Condo conversion to Rentals

[dragonmaster]

Michigan - I live in a small college town in west Michigan. Some riverfront condos were built here a couple of years ago. My wife and I purchased one and presently have it rented. The purchase price was $199,730.00. There are about 10 condos presently available at different levels of finish. At present we are the only owners in this condo community.

I was told by the developer that they wish to convert the condos to student rentals. I offered to sell him back his condo. The conversion to student rentals ( non-related renters) is not acceptable within our condo agreement. Mine is presently rented to an olderwoman and her son. This does agree with the condo agreement.

I talked with the city tax assesser today and she told me that the developers can not legally rent these units until the condo association is dis mantled. This would mean that mine and my wife condo would have to be purchased by the developers and then the condo association could be dismantled. Are my conclusions correct?

[IndianaOwner]

First, I wouldn't bank legal advice regarding "use" from a tax assesser.

Second, I bet the developer preserved their right to lease any unit they own.

Third, what is your point? Is it that you want them to buy your unit back...at a significant profit or something?

[dragonmaster]

First, I wouldn't bank legal advice regarding "use" from a tax assesser.

THAT"S WHY I'M HERE.

Second, I bet the developer preserved their right to lease any unit they own.

I'LL TAKE THAT BET.

Third, what is your point? Is it that you want them to buy your unit back...at a significant profit or something?

NO POINT, QUESTION. This would mean that mine and my wife condo would have to be purchased by the developers and then the condo association could be dismantled. Are my conclusions correct?