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Old 06-10-2014, 01:46 PM
 
Location: Great State of Texas
86,093 posts, read 72,587,340 times
Reputation: 27566

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Quote:
Originally Posted by timberline742 View Post
I guess it depends on where you live, of course, like everything. Apartment rents here go up 10%+ a year.
And one "Special Assesment" could cost you an easy $20-30K
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Old 06-10-2014, 01:53 PM
 
Location: Florida -
8,767 posts, read 10,864,802 times
Reputation: 16651
The reported Madison Oaks situation is highly unique, anecdotal exception, even in the 'bubble' economy, -- and is very unlikely to repeat itself. [Madison Oaks started as a 250-unit Apartment in the late 1980's. The investor-owners decided to convert to a Condo in 2006 when the market started to tank, but, only sold 50-units (20-percent), before the investor-owners decided to convert back to an Apartment.] Madison Oaks is anything, but, representative of the differences between SFH, Apartment and Condo living.

While there are possibly still a few old apartment-condo conversions in Florida, the vast majority of condos are built and developed as private-owner condos and not subject (practical reality) to apartment-conversion. True, many condos are rented-out by individual owners, but, that is simply not the isolated situation represented by Madison Oaks.

We moved from our SFH to an oceanfront condo in about 2002 and are now in our third condo. We've carefully researched (and participated in) the HOA's, budgets and by-laws --- and have never experienced the 'apartment-type problems' that some seem to imagine exist in condos (based on their prior Apartment experience). Apartment problems of noise, privacy, property damage caused by irresponsible renters, transients, etc., are simply not typical of most privately owned condos.

Remember, condos are privately owned by people who have typically moved from SFH's. These owners not only care for their condo-investments, as they did their SFH, but, also have the advantage of an HOA to help enforce rules that benefit all of the owners. Sure, there are some 'renegade HOA's', but, these are far fewer than 'problem neighbors' who bring down home values in a neighborhood.

We, among most condo dwellers, are highly unlikely to move back to a SFH, because of the many advantages we find in condo living. Anyone considering housing alternatives, would do well to view Madison Oaks and this article ... as only an anecdotal anomaly.

Last edited by jghorton; 06-10-2014 at 02:03 PM..
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Old 06-10-2014, 02:50 PM
 
Location: Center City
6,869 posts, read 7,818,981 times
Reputation: 9501
Quote:
Originally Posted by Longford View Post
As for buying a condo: I've owned a single family home and two condominiums. I currently live in a condo. Both forms of ownership have their advantages/disadvantages. A decision to buy any property should never be made on the basis of a newspaper article which merely summarizes allegations and presents incomplete information.
^^^+1

After reading the article, I believe the woman's problems are not due to the fact that she lives in a condo. I think they stem more from the fact that she lives in Florida.
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Old 06-10-2014, 03:00 PM
 
Location: Richmond, VA
836 posts, read 858,595 times
Reputation: 904
True, it definitely depends on where you live. When I retire, I plan on living somewhere where it makes more financial sense to own than rent.

As for lawn mowing, shoveling, etc. that's what my future kids are for!

Kidding...
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Old 06-10-2014, 03:06 PM
 
48,516 posts, read 84,021,758 times
Reputation: 18050
Actually if we look back like the Florida law that resulted in this was at time probably well intend to give the 80% more control. But has that 80% became investors group it created a this problem. Unintended consequences as happens.
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Old 06-10-2014, 04:16 PM
 
Location: Whereever we have our RV parked
8,831 posts, read 7,728,859 times
Reputation: 15144
I'll admit my experience with condo's in very limited. My mother lived in one till she had to go to the nursing home. I never liked the place and I don't think she cared for it much really. It was very nice, but it was so quiet, you thought the place was empty. There didn't seem to be anything going on, ever, and people just seemed to keep to themselves. Plus they had some very restrictive rules. My mom always loved the birds, Me too. They wouldn't even let her put a bird feeder on her balcony. I can understand it might make some mess. But it was enough to turn me off to the whole thing. I figure I'd rather handle some lawn cutting and trimming rather than put up with that nonsense. In Wis, we had a ninety year old neighbor that still went out and shoveled her own snow, and she was one of those elderly women that was all skin and bones. She was quite an inspiration.
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Old 06-10-2014, 04:22 PM
 
