PHOENIX — In Arizona’s housing market, lawmakers want to make sure condo owners get a fair deal if they’re ever forced to sell to investors.Under the Arizona Condominium Termination Act, if an investor reaches 80% ownership of a condominium complex, they can dissolve the HOA and require the remaining homeowners to sell for fair market value.The thought of it puts condo owner Eric Buckeye on edge.“It’s a scary situation not knowing if we were going to be able to be here long term,” Buckeye said.Buckeye said a single investor has bought up more than half the units in his complex. However, there’s much more to go until that 80% threshold.“We have more retirees here that don’t have the ability to go anyplace else,” Buckeye said.While the current law requires the forced sales to be at “fair market value,” previous ABC15 reporting found that appraisals often considered units already bought by investors in the complex, potentially lowering home values compared to outside properties.“If you want s …
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