Scottsdale Condo Hostile Takeover

[Eric Chang]

Dear BP community, I bought a condo in Scottsdale,AZ less than a year ago. I just got contacted by another condo owner relating to condo termination due to a developer group forcing all the condo owners to sell at a commercial/general appraised price. The developer group is converting the condos into apartments. I understand AZ Condo Act allows entity to force other owners out if the entity owns more than 80% of the condos. The rest of the owners are not able to select a different appraiser besides the one selected by the developer since we need 50% of the votes. Any advice or experience to share? Any action I and the rest of the owners take to get an actual fair market price for our units? Eric