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Old 06-11-2014, 06:49 AM
 
16,720 posts, read 14,720,149 times
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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.
Me too. My parents had a beautiful house in Jacksonville and when they grew tired of the lawn care and upkeep, they bought a very nice condo when it was first being built. They loved it, and lived there for about 2 years before my mom died.

Then two years ago, my dad died, and it was up to me to sell it. I had offers from neighbors coming in, people were sending me letters to my home in Georgia, wanting to buy his condo. I would have made money on the deal, had Community First not been a bunch of jerks and wouldn't even tell me his payoff for six months. Didn't matter that I was the Executrix with a letter, they just moved their feet too slow and didn't seem to even care I was trying to help them by getting the house sold. Maybe they get a tax break on foreclosures, I don't know, but I mailed them all of his keys and badges and told them to stick it up their ass.

My point was, many people like condos.
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Old 06-11-2014, 07:04 AM
 
Location: Des Moines Metro
5,055 posts, read 6,030,088 times
Reputation: 9437
Timely thread for me. I'm researching the true pros/cons of condo living for age 55+. There are a lot of scary stories!

I agree that as we age there may be some good reasons to be in the right condo. I also agree that there are a number of potential issues.

Certainly, it pays to ask a lot of questions and consult a real estate attorney if one has any concerns about the contract or related topics.

Added: as I age, I need quiet. I don't want to be near young families with screaming babies, plus the majority of my visitors are older, as well. Seniors may blast their TVs on occasion (a few can't hear) but aren't generally throwing 2 am street parties.
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Old 06-11-2014, 07:17 AM
 
2,601 posts, read 5,300,509 times
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> And one "Special Assesment" could cost you an easy $20-30K

I owned a single family house and I had special assessments all the time. Furnace replacements. Roof repair. Water line and driveway. And that's just the big ones.
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Old 06-11-2014, 07:20 AM
 
Location: Up North in God's Country
670 posts, read 818,872 times
Reputation: 993
Default Condo Ownership

Quote:
Originally Posted by rational1 View Post
> And one "Special Assesment" could cost you an easy $20-30K

I owned a single family house and I had special assessments all the time. Furnace replacements. Roof repair. Water line and driveway. And that's just the big ones.
Wow...I never had any special assessments in all the years I lived in a condo. Any repairs came out of our association dues.
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Old 06-11-2014, 07:28 AM
 
Location: Central Massachusetts
4,800 posts, read 4,853,880 times
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Quote:
Originally Posted by Longford View Post
I'm not an attorney,...That process/right would have been spelled-out in the organizational documents and a purchaser would have received the documents to review prior to closing on the sale. Unfortunately, from what I've personally witnessed, buyers rarely read the organizational documents, but if they do they assume the risks of something like this happening are slim ... so they gloss-over them. ...information.
It sounds like you stayed at a Holiday Inn Express though

Anyway great points that most gloss over the details. It would behoove anyone buying into property read and understand what they are getting into. I also agree that a condo is something that can be enjoyable as well.

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....

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.

My above point goes to your comment as well. I have never bought a condo but did own a timeshare (a whole other matter). It is a good alternative to SFH and in the twilight years can be even more valuable. I do not plan on doing lawn care in my 70's and beyond.

Quote:
Originally Posted by timberline742 View Post
Why would I want to be in a community of all elderly? Ugh. That's a good way to assure there isn't much exciting happening.


I know condos vary a lot across the country, but most around here aren't complexes or communities (thankfully), they're converted victorians and small buildings that often have a house feeling with shared expenses.
I hope you don't mean that really. I have visitied a few 55+ communities and found them to be vibrant and full of life. There are a great mix of people from the just entering that age bracket to those getting ready to check out. You need to really investigate them before you make a blanket statement. There are a number of people here on this forum that would take umbridge at your comment even if they dont live in a 55+ community.
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Old 06-11-2014, 07:46 AM
 
16,720 posts, read 14,720,149 times
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We are already planning to live in one and he's 50, I'm 47. We want to be around other people our age but don't want to have to do yardwork or deal with the pool anymore. We are sticking to the house we have until we can look at something like that.
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Old 06-11-2014, 07:50 AM
 
Location: State of Being
35,885 posts, read 67,199,962 times
Reputation: 22375
Buying a condo or townhome doesn't have to be a nightmare. Millions of folks live happily in such housing.

I purchased a townhome but had enough sense to not only read the covenants BEFORE making an offer, I chose to purchase in a community with covenants that allow OWNER OCCUPIED ONLY units. You cannot purchase and rent out your unit, so investors are not interested in purchasing them.

As long as the HOA is strong, owners are involved, there is a history of good management, strong covenants . . . there is no reason to be so negative on condos and townhomes!!! If a person isn't interested, then GOOD FOR THEM. Some of us find it to be a very convenient lifestyle.

It's like any other type of housing . . . not every situation is "one size fits all." And any time you buy real estate, it is ALWAYS "caveat emptor." Buy without knowing the history and the regs and you will likely regret the purchase down the road - condo, single family dwelling, co-op, houseboat, whatever, lol.
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Old 06-11-2014, 07:52 AM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,945,286 times
Reputation: 6717
Quote:
Originally Posted by MissSoBelle View Post
Wow...I never had any special assessments in all the years I lived in a condo. Any repairs came out of our association dues.
We had a $15k assessment in our condo after Hurricane Andrew. Probably would have been out of pocket a similarly large amount if we owned a single family house. A major hurricane is probably a major financial risk if you live on/near the east coast - no matter what kind of housing you live in. Robyn
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Old 06-11-2014, 08:27 AM
 
29,789 posts, read 34,889,516 times
Reputation: 11715
Quote:
Originally Posted by rational1 View Post
> And one "Special Assesment" could cost you an easy $20-30K

I owned a single family house and I had special assessments all the time. Furnace replacements. Roof repair. Water line and driveway. And that's just the big ones.
Bada Bing! Just part of the cost of doing business in a SFH or a Condo. I have each and they each have cost we knowingly accepted. This article does help to reinforce those who didn't like condo's to begin with that they didn't like condo's to begin with.
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Old 06-11-2014, 08:43 AM
 
48,516 posts, read 83,989,888 times
Reputation: 18050
This story has pointed out is about Florida condos under Florida state laws. This isn't the first story about Florida condo problems but most where about people walking away. Leaving many with few people living in huge buildings and what that meant in cost to run and upkeep. There were stories about housing developments where the projects where abandoned leaving owners with just a lot of fields around them and unfinished infrastructure also and even abandoned homes. There have been same stories about abandoned older homes left to decay also and cause crime problems.mnay cities still can't keep up with demolishing them because of funding cost.
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