Are CONDOS Boomer flame? Heard they can sometimes be nightmare for owner
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Date: April 22nd, 2018 8:38 AM Author: Curious primrose space
https://independentamericancommunities.com/2017/06/01/condo-owners-forced-to-sell-in-a-deconversion-like-it-or-not/comment-page-1/
Although the real estate market has improved in some parts of the country, condo sales in some markets have lagged behind. In Chicago, news outlets are reporting the hottest new trend, condo deconversions – the bulk sale of condo units by their individual owners to a real estate investor who intends to either convert the units to rental apartments or demolish the building and develop the new site from the ground up.
Investors have taken advantage of distressed condominium projects, acquired units at low prices in foreclosures or short sales, and then, by vitrue of holding a majority or supermajority of voting interests, have taken over their condo boards. The next step was to initiate a condominium termination agreement, and, because the investor held a controlling voting interest in the association, minority owners have usually been unable to block a termination attempt. If the investor’s first attempt was not successful, the second attempt often was.
Unfortunately, many unit owners were under water on their mortgages, and were only offered a fraction of what they had paid for their condos during the boom years when prices were high. They were nonetheless forced to sell their units, despite considerable financial loss.
(http://www.autoadmit.com/thread.php?thread_id=3956386&forum_id=2#35893065) |
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