From Hotel To Condo To Hotel Again For One Florida Building
An interesting story out of Orlando that might make you think twice about picking up a lower-priced condo as an investment property. The Lexington, a condo tower that was formerly a downtown hotel, is now becoming a hotel again. Those who bought condos at The Lexington are being offered a flat fee of $88,000 to be bought out. This fee is, in most cases, less than half of what the owners paid.The buildins is home to 227 condos which will now all be part of a Crowne Plaza hotel. For the 30 people still owning condos they are facing a difficult choice: they can either accept the flat fee or pay $4,700 in upgrades for their unit and then rent it out. Owners who sign up for the rental program will get half of the $122 per night room rate. Some owners are understandably upset about the situation, especially those who bought in hoping that their property would be a good investment.
Reader Comments (Page 1 of 1)
willzville Jun 29th 2008 8:52AM
Are the actual condos worth half of what owners paid for, or is that just what the developers are offering?
Its unfair that owners can't just stick with the property the way it is instead of either making a loss, or investing some more.
I'd probably sell if I owned one because there would be a serious fall in property value because the developer has done all this (and offered so little on the masses!).
Jason Jun 29th 2008 11:32AM
Sounds like the condo owners need to get together and file a lawsuit.
Graffitimonkie Jun 29th 2008 4:55PM
That sounds like some illegal practices being done there, of course they might have some awesome lawyers write some documents before the buyers bought in. But they're not exactly given them any deal here by saying you can either stay as a hotel renter or get out so we can rent your property out as a hotel rental.
Really have to watch out where you're buying, and that goes for the second time around for these former condo owners as well.
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