Dolphin Tower units depreciating fast

 

Dolphin Tower units depreciating fast

 

Date: August 10, 2011
by: Kurt Schultheis | City Editor

 
 

A downtown Sarasota condominium complex that has a faulty concrete slab led to units in the 117-unit building being sold in July for less than half of what previous owners paid.

Orchard Park, N.Y.-based Sarasota Equity Enterprises LLC bought two units for a total of $95,000, or 86% less that what its former owners paid.

And Mahi Towers LLC paid $35,000 for a unit in July, 65% less than its $99,400 purchase price in May 1998.

Unit owners were recently told they have to pay $8.2 million to repair a cracked fourth-floor concrete slab that acts as a main support beam. The condominium’s insurance company has denied its claim to repair the slab.

Contact Kurt Schultheis at kschultheis@yourobserver.com.

 

 

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