Seminole Apartments Converting to Condos In Large Numbers
Seminole apartments converting to condos in large numbers
But conversion craze leaves some residents in tight spot
But conversion craze leaves some residents in tight spot
The condominium craze has hit Seminole County in the last several years, but now condo conversions are catching up.
According to the National Real Estate Investor, "nowhere is the conversion craze hotter than in Florida."
But, local resident Donna Marie Serritella thinks the state of Florida condo conversion laws in place aren't protecting residents, as they should.
The state of Florida Department of Business and Professional Regulation Division of Florida Land Sales, Condominiums, and Mobile Homes, keeps track of all condo conversions, and all notices of intent to convert to condominiums. In total, Florida has seen more than 2,100 approved condo conversions - ten of which were located in Seminole County.
As of Jan. 19, the state's database showed 18 residential rental communities in Seminole County that had filed a notice of intent to convert to condos (See Chart). Most of those were located in Altamonte Springs and Casselberry.
Jim Stroup, of the Seminole County building department, said there has only been a handful of condo conversions that have come through his office in the last year. He explained that apartments and condominiums have the same building code requirements, so that unless the developers were undergoing major renovations, they would not be required to go through the County.
But, in the city of Sanford, for example, new condos are all the craze with a total of 20 mixed use, multi-family, or townhouse communities, undergoing planning or construction as of January 2006.
Serritella's apartment community is not on the state list as of Feb. 24, but she is aware that new owners of Oakmonte Apartments, in Heathrow, are planning to turn her apartment complex into condos.
A press release issued by Corus Bank said on Jan. 26, 2006, they closed a $70 million loan to Musa/ZMG Oakmonte, LLC, to finance the acquisition and conversion to condominiums of Oakmonte Apartments.
Serritella, who has lived at Oakmonte since 2001, said she had a feeling the apartment was going to go condo. There had been rumors, she said, circulating the neighborhood. The old apartment managers even told them it was going to one day be converted into condos. Serritella said she and other residents had been told time and time again by former management that they would have plenty of notice of the conversion, and they would have the option to buy.
But, it wasn't until she received a notice saying that there was new ownership that she felt the time was coming soon.
On Jan. 19, ZOM (the former owner) announced the sale to Musa/ZMG Oakmonte, LLC. Residents received a second notice on Jan. 27, stating that unit inspections would be taking place as of Jan. 31. Neither notice mentioned a condominium conversion.
Serritella, along with numerous other residents whose leases were coming up on renewal, received notices stating that the landlord had elected not to renew their leases, and they would need to vacate their apartments within 60 days. Serritella's lease expires March 31, and with just over 30 days left before she must move she's still not sure where she's going.
"I've been searching and searching," Serritella said. She added that there aren't any comparable rentals in Lake Mary.
But, she said she feels worse for some of her other neighbors who have children in schools, and whose leases are expiring in April. That means, if they cannot find a place zoned for the schools their children are in, they will have to uproot them for the last month or two of the school year.
Patti Hughes, a single mother with three children, just moved into Oakmonte a little over a year ago. Her 11-year-old daughter found the notice of non renewal taped on the door recently that said they had 60 days to move. She pleaded in a letter to the new owner's legal representation Matthew Zifrony, to let them extend their lease until the end of June.
Zifrony heard concerns from residents through Serritella and agreed to hear from residents and consider extending leases to those who had children in school.
"If you were not going to help me, my children would not have a place to call home," Hughes wrote to Zifrony. "I do not have the resources to move that fast."
According to her letter, Hughes budgets her finances months in advance, and with her current budget not changing, she will have to delay dental care for her children in order to move.
A letter sent out to residents on Feb. 14, said that the popularity of turning apartments into condos is rising, and that the new owner would like to convert Oakmonte into condos.
"At this time, however, the owner is only in the process of obtaining the proper approvals for this conversion, as there are many steps that the developer must go through," the letter stated.
It also explained that residents who have children residing in their homes, who are on the lease and attend a public school in Lake Mary, could speak individually with the leasing office to discuss extending their lease by a "reasonable amount of time."
The letter also stated that the owner did not have a legal obligation to extend any lease beyond its natural expiration date.
Serritella has spearheaded a community wide campaign at Oakmonte asking to hear from residents who are having difficulty with the short notice of moving. Resident who either are older, or who have medical problems, or who have children, were all asked to forward their information to Serritella.
According to Serritella, the new owners are doing everything right in the letter of the law, but are not thinking about the residents.
"They didn't consider human beings were there," Serritella said.
But, because the new owners of Oakmonte have not filed a notice of intent to convert to condos, they legally have the right to non renew the residents' leases.
If they were to file intent, the state of Florida statutes has a guideline the owners must follow. Those guidelines include timelines for renewing leases up to 270 days, depending on when your lease expires and how long a resident has lived at the apartment complex. The residents also have the option to buy their unit as is, and also have the first right of refusal for purchasing their unit or another in the complex.
In San Diego, Cali., many condo conversions have taken place, and tenants there are entitled to six months' notice and those who are not going to buy must be compensated.
But, because Oakmonte owners have not filed their intent, the residents at Oakmonte seem to be losing that freedom.
