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Distressed condo law leads to $1B in sales

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From the South Florida website: A six-month-old law designed to spur the bulk sale of troubled condo projects throughout the state has been credited with about $1 billion in property sales, according to an author of the legislation. Still, proponents are preparing a “glitch bill” to fix problems that have cropped up with the law. Real estate attorney Daniel Kaskel credits the Distressed Condo Relief Act for the Dec. 29 closing of a $7 million, 65-unit deal at the 2560 South Ocean Condominium project in Palm Beach. The deal in the 94-unit condo “closed only because of the act,” he said. [more]