My Condo Dilemma

[surada]

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.

 

[Flopper]

I would never buy a condo because of all this hassle.

I would never build a house in any place with an HOA for the same reasons.

Having owed two houses and several condos I can attest to the fact that shit happens regardless of whether you live in a house or a condo. Roofs have to be replaced, landscaping has to be maintained, construction faults are found, plumbing leaks occur, foundations crack and shift, property taxes rise, natural disasters occur, and neighborhoods deteriorate. If you own a house, the responsibility of dealing with stuff like this is yours alone. If you own a condo, the responsibility falls on the HOA. You can choose to be involved if you like or you take a nice long cruise and let the HOA deal with the problem.

 

[Blues Man]

I would never buy a condo because of all this hassle.

I would never build a house in any place with an HOA for the same reasons.

Having owed two houses and several condos I can attest to the fact that shit happens regardless of whether you live in a house or a condo. Roofs have to be replaced, landscaping has to be maintained, construction faults are found, plumbing leaks occur, foundations crack and shift, property taxes rise, natural disasters occur, and neighborhoods deteriorate. If you own a house, the responsibility of dealing with stuff like this is yours alone. If you own a condo, the responsibility falls on the HOA. You can choose to be involved if you like or you take a nice long cruise and let the HOA deal with the problem.

All residences need upkeep but only in a condo or some neighborhood with an HOA do you need to let other people tell you how to do that upkeep.

I don't want a bunch of nosy neighbors telling me what color I can paint my fence or what plants I have to use in my landscaping.

 

[strollingbones]

what does one call a group of karens?






homeowners association

 

[JoeB131]

what does one call a group of karens?


homeowners association

I want to talk to your manager about that joke.

 

[Flopper]

I would never buy a condo because of all this hassle.

I would never build a house in any place with an HOA for the same reasons.

Having owed two houses and several condos I can attest to the fact that shit happens regardless of whether you live in a house or a condo. Roofs have to be replaced, landscaping has to be maintained, construction faults are found, plumbing leaks occur, foundations crack and shift, property taxes rise, natural disasters occur, and neighborhoods deteriorate. If you own a house, the responsibility of dealing with stuff like this is yours alone. If you own a condo, the responsibility falls on the HOA. You can choose to be involved if you like or you take a nice long cruise and let the HOA deal with the problem.

All residences need upkeep but only in a condo or some neighborhood with an HOA do you need to let other people tell you how to do that upkeep.

I don't want a bunch of nosy neighbors telling me what color I can paint my fence or what plants I have to use in my landscaping.

The Board, not the owners are responsible for the upkeep of the property. Most condo units do not have fences because they don't have yards. Those that do are usually enclosed patios in which the owner is free to maintain it as he or she sees fit. Most restrictions on condos pertain to outside common areas such as sides of buildings, roofs, landscaping, club houses, pools, and other common areas. Not having to maintain landscaping and other common areas, is a primary reason people own condos. They don't have to worry about much of anything except the inside of their unit and paying the maintenance fees. Some large condos have a number of services such as recreation and entertainment, clubs, meeting rooms, concierge services, shuttle services, on site management, 24 hour security, optional maid and handyman services, etc. On the other end of the spectrum, there are condos with less than a dozen units where owners take a more active part in the maintenance activities.

 

[AzogtheDefiler]

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?

20% above market is a fair return. I d vote for the sale. Moving sucks but it’s a one time event more than likely.

 

[JoeB131]

20% above market is a fair return. I d vote for the sale. Moving sucks but it’s a one time event more than likely.

I actually did vote for it in the end, but a lot of my neighbors didn't so it won't go through.

They needed 75% to win. As of two weeks ago, 40% of the owners hadn't voted at all.

 

[JoeB131]

Hey, want to thank everyone, even people I normally disagree with, for their advice.

 

[AzogtheDefiler]

20% above market is a fair return. I d vote for the sale. Moving sucks but it’s a one time event more than likely.

I actually did vote for it in the end, but a lot of my neighbors didn't so it won't go through.

They needed 75% to win. As of two weeks ago, 40% of the owners hadn't voted at all.

Then perhaps your fate is to stay or maybe they ll increase the offer. This is actually a fairly common event.

 

[Flopper]

20% above market is a fair return. I d vote for the sale. Moving sucks but it’s a one time event more than likely.

I actually did vote for it in the end, but a lot of my neighbors didn't so it won't go through.

They needed 75% to win. As of two weeks ago, 40% of the owners hadn't voted at all.

Then perhaps your fate is to stay or maybe they ll increase the offer. This is actually a fairly common event.

In my area, there is a condo that got offers 3 times before the owners accepted.

 

[JoeB131]

Then perhaps your fate is to stay or maybe they ll increase the offer. This is actually a fairly common event.

In my area, there is a condo that got offers 3 times before the owners accepted.

Two points.

