My Condo Dilemma

[JoeB131]

So throwing this out there because some of you I actually respect your opinions.

I've lived in the same Condo Complex since 2004, but a real estate company is looking to buy us all out and convert to Rental units. This is mostly being instigated by the Condo Manager, who wants to retire and is probably sick of dealing with this nonsense.

The good part is that they are going to buy all the units "as is" for about 20% above current market pricing. This probably works out for me because I really do need to do some remodeling, but I'm not going to bother if the place is being sold to a company that's going to tear everything out to standardize them.

So I'll probably walk away with about $60,000.00. More than enough to put down a payment on a new Condo and start over again.

The bad part- I really don't want to move again or to rent again.

The sale will only go through if 75% of the owners vote to go through with it. At current, 48% of the units are owned by people who don't live here, 52% are owned by people who do. So this is a case where my vote will actually make a difference.

The other factor is that the town is about to rezone a commercial property which will probably have a serious impact on the community. Essentially, the county is trying to force this down the town's throat.

So should I take the money and run or vote against the change?

 

[miketx]

Well, talk to your significant other, if there is one, you and them decide what you want and go from there. Just be aware if you vote to stay you may have to move anyway.

 

[Erinwltr]

So throwing this out there because some of you I actually respect your opinions.

I've lived in the same Condo Complex since 2004, but a real estate company is looking to buy us all out and convert to Rental units. This is mostly being instigated by the Condo Manager, who wants to retire and is probably sick of dealing with this nonsense.

The good part is that they are going to buy all the units "as is" for about 20% above current market pricing. This probably works out for me because I really do need to do some remodeling, but I'm not going to bother if the place is being sold to a company that's going to tear everything out to standardize them.

So I'll probably walk away with about $60,000.00. More than enough to put down a payment on a new Condo and start over again.

The bad part- I really don't want to move again or to rent again.

The sale will only go through if 75% of the owners vote to go through with it. At current, 48% of the units are owned by people who don't live here, 52% are owned by people who do. So this is a case where my vote will actually make a difference.

The other factor is that the town is about to rezone a commercial property which will probably have a serious impact on the community. Essentially, the county is trying to force this down the town's throat.

So should I take the money and run or vote against the change?

Take the money and run, dude. What did you pay for your condo and they want to pay 20% more over current market price for it?

 

[White 6]

Take the money and go for a small house with nobody on the other side of the wall.

 

[Erinwltr]

Take the money and go for a small house with nobody on the other side of the wall.

Mexico?

 

[Dekster]

So throwing this out there because some of you I actually respect your opinions.

I've lived in the same Condo Complex since 2004, but a real estate company is looking to buy us all out and convert to Rental units. This is mostly being instigated by the Condo Manager, who wants to retire and is probably sick of dealing with this nonsense.

The good part is that they are going to buy all the units "as is" for about 20% above current market pricing. This probably works out for me because I really do need to do some remodeling, but I'm not going to bother if the place is being sold to a company that's going to tear everything out to standardize them.

So I'll probably walk away with about $60,000.00. More than enough to put down a payment on a new Condo and start over again.

The bad part- I really don't want to move again or to rent again.

The sale will only go through if 75% of the owners vote to go through with it. At current, 48% of the units are owned by people who don't live here, 52% are owned by people who do. So this is a case where my vote will actually make a difference.

The other factor is that the town is about to rezone a commercial property which will probably have a serious impact on the community. Essentially, the county is trying to force this down the town's throat.

So should I take the money and run or vote against the change?

I would take it because if it becomes a rental only complex then the place will likely go way downhill.

 

[Mr Natural]

Unless I was in love with the place, I'd take the deal and move on.

 

[Dogmaphobe]

You should move to China and live in Government housing run by the sorts of people you can really respect.

 

[MarathonMike]

Sell and buy a house. Mortgage rates are insanely low.

 

[Manonthestreet]

So throwing this out there because some of you I actually respect your opinions.

I've lived in the same Condo Complex since 2004, but a real estate company is looking to buy us all out and convert to Rental units. This is mostly being instigated by the Condo Manager, who wants to retire and is probably sick of dealing with this nonsense.

