My Condo Dilemma

[Dusty]

i have owned my own home more likely longer than you have been alive...wee little noob

I have owned my home since 1993. My home unlike yours is paid for so with that you do not own a home, the bank does


Nyuk Nyuk Nyuk

Now go loot a Target and pay your mortgage

 

[Flopper]

i have owned my own home more likely longer than you have been alive...wee little noob

I have owned my home since 1993. My home unlike yours is paid for so with that you do not own a home, the bank does


Nyuk Nyuk Nyuk

Now go loot a Target and pay your mortgage

Not so.
When you purchase a home via a mortgage loan, as a borrower you are, in fact, a homeowner free to make decisions pertinent to the property (decor, renovations, construction, etc.) ... Simply put, you do own your home but your mortgage lender does have interest in the property based on documents signed at closing; that is, you own your home whether you have a mortgage or not. By paying off your mortgage you own your home outright.

 

[JoeB131]

Again stupid if you owned a real home you would not need your neighbors approval. The fact is that you are owned by the asshole bitch in the condo association that has no life and now she is sucking the life out of you. You do not want to move but are being forced out of where you live because you only rent that place. You can argue this until you are blue but you still have no choice in the matter except to rent back your place after they take it away from you, that said it was never yours.

Okay... clearly someone hasn't been put down for his nap today.

If they majority of us do end up voting to end the arrangement, it's because it was our collective choice and because we've been offered above market value to do so.

I've owned a home in the past. I much prefer owning a condo, and if I do walk away from this with a bag of money, I'd buy another condo.

Bye the way Joe wants to rent it to Mexicans

Just so you know

PS Real estate markets are at record highs, so I suggest to go view a condo like the one that you own that is for sale at probably 5 times what they are offering you.

Poor Joey the goon who voted to pay higher taxes

Hey, buddy, this thread has been non-political and even people I normally disagree with have come by with some thoughtful advice...

Actually, I have looked at Condos, and um, yeah, comparable ones in this neighborhood run about the same. Obviously, I'm looking to upgrade, if I have to move.

I've rented to Mexicans before. They're generally nice people. The daughter of the lady I rented to 20 years ago recently reached out to me to thank me for being nice to them while she was growing up.

 

[Dusty]

Again stupid if you owned a real home you would not need your neighbors approval. The fact is that you are owned by the asshole bitch in the condo association that has no life and now she is sucking the life out of you. You do not want to move but are being forced out of where you live because you only rent that place. You can argue this until you are blue but you still have no choice in the matter except to rent back your place after they take it away from you, that said it was never yours.

Okay... clearly someone hasn't been put down for his nap today.

If they majority of us do end up voting to end the arrangement, it's because it was our collective choice and because we've been offered above market value to do so.

I've owned a home in the past. I much prefer owning a condo, and if I do walk away from this with a bag of money, I'd buy another condo.

Bye the way Joe wants to rent it to Mexicans

Just so you know

PS Real estate markets are at record highs, so I suggest to go view a condo like the one that you own that is for sale at probably 5 times what they are offering you.

Poor Joey the goon who voted to pay higher taxes

Hey, buddy, this thread has been non-political and even people I normally disagree with have come by with some thoughtful advice...

Actually, I have looked at Condos, and um, yeah, comparable ones in this neighborhood run about the same. Obviously, I'm looking to upgrade, if I have to move.

I've rented to Mexicans before. They're generally nice people. The daughter of the lady I rented to 20 years ago recently reached out to me to thank me for being nice to them while she was growing up.

LOL so they pay you a grand over what THEY SAY IS MARKET VALUE. You are just a typical democrat getting fucked and you are too stupid to even know what is happening. They are taking your house so they can rent it for 2 grand a month perhaps, then you have your 20 grand and you think your gonna buy another condo for under 200k, so now you are 180k in the hole, wake up fool this is the most expensive housing market ever.

