bulk buyers likely to emerge

By Alexander Britell | June 04, 2010 02:30PM

Icon Brickell, a recent target of bulk buyers

From the South Florida website: Gov. Charlie Crist signed into law a significant change to Florida’s condominium statute late last night, giving bulk buyers a leg up in future purchases. The highlight is a provision that protects bulk buyers from the liabilities they had been assuming by purchasing more than seven units in a condo. Prior to the passage of the Distressed Condominium Relief Act, the Florida Department of Business and Professional Regulation’s Division of Florida Condominiums deemed anyone who sold or leased more than seven units in a condo in one year a developer, meaning bulk buyers assumed the liabilities typically associated with developers, like construction warranties, along with issues of association control. [more]