The good part is that they are going to buy all the units "as is" for about 20% above current market pricing. This probably works out for me because I really do need to do some remodeling, but I'm not going to bother if the place is being sold to a company that's going to tear everything out to standardize them.

So I'll probably walk away with about $60,000.00. More than enough to put down a payment on a new Condo and start over again.

The bad part- I really don't want to move again or to rent again.

The sale will only go through if 75% of the owners vote to go through with it. At current, 48% of the units are owned by people who don't live here, 52% are owned by people who do. So this is a case where my vote will actually make a difference.

The other factor is that the town is about to rezone a commercial property which will probably have a serious impact on the community. Essentially, the county is trying to force this down the town's throat.

So should I take the money and run or vote against the change?

If you vote against sale and lose cant you still take the money

 

[Blues Man]

I can't imagine living in a condo and having to pay some stupid condo fee so that a bunch of busybodies can tell me what I can and can't do in my own home.

But then again Joe seems to be one of those busybody types so I guess he fits right in.

 

[gipper]

So throwing this out there because some of you I actually respect your opinions.

I've lived in the same Condo Complex since 2004, but a real estate company is looking to buy us all out and convert to Rental units. This is mostly being instigated by the Condo Manager, who wants to retire and is probably sick of dealing with this nonsense.

The good part is that they are going to buy all the units "as is" for about 20% above current market pricing. This probably works out for me because I really do need to do some remodeling, but I'm not going to bother if the place is being sold to a company that's going to tear everything out to standardize them.

So I'll probably walk away with about $60,000.00. More than enough to put down a payment on a new Condo and start over again.

The bad part- I really don't want to move again or to rent again.

The sale will only go through if 75% of the owners vote to go through with it. At current, 48% of the units are owned by people who don't live here, 52% are owned by people who do. So this is a case where my vote will actually make a difference.

The other factor is that the town is about to rezone a commercial property which will probably have a serious impact on the community. Essentially, the county is trying to force this down the town's throat.

So should I take the money and run or vote against the change?

If you respect my opinion, I’ll give it.

 

[JoeB131]

Take the money and run, dude. What did you pay for your condo and they want to pay 20% more over current market price for it?

Without disclosing pricing, the problem was I purchased in 2004. Which means prices were high. Then the market crashed in 2008, as we all know, and it took a decade for prices to recover.

Take the money and go for a small house with nobody on the other side of the wall.

ehhhh... don't know if that would be an option. Owning a house - even a small one - would include mowing lawns, raking leaves, shoveling snow, etc. I had to do that when I had the two flat that I rented half of in the 1990's, I'm not sure I'd want to do that again.

If I move, it'd be to another condo.

If you vote against sale and lose cant you still take the money

Point taken.. but what if I win, that's the thing? The other issue, the one the town is planning to do with a local property, is what concerns me. My opinion, it will knock the value right out of the pricing for the area.

Thanks all for your thoughts.

 

[Quasar44]

Take the money and run, dude. What did you pay for your condo and they want to pay 20% more over current market price for it?

Without disclosing pricing, the problem was I purchased in 2004. Which means prices were high. Then the market crashed in 2008, as we all know, and it took a decade for prices to recover.

Take the money and go for a small house with nobody on the other side of the wall.

ehhhh... don't know if that would be an option. Owning a house - even a small one - would include mowing lawns, raking leaves, shoveling snow, etc. I had to do that when I had the two flat that I rented half of in the 1990's, I'm not sure I'd want to do that again.

If I move, it'd be to another condo.

If you vote against sale and lose cant you still take the money

Point taken.. but what if I win, that's the thing? The other issue, the one the town is planning to do with a local property, is what concerns me. My opinion, it will knock the value right out of the pricing for the area.

Thanks all for your thoughts.

Wow these Jews just don’t f stop. !
I would see if the other renters can counter offer to get more than 20 percent
Moving is extremely difficult and so many things get broken on the way

 

[DGS49]

Could you sell out, then remain where you are as a renter? It would probably involve living in chaos for a year or so, but you won't have to move until you are good and ready.

 

[whitehall]

Get a lawyer and start a class action suit or look for another place.