 

[JoeB131]

LOL so they pay you a grand over what THEY SAY IS MARKET VALUE. You are just a typical democrat getting fucked and you are too stupid to even know what is happening. They are taking your house so they can rent it for 2 grand a month perhaps, then you have your 20 grand and you think your gonna buy another condo for under 200k, so now you are 180k in the hole, wake up fool this is the most expensive housing market ever.

Uh, guy, I live here. I've looked at what units in this complex sell for, and yes, they were offering us above market price.

I already had lines on Condos that cost well within my budget. So I was going to walk away from this with a better unit, a lower monthly payment. and some substantial money left over...

The reality, though, some people who are as ignorant as you are blocked the sale, so it's probably not happening.

 

[Dusty]

LOL so they pay you a grand over what THEY SAY IS MARKET VALUE. You are just a typical democrat getting fucked and you are too stupid to even know what is happening. They are taking your house so they can rent it for 2 grand a month perhaps, then you have your 20 grand and you think your gonna buy another condo for under 200k, so now you are 180k in the hole, wake up fool this is the most expensive housing market ever.

Uh, guy, I live here. I've looked at what units in this complex sell for, and yes, they were offering us above market price.

I already had lines on Condos that cost well within my budget. So I was going to walk away from this with a better unit, a lower monthly payment. and some substantial money left over...

The reality, though, some people who are as ignorant as you are blocked the sale, so it's probably not happening.

You miss the point you stupid democrap as the prices of these units are not the problem, the problem for you is finding another slum condo to move into and the price of that is what matters, and again they will rent your slum for 1000 to 2000 per month

 

[Rigby5]

Again stupid if you owned a real home you would not need your neighbors approval. The fact is that you are owned by the asshole bitch in the condo association that has no life and now she is sucking the life out of you. You do not want to move but are being forced out of where you live because you only rent that place. You can argue this until you are blue but you still have no choice in the matter except to rent back your place after they take it away from you, that said it was never yours.

Okay... clearly someone hasn't been put down for his nap today.

If they majority of us do end up voting to end the arrangement, it's because it was our collective choice and because we've been offered above market value to do so.

I've owned a home in the past. I much prefer owning a condo, and if I do walk away from this with a bag of money, I'd buy another condo.

Bye the way Joe wants to rent it to Mexicans

Just so you know

PS Real estate markets are at record highs, so I suggest to go view a condo like the one that you own that is for sale at probably 5 times what they are offering you.

Poor Joey the goon who voted to pay higher taxes

Hey, buddy, this thread has been non-political and even people I normally disagree with have come by with some thoughtful advice...

Actually, I have looked at Condos, and um, yeah, comparable ones in this neighborhood run about the same. Obviously, I'm looking to upgrade, if I have to move.

I've rented to Mexicans before. They're generally nice people. The daughter of the lady I rented to 20 years ago recently reached out to me to thank me for being nice to them while she was growing up.

I do not prefer condos.
In most cities, condos do not appreciate nearly as quickly as single homes.
Most people find the associations to be annoying and wasteful, limiting renovations that could increase value and spending way too much on unnecessary contractors.

The only time I would be interested in a condo would be if I was too busy to want to be bothered by any maintenance details, and it was short term and wanted just a quick temporary deal.

 

[Flopper]

Again stupid if you owned a real home you would not need your neighbors approval. The fact is that you are owned by the asshole bitch in the condo association that has no life and now she is sucking the life out of you. You do not want to move but are being forced out of where you live because you only rent that place. You can argue this until you are blue but you still have no choice in the matter except to rent back your place after they take it away from you, that said it was never yours.

Okay... clearly someone hasn't been put down for his nap today.

If they majority of us do end up voting to end the arrangement, it's because it was our collective choice and because we've been offered above market value to do so.

I've owned a home in the past. I much prefer owning a condo, and if I do walk away from this with a bag of money, I'd buy another condo.

Bye the way Joe wants to rent it to Mexicans

Just so you know

PS Real estate markets are at record highs, so I suggest to go view a condo like the one that you own that is for sale at probably 5 times what they are offering you.

