Condo owners at the Sundara condominium complex now have a clearer picture of what will happen to the building, but some are not happy about the latest development.
"I think our hands are tied," said Beverly Lahey as she left an information session with Newfoundland and Labrador Credit Union (NCLU) officials on Wednesday evening.
Lahey and her sister, Judy Johnson, are trying to sell their deceased brother's condo. They, and the other owners were told the NLCU plans to seek bids for the entire block of unsold units and the adjoining parcel of land.
"It was the Credit Union telling us how they are going to approach selling the building and recouping their investment," Johnson said. "It had very little to do with the personal condos people own here."
Credit Union in control
The Newfoundland and Labrador Credit Union holds the mortgage on the property which was built by Rockmount Properties — a company with Newfoundland and Labrador Premier Dwight Ball as a shareholder.
After an unsuccessful bid to convert the condos to assisted living units, the NLCU took control of the building from Rockmount and has outlined a plan to sell off the vacant units.
People inside Wednesday's meeting said Rockmount is not in receivership and the Credit Union did not foreclose on the mortgage.
The Credit Union did not specify an asking price, but did release specifications on the available units and the size of the undeveloped land.
CBC News asked to speak with someone from the NLCU, but was told nobody was available at this time. Bids for the Sundara condos will close on Nov. 6.
Judy Johnson and Beverly Lahey say they feel no further ahead after the meeting.
Although it will cost thousands of dollars, they plan to hold on to the property until the spring.
"My biggest fear is that the new owners will put them on the market for $150,000," Lahey said.
That's far less than the $275,000 their brother paid for his unit.
"I don't think we stand a chance," Lahey said. "Because they can sell them far cheaper than we can."