I'm kind of fine staying, I'm kind of fine moving. It's not like I'm uprooting kids from school or anything like that. There were a few reasons why moving was attractive, like setting up a home office in a second bedroom and having a forced air system instead of radiator heat and a wall unit. (Better air circulation/filtration)

But I've been here for 17 years, and I could be here another 6 and be fine. I want to move to Northern Wisconsin when I retire, if C'Thulhu willing, I live that long.

All that said, I don't think this company is going to try again with a sweeter offer. The real problem is that we have a lot of Polish residents here who don't want to sell, even though they own their units free and clear and they will be making a lot of money selling them.

My only concern is that we have an organization that is looking to set up a drug rehab center in this town, and that is going to bring down property values if it goes through. The people of the town are fighting it tooth and nail, but I don't know if they will win.

 

[AzogtheDefiler]

Then perhaps your fate is to stay or maybe they ll increase the offer. This is actually a fairly common event.

In my area, there is a condo that got offers 3 times before the owners accepted.

Two points.

I'm kind of fine staying, I'm kind of fine moving. It's not like I'm uprooting kids from school or anything like that. There were a few reasons why moving was attractive, like setting up a home office in a second bedroom and having a forced air system instead of radiator heat and a wall unit. (Better air circulation/filtration)

But I've been here for 17 years, and I could be here another 6 and be fine. I want to move to Northern Wisconsin when I retire, if C'Thulhu willing, I live that long.

All that said, I don't think this company is going to try again with a sweeter offer. The real problem is that we have a lot of Polish residents here who don't want to sell, even though they own their units free and clear and they will be making a lot of money selling them.

My only concern is that we have an organization that is looking to set up a drug rehab center in this town, and that is going to bring down property values if it goes through. The people of the town are fighting it tooth and nail, but I don't know if they will win.

Maybe sell your condo unit to a prospective buyer and at a 10% premium? Tell them there is a chance they could stay a long time to get a sweet offer down the road? Worth a shot maybe?

 

[Flopper]

Then perhaps your fate is to stay or maybe they ll increase the offer. This is actually a fairly common event.

In my area, there is a condo that got offers 3 times before the owners accepted.

Two points.

I'm kind of fine staying, I'm kind of fine moving. It's not like I'm uprooting kids from school or anything like that. There were a few reasons why moving was attractive, like setting up a home office in a second bedroom and having a forced air system instead of radiator heat and a wall unit. (Better air circulation/filtration)

But I've been here for 17 years, and I could be here another 6 and be fine. I want to move to Northern Wisconsin when I retire, if C'Thulhu willing, I live that long.

All that said, I don't think this company is going to try again with a sweeter offer. The real problem is that we have a lot of Polish residents here who don't want to sell, even though they own their units free and clear and they will be making a lot of money selling them.

My only concern is that we have an organization that is looking to set up a drug rehab center in this town, and that is going to bring down property values if it goes through. The people of the town are fighting it tooth and nail, but I don't know if they will win.

Something you did not mention when you said the zoning is going commercial is what kind of growth pattern is being projected. Commercial can mean a lot of things, large office building, medical centers, upscale retail shops and restaurants that generally push real estate price up or on the other end of the spectrum, bars, pot shops, auto garage, strip joints, pawn shops, etc. which tend to drive prices down. In other words, commercial zoning can be good or bad for your property value.

 

[Dusty]

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?

48k is a slum friend

 

[JoeB131]

Then perhaps your fate is to stay or maybe they ll increase the offer. This is actually a fairly common event.

Well, you jinxed me, Zoggie. The buyers are not trying to get the "no's" to change their mind by adding a five percent premium to people who vote yes.

So this whole thing might still be in play.

48k is a slum friend

I didn't say 48K. My profit margin is going to be b igger than that. I said 48% are rentals units.. that might be where you are getting confused.

 

[sparky]

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

well i appreciate that Joe, but to be honest my opinion follows my redneck lifestyle , which may not benefit yours

~S~

 

[AzogtheDefiler]

Then perhaps your fate is to stay or maybe they ll increase the offer. This is actually a fairly common event.

Well, you jinxed me, Zoggie. The buyers are not trying to get the "no's" to change their mind by adding a five percent premium to people who vote yes.

So this whole thing might still be in play.

48k is a slum friend

I didn't say 48K. My profit margin is going to be b igger than that. I said 48% are rentals units.. that might be where you are getting confused.

Yeah so they really want the property. Sounds like a win/win for you?

 

[JoeB131]

Yeah so they really want the property. Sounds like a win/win for you?

Could be. I'll come out a lot further ahead than if I tried to sell it on my own...

But then I'd still have to look for another place and do the stress of moving. I really, really don't like moving, haven't done it in 17 years.

 

[Dusty]

Yeah so they really want the property. Sounds like a win/win for you?

Could be. I'll come out a lot further ahead than if I tried to sell it on my own...

But then I'd still have to look for another place and do the stress of moving. I really, really don't like moving, haven't done it in 17 years.

There is a scam in here somewhere, condos are owned and operated by buffoons sad places