Poor Joey the goon who voted to pay higher taxes

Hey, buddy, this thread has been non-political and even people I normally disagree with have come by with some thoughtful advice...

Actually, I have looked at Condos, and um, yeah, comparable ones in this neighborhood run about the same. Obviously, I'm looking to upgrade, if I have to move.

I've rented to Mexicans before. They're generally nice people. The daughter of the lady I rented to 20 years ago recently reached out to me to thank me for being nice to them while she was growing up.

I do not prefer condos.
In most cities, condos do not appreciate nearly as quickly as single homes.
Most people find the associations to be annoying and wasteful, limiting renovations that could increase value and spending way too much on unnecessary contractors.

The only time I would be interested in a condo would be if I was too busy to want to be bothered by any maintenance details, and it was short term and wanted just a quick temporary deal.

I've lived in a halve dozen condos, owned two homes, and rented both houses and condos and in all those years, the only people I have found that really hate condo living are those that a condo didn't fit their life style. This includes those that hate apartment living where you share one or more common walls with neighbors, and those that have problem with rules made by others, and people that would rather do the maintenance themselves. These people simple should never consider a condo. It is not for them.

All forms of housing, single family homes, townhomes with zero lot lines, condominiums, co-ops, apartment leasing or renting, modular homes, houseboats, recreations vehicles, and hotels all have advantages and disadvantages. What is good or bad is not the type dwelling but your ability to secure the type of housing that best suits your needs. For some it will be rental apts, for others it will be single family homes, etc. Many years ago a guy I worked with lived on a houseboat. I could never picture myself living on one but for him it was perfect. He said he only lived in a house once in his life and hated.

Condos are good for people that don't want to be responsible for a house and don't mind other people making decisions for them in regard to the buildings and common areas. They are ok with shared common elements like pools, docks, meeting rooms, planned recreation events, exercise rooms, etc and they're willing to pay for it. Anyone who wants to be involved in home maintenance and home improvements should never consider a condo. Situations where owners are involve in condo maintenance usually ends badly.

 

[Rigby5]

Again stupid if you owned a real home you would not need your neighbors approval. The fact is that you are owned by the asshole bitch in the condo association that has no life and now she is sucking the life out of you. You do not want to move but are being forced out of where you live because you only rent that place. You can argue this until you are blue but you still have no choice in the matter except to rent back your place after they take it away from you, that said it was never yours.

Okay... clearly someone hasn't been put down for his nap today.

If they majority of us do end up voting to end the arrangement, it's because it was our collective choice and because we've been offered above market value to do so.

I've owned a home in the past. I much prefer owning a condo, and if I do walk away from this with a bag of money, I'd buy another condo.

Bye the way Joe wants to rent it to Mexicans

Just so you know

PS Real estate markets are at record highs, so I suggest to go view a condo like the one that you own that is for sale at probably 5 times what they are offering you.

Poor Joey the goon who voted to pay higher taxes

Hey, buddy, this thread has been non-political and even people I normally disagree with have come by with some thoughtful advice...

Actually, I have looked at Condos, and um, yeah, comparable ones in this neighborhood run about the same. Obviously, I'm looking to upgrade, if I have to move.

I've rented to Mexicans before. They're generally nice people. The daughter of the lady I rented to 20 years ago recently reached out to me to thank me for being nice to them while she was growing up.

I do not prefer condos.
In most cities, condos do not appreciate nearly as quickly as single homes.
Most people find the associations to be annoying and wasteful, limiting renovations that could increase value and spending way too much on unnecessary contractors.

The only time I would be interested in a condo would be if I was too busy to want to be bothered by any maintenance details, and it was short term and wanted just a quick temporary deal.

I've lived in a halve dozen condos, owned two homes, and rented both houses and condos and in all those years, the only people I have found that really hate condo living are those that a condo didn't fit their life style. This includes those that hate apartment living where you share one or more common walls with neighbors, and those that have problem with rules made by others, and people that would rather do the maintenance themselves. These people simple never consider condo. It is not for them.

