House Bill 3071 - condo building takeover threshold to change from 100% to 80%?

HB 3071 is a bill being proposed in the State House that would allow organizations to take over condominium complexes built prior to 1990 after acquiring 80% (not 100% as the law currently requires) of the building’s condo units.

The bill itself is being pushed forward by Children’s Hospital largely so they can acquire the neighboring Laurelon Condos. Children’s has been very active with its acquisition of units within the Laurelon (see the list below), but are having trouble gathering the rest of the units because as they have testifed,

The majority of Laurelon residents want to sell but they cannot do so because a few residents have admitted they are holding out for more money.

Is changing the law the right way for Children’s to acquire this building? And what does that mean for other condo buildings throughout the state? Is there some small 5 unit building in the area where 4 units are owned by one family and the 5th unit owned by someone else, does this mean that last condo unit could be automatically acquired?

21 Laurelon Terrace Sales as of January 3, 2008:
Parcel #… Building #… Unit #… Full Report… Sale Date… Sale Price
4220700080 03 4014 Sale Date 1/8/2008 Sale Price $292,000
4220700140 04 4009 Sale Date 1/18/2008 Sale Price $243,000
4220700180 04 4019 Sale Date 1/7/2008 Sale Price $285,000
4220700320 07 4602 Sale Date 10/31/2007 Sale Price $377,500
4220700330 07 4604 Sale Date 1/15/2008 Sale Price $239,000
4220700430 08 4624 Sale Date 10/15/2007 Sale Price $240,000
4220700490 09 4644 Sale Date 12/10/2007 Sale Price $380,000
4220700650 10 4668 Sale Date 1/22/2008 Sale Price $257,000
4220700740 11 4008 Sale Date 10/31/2007 Sale Price $243,000
4220700820 12 4609 Sale Date 1/9/2008 Sale Price $281,000
4220700850 13 4615 Sale Date 1/2/2008 Sale Price $300,000
4220700960 15 4637 Sale Date 11/20/2007 Sale Price $243,000
4220701110 16 4667 Sale Date 12/28/2007 Sale Price $236,000
4220701150 16 4675 Sale Date 10/23/2007 Sale Price $280,000
4220701180 17 4681 Sale Date 12/3/2007 Sale Price $248,000
4220701220 17 4689 Sale Date 10/17/2007 Sale Price $230,000
4220701220 17 4689 Sale Date 1/9/2008 Sale Price $236,000
4220701250 18 4706 Sale Date 1/14/2008 Sale Price $253,000
4220701310 19 4718 Sale Date 1/7/2008 Sale Price $228,000
4220701330 19 4722 Sale Date 12/28/2007 Sale Price $244,000
4220701350 19 4726 Sale Date 11/19/2007 Sale Price $226,000