When Joe and Janet Dippell bought their oceanfront condo in 2008, they thought they would live there forever. The Bal Harbour, Fla., property featured its own restaurant and the Dippells’ 3,300-square-foot apartment boasted water views. But over the past two years, local developers have been trying to buy each of the Carlton Terrace’s 88 units. They plan to knock down the property and build a development where they can charge premium prices for more units.

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