All forms of housing, single family homes, townhomes with zero lot lines, condominiums, co-ops, apartment leasing or renting, modular homes, houseboats, recreations vehicles, and hotels all have advantages and disadvantages. What is good or bad is not the type dwelling but your ability secure the type of housing that best suits your needs. For some it will be rental apts, for others it will be single family homes, etc. Many years ago a guy I work with lived on houseboat. I could never picture myself living on one but for him it was perfect. He said he only live in house once in his life and hated.

Condos are good for people that don't want to be responsible for a house and don't mind other people making decisions for them in regard to the buildings and common areas. They like the idea of shared common elements like pools, docks, meeting rooms, planned recreation events, exercise rooms, etc and they're willing to pay it. Anyone who wants to be involve in home maintenance and home improvements should never consider a condo. Situations where owners are involve in condo maintenance usually ends badly.

I used to sell real estate, so I was aware of price trends.
Generally condos simply do not appreciate as quickly because there are built in things you have to be willing to put up with. For example, you mentioned renting it out. And while you can rent out any home you own outright, most condos I am familiar with, do not allow renting them out.
Where condos do the best are in very large cities where there just is no alterative.
But the fact this condo is converting to apartments, shows why condos don't make sense.
You can make more money off renting apartments.

 

[JoeB131]

You miss the point you stupid democrap as the prices of these units are not the problem, the problem for you is finding another slum condo to move into and the price of that is what matters, and again they will rent your slum for 1000 to 2000 per month

Why do you think I would care what they are doing after I leave?

The asking price for rent on one of these units is slightly less than what I am paying in Mortgage, tax, and association fees right now. (My tax shot up this year because they did an assessment after the last lowball assessment in 2009).

Again, there are a bunch of reasons why selling seems like a good idea, for me.
Compared to the 28% of my neighbors who put a kay-bosh in the the plan.

 

[Rigby5]

I have doubled my money each time I buy and sell a home.
I buy neglected and do the upgrades myself.

I have never owned a condo, but I know people who have lost money on condos.

 

[Flopper]

Again stupid if you owned a real home you would not need your neighbors approval. The fact is that you are owned by the asshole bitch in the condo association that has no life and now she is sucking the life out of you. You do not want to move but are being forced out of where you live because you only rent that place. You can argue this until you are blue but you still have no choice in the matter except to rent back your place after they take it away from you, that said it was never yours.

Okay... clearly someone hasn't been put down for his nap today.

If they majority of us do end up voting to end the arrangement, it's because it was our collective choice and because we've been offered above market value to do so.

I've owned a home in the past. I much prefer owning a condo, and if I do walk away from this with a bag of money, I'd buy another condo.

Bye the way Joe wants to rent it to Mexicans

Just so you know

PS Real estate markets are at record highs, so I suggest to go view a condo like the one that you own that is for sale at probably 5 times what they are offering you.

Poor Joey the goon who voted to pay higher taxes

Hey, buddy, this thread has been non-political and even people I normally disagree with have come by with some thoughtful advice...

Actually, I have looked at Condos, and um, yeah, comparable ones in this neighborhood run about the same. Obviously, I'm looking to upgrade, if I have to move.

I've rented to Mexicans before. They're generally nice people. The daughter of the lady I rented to 20 years ago recently reached out to me to thank me for being nice to them while she was growing up.

I do not prefer condos.
In most cities, condos do not appreciate nearly as quickly as single homes.
Most people find the associations to be annoying and wasteful, limiting renovations that could increase value and spending way too much on unnecessary contractors.

The only time I would be interested in a condo would be if I was too busy to want to be bothered by any maintenance details, and it was short term and wanted just a quick temporary deal.

I've lived in a halve dozen condos, owned two homes, and rented both houses and condos and in all those years, the only people I have found that really hate condo living are those that a condo didn't fit their life style. This includes those that hate apartment living where you share one or more common walls with neighbors, and those that have problem with rules made by others, and people that would rather do the maintenance themselves. These people simple never consider condo. It is not for them.

