{"id":18354,"date":"2025-08-04T21:10:05","date_gmt":"2025-08-05T01:10:05","guid":{"rendered":"https:\/\/citystuff.com\/miami\/?p=18354"},"modified":"2025-08-04T21:10:05","modified_gmt":"2025-08-05T01:10:05","slug":"coconut-grove-condo-owners-pushed-out","status":"publish","type":"post","link":"https:\/\/citystuff.com\/miami\/2025\/08\/04\/coconut-grove-condo-owners-pushed-out\/","title":{"rendered":"Coconut Grove Condo Owners ‘Pushed Out’"},"content":{"rendered":"

Introduction to the Crisis<\/h2>\n

Owners in one South Florida condo community say they are uncertain whether they can stay in their homes after developers have bought up the majority of the property. <\/p>\n

The Human Impact<\/h2>\n

\u201cThis is my house. This is my everything,\u201d Oscar Larrieu told NBC6 Investigates. \u201cThis is everything I\u2019ve worked for.\u201d The one-bedroom condo in Miami\u2019s Coconut Grove neighborhood has been home for Larrieu for 25 years. \u201cThis is my little escape from the troubles of the world when I, you know, leave and come home and relax,\u201d he said. But Larrieu says he hasn\u2019t been able to relax in recent months\u2014because he\u2019s not sure how much longer he\u2019ll be able to keep his home.<\/p>\n

The Developer’s Intentions<\/h2>\n

Bayshore Park condo sits a block from the water on South Bayshore Drive. It was built in the 1960s and is walking distance from some of the Grove\u2019s most popular attractions. Miami-Dade County records show developers Mast Capital and BH Group, through an LLC, now own 30 of the building\u2019s 39 units as well as a vacant lot directly behind the condo. The joint venture and speculation surrounding what the developers have planned for the property have made headlines in the real estate world.<\/p>\n

The Legal Situation<\/h2>\n

\u201cThe emails happened where they were saying that they can terminate, they had the right to terminate the building,\u201d Larrieu explained. \u201cYou know, they sent this to our association lawyer, but they copied all the owners.\u201d Larrieu says owners were copied on an email in June from an attorney representing the developers, who are now majority owners. It asks the association\u2019s attorney at that time to \u201c\u2026Acknowledge some of the hard facts\u2026\u201d specifically the condo\u2019s termination provision. Adding, \u201c\u2026our client has an ownership interest in over 75% of the units\u2026all current members of the board have consistently sought to block termination.\u201d<\/p>\n

The Offer and the Uncertainty<\/h2>\n

In late July, Larrieu says the developers reached out to him with an offer, but he had not yet responded. \u201cIt’s very unsettling just because of the nature of the unknown,\u201d he said. \u201cIt’s just everybody’s, I think, in a state of panic and fear.\u201d Current Florida law requires a vote of at least 80% in order to terminate a condominium, but that doesn\u2019t necessarily apply to all condos.<\/p>\n

Understanding the Law<\/h2>\n

\u201cIt depends on a lot of factors,\u201d according to attorney Carolina Sheir, who is not affiliated with Bayshore Park. Sheir is a partner at Eisinger Law firm and is certified in condominium law. She explained how owners can know their rights. \u201cTo make it easy as possible, it\u2019s basically what law applies to your condominium,\u201d she explained, \u201cAnd that depends on what language is stated in your declaration.\u201d It\u2019s known as Kaufman language, a simple phrase \u201cas amended from time to time,\u201d which means your condo will always follow the most current law.<\/p>\n

The Specifics of Bayshore Park<\/h2>\n

In the case of Bayshore Park, Sheir says the declaration, which is the condo\u2019s governing document, doesn\u2019t have that language. Instead, it has other provisions. \u201cAnd that basically says that 75% of the owners can come together into an agreement to effectuate a termination process,\u201d she explained. We reached out to representatives for BH group and Mast capital and got an email in response confirming their joint venture acquired 30 units, which is over the required 75% threshold. A spokesperson told NBC6 Investigates: \u201cThe joint venture ownership has submitted offers to the remaining nine unit owners in the building.\u201d<\/p>\n

The Growing Issue of Condo Buyouts<\/h2>\n

Sheir says condo buyouts are a growing issue. She says she meets with one or two condo associations a week weighing whether they can terminate. \u201cWhen you are purchasing the biggest investment of your life, which is your home or should be your home, you really need to understand what you’re buying,\u201d she said. Larrieu says he thought his investment was a forever home. \u201cI’m being sacrificed for somebody else’s profit,\u201d he said.<\/p>\n

Conclusion<\/h2>\n

The situation at Bayshore Park condo highlights the complexities and uncertainties faced by condo owners when developers acquire a majority of the units. The fear of being pushed out of their homes is real, and the legal nuances can be overwhelming. As the real estate market continues to evolve, it’s essential for condo owners to understand their rights and the laws that govern their properties. For Larrieu and others like him, the future remains uncertain, leaving them to wonder if they will be able to afford a similar home in the current housing market.<\/p>\n

FAQs<\/h2>\n