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If the state condo laws say it is, then yes. This is in Florida, not exactly known for such a great body of condo law. But even in places like New York, Illin

If the state condo laws say it is, then yes. This is in Florida, not exactly known for such a great body of condo law. But even in places like New York, Illinois, Pennsylvania, etc - with a long, long history of condominiums, this is going to be allowed. All the condo units but one were owned by the company. That’s a huge red flag, to the point that you’d never be able to get a federally-insured loan to buy in this building. Generally anything less than 50% owner-occupied can’t be financed - you’d have to pay cash, your real estate attorney will tell you to run away, etc.

marc_abonce 4y ago
> All the condo units but one were owned by the company. That’s a huge red flag, to the point that you’d never be able to get a federally-insured loan to buy in this building. Generally anything less than 50% owner-occupied can’t be financed - you’d have to pay cash, your real estate attorney will tell you to run away, etc. Of course, but in OP's story the owners bought the condo years before the real estate company had come in to buy all the other units. So I agree that this would be a red flag but unfortunately this red flag still exists even if the condos are fully owner-occupied at the time you buy them.