Although, according to Serritella, she has heard that some residents are receiving up to $5,000 in compensation to move. It has her asking questions.
"If they would have just communicated with us," Serritella said.
She said she has never been told that she could buy the unit as is. Currently, the new owners are making repairs to many of the buildings. Roofs are being repaired or replaced, and stucco is being fixed.
"I want to have a big old protest," Serritella said. "You screwed us over and we don't like that."
Serritella said she had no intention of suing over the matter, but feels that some laws should be changed to protect this from happening to other people.
Jim Stroup, of the Seminole County building department, said there has only been a handful of condo conversions that have come through his office in the last year. He explained that apartments and condominiums have the same building code requirements, so that unless the developers were undergoing major renovations, they would not be required to go through the County.
But, in the city of Sanford, for example, new condos are all the craze with a total of 20 mixed use, multi-family, or townhouse communities, undergoing planning or construction as of January 2006.
Serritella's apartment community is not on the state list as of Feb. 24, but she is aware that new owners of Oakmonte Apartments, in Heathrow, are planning to turn her apartment complex into condos.
A press release issued by Corus Bank said on Jan. 26, 2006, they closed a $70 million loan to Musa/ZMG Oakmonte, LLC, to finance the acquisition and conversion to condominiums of Oakmonte Apartments.
Serritella, who has lived at Oakmonte since 2001, said she had a feeling the apartment was going to go condo. There had been rumors, she said, circulating the neighborhood. The old apartment managers even told them it was going to one day be converted into condos. Serritella said she and other residents had been told time and time again by former management that they would have plenty of notice of the conversion, and they would have the option to buy.
But, it wasn't until she received a notice saying that there was new ownership that she felt the time was coming soon.
On Jan. 19, ZOM (the former owner) announced the sale to Musa/ZMG Oakmonte, LLC. Residents received a second notice on Jan. 27, stating that unit inspections would be taking place as of Jan. 31. Neither notice mentioned a condominium conversion.
Serritella, along with numerous other residents whose leases were coming up on renewal, received notices stating that the landlord had elected not to renew their leases, and they would need to vacate their apartments within 60 days. Serritella's lease expires March 31, and with just over 30 days left before she must move she's still not sure where she's going.
"I've been searching and searching," Serritella said. She added that there aren't any comparable rentals in Lake Mary.
But, she said she feels worse for some of her other neighbors who have children in schools, and whose leases are expiring in April. That means, if they cannot find a place zoned for the schools their children are in, they will have to uproot them for the last month or two of the school year.
Patti Hughes, a single mother with three children, just moved into Oakmonte a little over a year ago. Her 11-year-old daughter found the notice of non renewal taped on the door recently that said they had 60 days to move. She pleaded in a letter to the new owner's legal representation Matthew Zifrony, to let them extend their lease until the end of June.
Zifrony heard concerns from residents through Serritella and agreed to hear from residents and consider extending leases to those who had children in school.
"If you were not going to help me, my children would not have a place to call home," Hughes wrote to Zifrony. "I do not have the resources to move that fast."
According to her letter, Hughes budgets her finances months in advance, and with her current budget not changing, she will have to delay dental care for her children in order to move.
A letter sent out to residents on Feb. 14, said that the popularity of turning apartments into condos is rising, and that the new owner would like to convert Oakmonte into condos.
"At this time, however, the owner is only in the process of obtaining the proper approvals for this conversion, as there are many steps that the developer must go through," the letter stated.
It also explained that residents who have children residing in their homes, who are on the lease and attend a public school in Lake Mary, could speak individually with the leasing office to discuss extending their lease by a "reasonable amount of time."
The letter also stated that the owner did not have a legal obligation to extend any lease beyond its natural expiration date.
Serritella has spearheaded a community wide campaign at Oakmonte asking to hear from residents who are having difficulty with the short notice of moving. Resident who either are older, or who have medical problems, or who have children, were all asked to forward their information to Serritella.
According to Serritella, the new owners are doing everything right in the letter of the law, but are not thinking about the residents.
"They didn't consider human beings were there," Serritella said.
But, because the new owners of Oakmonte have not filed a notice of intent to convert to condos, they legally have the right to non renew the residents' leases.
If they were to file intent, the state of Florida statutes has a guideline the owners must follow. Those guidelines include timelines for renewing leases up to 270 days, depending on when your lease expires and how long a resident has lived at the apartment complex. The residents also have the option to buy their unit as is, and also have the first right of refusal for purchasing their unit or another in the complex.
In San Diego, Cali., many condo conversions have taken place, and tenants there are entitled to six months' notice and those who are not going to buy must be compensated.
But, because Oakmonte owners have not filed their intent, the residents at Oakmonte seem to be losing that freedom.
Although, according to Serritella, she has heard that some residents are receiving up to $5,000 in compensation to move. It has her asking questions.
"If they would have just communicated with us," Serritella said.
She said she has never been told that she could buy the unit as is. Currently, the new owners are making repairs to many of the buildings. Roofs are being repaired or replaced, and stucco is being fixed.
"I want to have a big old protest," Serritella said. "You screwed us over and we don't like that."
Serritella said she had no intention of suing over the matter, but feels that some laws should be changed to protect this from happening to other people.
posted by James Haft at 5:03 PM
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