 

[The Irish Ram]

Sell. Moving is a pain in the ass, but so is rezoning. Moving doesn't last long. Rezoning will last forever. And, what you are fighting for now may be the case in a few years. Your condo may end up worth less, and harder to sell. The price is good right now.

Why not look around and see if there is anything out there you like enough to warrant the few weeks of moving disarray. It can be kinda fun. Moving on up...

 

[HenryBHough]

So much depends on two key factors:

WHERE you live (What city, what state)
Your age

If you're in a hot market the $60K suggests is lowball and if you take it replacing it will take one Hell of a mortgage.

If you're in a community you like, the market is not overheated and the tax situation is OK then it might (depending on age) mbe time to downsize into something entirely new which probably wouldn't need any serious repairs in your lifetime.

If you're in a shithole, high-tax state or city then maybe it's time to look hard at other states where your expenses might be lower and life more comfortable.

Too many unknowns for anyone on this board to responsibly offer a "one size fits all" solution. I would not advise providing any personal information to anyone other than someone you know and trust who has some connection with the real estate or tax businesses.

I decided nearly 20 years ago to get out of California. I won't say where I am but will tell ykou that what I got for a modest house in a California "hot spot" bought me three condo units elsewhere. One to live in - - two to rent out. Importantly, in different condo developments so problems with one (there were none) would not land on all of them.

Over time I sold the two rentals and banked the money. Too old now to think about another major move but now and then I do the math and it keeps turning out the same way. Though this place is not as far ahead as all the rest as it once was it still is considerably above any of the others.

Yeah, don't overlook climate.

But don't be misled. There are micro-climates in many places. For example, there are places in California where winter conditions are far worse than in several such micro-climates in states far more to the north.

In some states there are "over 55 only" condo communities which generally are safer and more peaceful than most places yet still have lots to do. Still, if you project yourself to be able to deal with stuff like lawn care and minor fix-it stuff avoiding the bullshit that goes with condo living makes a lot of sense.

 

[Care4all]

Take the money and run, dude. What did you pay for your condo and they want to pay 20% more over current market price for it?

Without disclosing pricing, the problem was I purchased in 2004. Which means prices were high. Then the market crashed in 2008, as we all know, and it took a decade for prices to recover.

Take the money and go for a small house with nobody on the other side of the wall.

ehhhh... don't know if that would be an option. Owning a house - even a small one - would include mowing lawns, raking leaves, shoveling snow, etc. I had to do that when I had the two flat that I rented half of in the 1990's, I'm not sure I'd want to do that again.

If I move, it'd be to another condo.

If you vote against sale and lose cant you still take the money

Point taken.. but what if I win, that's the thing? The other issue, the one the town is planning to do with a local property, is what concerns me. My opinion, it will knock the value right out of the pricing for the area.

Thanks all for your thoughts.

Can you find another place for the same amount? Shop around.

I'd talk the other owners in to asking for 30% more than market value, before even considering it....inflation is coming at us, big time....

 

[CrusaderFrank]

So throwing this out there because some of you I actually respect your opinions.

I've lived in the same Condo Complex since 2004, but a real estate company is looking to buy us all out and convert to Rental units. This is mostly being instigated by the Condo Manager, who wants to retire and is probably sick of dealing with this nonsense.

The good part is that they are going to buy all the units "as is" for about 20% above current market pricing. This probably works out for me because I really do need to do some remodeling, but I'm not going to bother if the place is being sold to a company that's going to tear everything out to standardize them.

So I'll probably walk away with about $60,000.00. More than enough to put down a payment on a new Condo and start over again.

The bad part- I really don't want to move again or to rent again.

The sale will only go through if 75% of the owners vote to go through with it. At current, 48% of the units are owned by people who don't live here, 52% are owned by people who do. So this is a case where my vote will actually make a difference.

The other factor is that the town is about to rezone a commercial property which will probably have a serious impact on the community. Essentially, the county is trying to force this down the town's throat.

So should I take the money and run or vote against the change?

I don't understand the rezoning comment. What is being rezoned?

Also, why would someone pay 20% above market to convert to a rental?