Bulk buyer takes control of Palm Court condos at Wellington

TRD MIAMI /
Jun.June 08, 2011 01:48 PM

The Palm Court at Wellington has been revived by a New York-based bulk buyer who bought over 90 units back in 2009 with the ideo 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.

“We’ve taken the eyesore of Wellington and turned it into a very nice place to live,” said John Slattery, who, as director of acquisition for the bulk buyer, is president of the Palm Court homeowners association. “There were drug dealers, pit bulls, derelict cars, garbage everywhere. The place was a disaster.”

Jan Bergemann, a homeowner advocate who runs Cyber Citizens for Justice, a DeLand-based watchdog group, disagrees: “These bulk-buyer deals have given power to people with money who can trample rightfully and lawfully on the rights of owners unlucky enough to have bought at the wrong time.”

People who initially bought at the 120-unit complex for about $220,000 per unit, are now trapped with units valued at $43,600, the Post said. [Palm Beach Post]


Related Articles

arrow_forward_ios
Multifamily project in Palm Beach County advances

Multifamily project in Palm Beach County advances

Multifamily project in Palm Beach County advances
Neil Hirsch and Coach House (Getty)

Saddle up: Sales launch at Wellington luxury condo development aimed at polo players

Saddle up: Sales launch at Wellington luxury condo development aimed at polo players
Richard Roeder of Vance Street and 15130 Sunny Island Lane (Credit: Realtor)

Private equity exec buys Wellington equestrian estate for $12M

Private equity exec buys Wellington equestrian estate for $12M
Weingarten Realty Investors Andrew M. Alexander and Village Green Center at 2803 South State Road (Credit: Google Maps)

Weingarten Realty pays $36M for Wellington shopping center

Weingarten Realty pays $36M for Wellington shopping center
Andreas Helgstrand and 13560 Indian Mound Road (Credit: Facebook, Relator, and iStock)

Helgstrand Dressage buys 80-acre Wellington equestrian estate

Helgstrand Dressage buys 80-acre Wellington equestrian estate
Glenn Straub (Credit: iStock)

Wellington developer Glenn Straub charged with larceny

Wellington developer Glenn Straub charged with larceny
David MacNeil, and 13700 Quarter Horse Trail, Wellington

WeatherTech founder buys Wellington estate for $23M

WeatherTech founder buys Wellington estate for $23M
Tommy Lee Jones and 12550 40th Street South (Credit: Getty Images, Zillow, and iStock)

Tommy Lee Jones sells Wellington equestrian estate for $11M

Tommy Lee Jones sells Wellington equestrian estate for $11M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...