What Happened When Your Condo Building..... (tenants, insurance, condominiums, agreement)

[Quaker15]

becomes too old that it needs to be demolished?

[Quaker15]

Anyone?

[chet everett]

Does not happen unless condo board is utterly incompetent.

Roof lasts 20+ years, windows about the same, things like exterior wood trim needs to be painted every 3-5 years, brick needs to be tuck pointed maybe 10-30 years, copper pipes last centuries, as does copper wire. Carpets in common areas probably get replace 5-8 years...

[399083453]

Originally Posted by Quaker15

becomes too old that it needs to be demolished?

What makes you think that? I've worked on plenty of houses that the owner thought the house needed to be demolished. I fixed the houses.

[middle-aged mom]

Neglect, not age, is the issue.

Almost anything can be replaced/ restored.

There are occupied dwellings that are centuries old all over Europe. They are often preferred to newer construction.

[Moby Hick]

State laws have provisions for the termination of condominiums. I'd think that this would be covered under those laws since you'd have to end the agreement before destroying the building. In Pennsylvania, you'd need 80% of the units voting to terminate (or more if the bylaws say so).

[johngolf]

Originally Posted by Quaker15

becomes too old that it needs to be demolished?

I am not nor do I play a lawyer.

I expect there could be several things that happen.

One is the property the building is on is worth more then the building so the unit owners sell the building/property and split the profits. 10 unit owners, $2Million sale, $200K to each owner. I have seen this happen with a equity (member) owned golf club. Sell and split the money.

The 10 unit owners decide to rip the building down and build a new building. 10 unit owners, $3Million to rebuild, each owner assessed $300K.

Some condo buildings have actually been condemned. Many were owned by those renting their unit(s) and they could care less what happens to the building or the tenants.

Some have been condemned due to fire/storm damage. Many of them are tied up with insurance claims, legal battles, etc. In some cases unit owners are living elsewhere but still have to pay dues.

Bottom line is who knows. It is to dependent on the situation for any blanket answer.