All forms of housing, single family homes, townhomes with zero lot lines, condominiums, co-ops, apartment leasing or renting, modular homes, houseboats, recreations vehicles, and hotels all have advantages and disadvantages. What is good or bad is not the type dwelling but your ability secure the type of housing that best suits your needs. For some it will be rental apts, for others it will be single family homes, etc. Many years ago a guy I work with lived on houseboat. I could never picture myself living on one but for him it was perfect. He said he only live in house once in his life and hated.

Condos are good for people that don't want to be responsible for a house and don't mind other people making decisions for them in regard to the buildings and common areas. They like the idea of shared common elements like pools, docks, meeting rooms, planned recreation events, exercise rooms, etc and they're willing to pay it. Anyone who wants to be involve in home maintenance and home improvements should never consider a condo. Situations where owners are involve in condo maintenance usually ends badly.

I used to sell real estate, so I was aware of price trends.
Generally condos simply do not appreciate as quickly because there are built in things you have to be willing to put up with. For example, you mentioned renting it out. And while you can rent out any home you own outright, most condos I am familiar with, do not allow renting them out.
Where condos do the best are in very large cities where there just is no alterative.
But the fact this condo is converting to apartments, shows why condos don't make sense.
You can make more money off renting apartments.

I have leased in two condos and had no problem. However, homeowners associations in both single family housing and condos can ban renting and often do because too much renting drives property values down. Every HOA is different. Some allow renting with a lease, or allow some percent of the homes to be rented. An HOA ban on renting is a two edge sword. While they protect the complex from being over with renters, they make the property less attractive to investors looking rent the property.

The reason condos in general, appreciate slower than single family homes has nothing to do with rules on renting but rather the fact that condo owners do not own the land. The land is owed by the HOA which means it's a common element. The only way the ownership of the land changes is if the condominium is dissolved by a vote of the owners and the land and units are sold by the HOA. This is what Joe's HOA is considering. The revenue from the sale is divided among owners based on size of the units.

 

[Rigby5]

Again stupid if you owned a real home you would not need your neighbors approval. The fact is that you are owned by the asshole bitch in the condo association that has no life and now she is sucking the life out of you. You do not want to move but are being forced out of where you live because you only rent that place. You can argue this until you are blue but you still have no choice in the matter except to rent back your place after they take it away from you, that said it was never yours.

Okay... clearly someone hasn't been put down for his nap today.

If they majority of us do end up voting to end the arrangement, it's because it was our collective choice and because we've been offered above market value to do so.

I've owned a home in the past. I much prefer owning a condo, and if I do walk away from this with a bag of money, I'd buy another condo.

Bye the way Joe wants to rent it to Mexicans

Just so you know

PS Real estate markets are at record highs, so I suggest to go view a condo like the one that you own that is for sale at probably 5 times what they are offering you.

Poor Joey the goon who voted to pay higher taxes

Hey, buddy, this thread has been non-political and even people I normally disagree with have come by with some thoughtful advice...

Actually, I have looked at Condos, and um, yeah, comparable ones in this neighborhood run about the same. Obviously, I'm looking to upgrade, if I have to move.

I've rented to Mexicans before. They're generally nice people. The daughter of the lady I rented to 20 years ago recently reached out to me to thank me for being nice to them while she was growing up.

I do not prefer condos.
In most cities, condos do not appreciate nearly as quickly as single homes.
Most people find the associations to be annoying and wasteful, limiting renovations that could increase value and spending way too much on unnecessary contractors.

The only time I would be interested in a condo would be if I was too busy to want to be bothered by any maintenance details, and it was short term and wanted just a quick temporary deal.

I've lived in a halve dozen condos, owned two homes, and rented both houses and condos and in all those years, the only people I have found that really hate condo living are those that a condo didn't fit their life style. This includes those that hate apartment living where you share one or more common walls with neighbors, and those that have problem with rules made by others, and people that would rather do the maintenance themselves. These people simple never consider condo. It is not for them.