6,409 posts, read 3,596,814 times
Reputation: 7354
Quote:
Originally Posted by timberline742 View Post
In retirement there is no way I'd want to keep up with lawns, shoveling, etc and I would want a place that isn't sitting all alone when I'm gone for months at a time. I'll take the condo.
RENT in a 55+ community. They will do all that for you and you won't have to put up with the BS of condo OWNERSHIP.
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Old 06-10-2014, 04:39 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,953,845 times
Reputation: 6718
Quote:
Originally Posted by jghorton View Post
The reported Madison Oaks situation is highly unique, anecdotal exception, even in the 'bubble' economy, -- and is very unlikely to repeat itself. [Madison Oaks started as a 250-unit Apartment in the late 1980's. The investor-owners decided to convert to a Condo in 2006 when the market started to tank, but, only sold 50-units (20-percent), before the investor-owners decided to convert back to an Apartment.] Madison Oaks is anything, but, representative of the differences between SFH, Apartment and Condo living.

While there are possibly still a few old apartment-condo conversions in Florida, the vast majority of condos are built and developed as private-owner condos and not subject (practical reality) to apartment-conversion. True, many condos are rented-out by individual owners, but, that is simply not the isolated situation represented by Madison Oaks.

We moved from our SFH to an oceanfront condo in about 2002 and are now in our third condo. We've carefully researched (and participated in) the HOA's, budgets and by-laws --- and have never experienced the 'apartment-type problems' that some seem to imagine exist in condos (based on their prior Apartment experience). Apartment problems of noise, privacy, property damage caused by irresponsible renters, transients, etc., are simply not typical of most privately owned condos.

Remember, condos are privately owned by people who have typically moved from SFH's. These owners not only care for their condo-investments, as they did their SFH, but, also have the advantage of an HOA to help enforce rules that benefit all of the owners. Sure, there are some 'renegade HOA's', but, these are far fewer than 'problem neighbors' who bring down home values in a neighborhood.

We, among most condo dwellers, are highly unlikely to move back to a SFH, because of the many advantages we find in condo living. Anyone considering housing alternatives, would do well to view Madison Oaks and this article ... as only an anecdotal anomaly.
Perhaps the only insightful post here (with a few exceptions). We have a lot of cheap crummy apartments that were converted into condos where I live (in NE Florida) during the building boom. Perhaps 1 or 2 will wind up in a Madison Oaks situation - but I haven't seen one yet.

Florida has perhaps one of the most "mature" set of condo laws when it comes to the country as a whole. And the laws and the condo documents spell out exactly what can happen. But that still doesn't mean that condos in general are right or wrong in general for anyone. Much less specific condos. Or that sh** doesn't happen no matter what kind of place you live in. As with most things in life there are advantages/disadvantages and tradeoffs. Robyn
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Old 06-10-2014, 04:42 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,953,845 times
Reputation: 6718
Quote:
Originally Posted by Jo48 View Post
RENT in a 55+ community. They will do all that for you and you won't have to put up with the BS of condo OWNERSHIP.
Easier said than done. I live in zip code 32082. Where should I rent? Robyn
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Old 06-10-2014, 08:05 PM
 
14,267 posts, read 24,025,211 times
Reputation: 20101
Quote:
Originally Posted by Jo48 View Post
RENT in a 55+ community. They will do all that for you and you won't have to put up with the BS of condo OWNERSHIP.

Let's see. In my area, the average rental - if you can find one - AVERAGES $1300-1500 a month. Purchase price is $65,000. Buying is a no brainer. The HOA fess are $240 ... a year. No special assessments.
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