Yes there a law with the 80/20 but be careful because the office of the condo does not always figure it out the way you might.

Fri Jun 27 2008, 09:09

Technically Florida law allows the 80/20 law...there has to be accomodations for people buying units at any age but they can be restricted to 20% of the total ownership. This affords room for investors and family to buy a home for a loved one...
They do NOT have to allow for that person to move in. And on top of that, some over55+ are age restricted even at 62 and 65... you would need to work with an agent that would help you examine the condo documentation or deed restrictions per community. The community management would have the numbers at their fingers so a good agent could call on your behalf.

With so many baby boomers moving down to Florida in the next 10-15 years, it makes sense that many would buy in 55+ communities pre-need and rent it out until they are "of age"...but it needs to be strategized with your agent.

For all your real estate needs from Sales to Mortgage Financing, feel free to contact me!
David Podgursky
Broker Associate
Licensed Mortgage Broker
Boca Executive Realty
561-504-6949
davidp@bocaexecutive.com

Wed Jun 4 2008, 06:14

Some communities may permit a purchase, but restrict occupancy. For example, there are a few 55+ communities which allow rentals and some units are owned by non-qualified persons who rent them to board-approved tenants. So the answer to the first part of your question is yes.

However, you can be prevented, it's up to the board... sometimes the board president or management company can give you a general idea of what is likely to be allowed, if you ask.

Sat May 24 2008, 20:33

Some HOA's permit 20% of the owners to be under 55. However, each HOA has their own rules and regulations. Contracts are contingent upon HOA approval.

Fri May 16 2008, 21:32

Devra,
In many cases the 20% ownership is being held back for individuals that will become owners because of a death and inherit the property. Yes, you can be prevented from being able to join a condo assocaition based on specific criteria.

Good luck
The "Eckler Team"
century 21 Almar and Associates
Venice, Fl 34285

Fri May 16 2008, 19:18

Oh! I just thought of this. It also depends on the management company, or who is currently on the Board. How strict they are, can depend on who is in control.

Fri May 16 2008, 17:11

It's usually up to the Association to make that decision. If they're already at their limit, they probably won't let anyone buy, who is under 55. Most parks want to stay way below the 80/20 rule. And some of them just don't use that rule. They want 100% 55+. You'd have to read their Association rules to know how they operate.

Fri May 16 2008, 17:09