All forms of housing, single family homes, townhomes with zero lot lines, condominiums, co-ops, apartment leasing or renting, modular homes, houseboats, recreations vehicles, and hotels all have advantages and disadvantages. What is good or bad is not the type dwelling but your ability secure the type of housing that best suits your needs. For some it will be rental apts, for others it will be single family homes, etc. Many years ago a guy I work with lived on houseboat. I could never picture myself living on one but for him it was perfect. He said he only live in house once in his life and hated.

Condos are good for people that don't want to be responsible for a house and don't mind other people making decisions for them in regard to the buildings and common areas. They like the idea of shared common elements like pools, docks, meeting rooms, planned recreation events, exercise rooms, etc and they're willing to pay it. Anyone who wants to be involve in home maintenance and home improvements should never consider a condo. Situations where owners are involve in condo maintenance usually ends badly.

I used to sell real estate, so I was aware of price trends.
Generally condos simply do not appreciate as quickly because there are built in things you have to be willing to put up with. For example, you mentioned renting it out. And while you can rent out any home you own outright, most condos I am familiar with, do not allow renting them out.
Where condos do the best are in very large cities where there just is no alterative.
But the fact this condo is converting to apartments, shows why condos don't make sense.
You can make more money off renting apartments.

I have leased in two condos and had no problem. However, homeowners associations in both single family housing and condos can ban renting and often do because too much renting drives property values down. Every HOA is different. Some allow renting with a lease, or allow some percent of the homes to be rented. An HOA ban on renting is a two edge sword. While they protect the complex from being over with renters, they make the property less attractive to investors looking rent the property.

The reason condos in general, appreciate slower than single family homes has nothing to do with rules on renting but rather the fact that condo owners do not own the land. The land is owed by the HOA which means it's a common element. The only way the ownership of the land changes is if the condominium is dissolved by a vote of the owners and the land and units are sold by the HOA. This is what Joe's HOA is considering. The revenue from the sale is divided among owners based on size of the units.

I almost bought a condo once, simply because is was so modestly priced that it was very affordable.
But the HOA nixed that deal because I wanted to rent it out.
And of the 20 or so homes I have bought, never once did any HOA ever contact me.
From my experience when single home HOAs make demands, you can usually ignore them.
HOA's generally have no authority except with condos or gated communities.

Sure with condos you do not own the land, but that is the reason the price is lower. That should not effect appreciation however. What you do own should appreciate at some rate, but condos appreciate more slowly than single homes.

 

[JoeB131]

I almost bought a condo once, simply because is was so modestly priced that it was very affordable.
But the HOA nixed that deal because I wanted to rent it out.
And of the 20 or so homes I have bought, never once did any HOA ever contact me.
From my experience when single home HOAs make demands, you can usually ignore them.
HOA's generally have no authority except with condos or gated communities.

Sure with condos you do not own the land, but that is the reason the price is lower. That should not effect appreciation however. What you do own should appreciate at some rate, but condos appreciate more slowly than single homes.

We have the exact opposite problem here. The number of people renting their units has increased to the point where 48% of them are rented and 52% are owner occupied. Now, they are saying if the condo goes over 50% rentals, it will be impossible to get loans to buy new units unless you come up with 50% down. I don't know if that is bullshit or not.

The main person driving this sale is our Building Manager, who wants to retire in August and sell her unit, and is probably frustrated the rest of us aren't going along with her sweet deal.

When I first moved here, the percentage of owner-occupied was much higher. Then the Bush-2 recession hit, and some of these units were going for half price. Some people scooped up rental opportunities, and some people got married/had kids, needed bigger places, and decided to rent out their units rather than take a bath on an underwater mortgage.

 

[Flopper]

I almost bought a condo once, simply because is was so modestly priced that it was very affordable.
But the HOA nixed that deal because I wanted to rent it out.
And of the 20 or so homes I have bought, never once did any HOA ever contact me.
From my experience when single home HOAs make demands, you can usually ignore them.
HOA's generally have no authority except with condos or gated communities.

Sure with condos you do not own the land, but that is the reason the price is lower. That should not effect appreciation however. What you do own should appreciate at some rate, but condos appreciate more slowly than single homes.

We have the exact opposite problem here. The number of people renting their units has increased to the point where 48% of them are rented and 52% are owner occupied. Now, they are saying if the condo goes over 50% rentals, it will be impossible to get loans to buy new units unless you come up with 50% down. I don't know if that is bullshit or not.

The main person driving this sale is our Building Manager, who wants to retire in August and sell her unit, and is probably frustrated the rest of us aren't going along with her sweet deal.

When I first moved here, the percentage of owner-occupied was much higher. Then the Bush-2 recession hit, and some of these units were going for half price. Some people scooped up rental opportunities, and some people got married/had kids, needed bigger places, and decided to rent out their units rather than take a bath on an underwater mortgage.

Generally, a high percent of rentals is a red flag in purchasing condo units because the majority of condo owners buy a unit as home, not as a source income. Renters unlike resident owners general have little interest in the condo activities. In short resident owners have different goal than renters and HOA's often clash with owner/landlords. Thus many HOA's create obstacles for owners considering in renting.

 

[Flopper]

I almost bought a condo once, simply because is was so modestly priced that it was very affordable.
But the HOA nixed that deal because I wanted to rent it out.
And of the 20 or so homes I have bought, never once did any HOA ever contact me.
From my experience when single home HOAs make demands, you can usually ignore them.
HOA's generally have no authority except with condos or gated communities.

Sure with condos you do not own the land, but that is the reason the price is lower. That should not effect appreciation however. What you do own should appreciate at some rate, but condos appreciate more slowly than single homes.

We have the exact opposite problem here. The number of people renting their units has increased to the point where 48% of them are rented and 52% are owner occupied. Now, they are saying if the condo goes over 50% rentals, it will be impossible to get loans to buy new units unless you come up with 50% down. I don't know if that is bullshit or not.

The main person driving this sale is our Building Manager, who wants to retire in August and sell her unit, and is probably frustrated the rest of us aren't going along with her sweet deal.

When I first moved here, the percentage of owner-occupied was much higher. Then the Bush-2 recession hit, and some of these units were going for half price. Some people scooped up rental opportunities, and some people got married/had kids, needed bigger places, and decided to rent out their units rather than take a bath on an underwater mortgage.

The reason not owning the land is a drag on appreciation is land generally appreciates in value and structures depreciation over time. The Single family home owner has to pay more than a condo unit owner does, all other things being equal, because he is also getting the land. Thus when he sells he profits from the increase in value of both the dwelling and the land. The condo unit owner profits only from increase in value of his dwelling not the land.

If the entire condo is bought, which is what the owners in your condo are considering the unit owners will receive a value based on unit values plus their share of the value of the land. This is in effect is where most of the 25% premium is coming from, the land. Previous owner that sold their units, profited only from the increase in value of their unit. The current owners if they approve the sale will profit from both the sale of their unit and the land.

 

[JoeB131]

Generally, a high percent of rentals is a red flag in purchasing condo units because the majority of condo owners buy a unit as home, not as a source income. Renters unlike resident owners general have little interest in the condo activities. In short resident owners have different goal than renters and HOA's often clash with owner/landlords. Thus many HOA's create obstacles for owners considering in renting.

Ours didn't... probably because when the crash happened in 2008, they were happy ANYONE was buying up all these units that got foreclosed on.

Anyway, I'm waiting on the investor's counter offer to see how many people change their minds. I"m halfway tempted to vote no this time out of spite.

 

[NoNukes]

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?

YUu do not want to move, so fight them. If you lose, you still get the money.

 

[strollingbones]

i have never lived in anything but a single family home since i was very young but i was a property manager for condos..i worked one complex that kept catching on fire. that is one thing about condos i dont care for..the fire risk. plus the damn hoa would have elections and suddenly do a 180

 

[NoNukes]

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 60,000 is 20% above the market price, why is it only enough for a down payment, why is it not enough to replace what you have?