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Old 06-10-2014, 09:37 AM
 
Location: Whereever we have our RV parked
8,772 posts, read 7,695,901 times
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I couldn't believe this article. Based on this, I would never purchase a condo. You buy under one set of laws and then they change the laws on you? So much for ownership? No HOA either. They can kill you with those also.

Florida condo owners could be forced to sell. Find out why
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Old 06-10-2014, 09:50 AM
 
4,479 posts, read 4,739,984 times
Reputation: 9940
I would never buy a condo no matter what.
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Old 06-10-2014, 10:01 AM
 
Location: Glenbogle
730 posts, read 1,026,725 times
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Quote:
Originally Posted by brava4 View Post
I would never buy a condo no matter what.
Ditto. I'd rather have a tiny SFH situated on a postage stamp lot than a condo three times the size and with 'amenities' up the yingyang, LOL

In my area they are also extremely hard to sell. Friends of mine want to move out of state but they are "underwater" in their condo and can't afford to do less than at least break even. Other than the relatively few over-55 communities, condos are considered much less desirable choices than SFHs.
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Old 06-10-2014, 10:13 AM
 
741 posts, read 641,304 times
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I'm not an attorney, but I have served as a Condo association President and am familiar with, in my state, the laws and generally with Declarations of Condominium Ownership and Bylaws. The 'devil' is always in the details. The property in question (in the linked article) appears to have been unsuccessfully converted from rental to condominium status which also appears to give the developers (including the new developers) the right to convert the units back into rental apartments. 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. Whether this condo association acted properly in amending its organizational documents is a matter that's apparently been taken to court and in due course a ruling will be made. 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.
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Old 06-10-2014, 11:22 AM
 
2,593 posts, read 5,286,635 times
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> I'd rather have a tiny SFH situated on a postage stamp lot

You cannot insure against changes that will make your life unpleasant and damage your home values. This can happen with a single family house. Expansion of an institution (hospital, etc.) is something particular to watch out for. An unpleasant neighbor is another possibility.

You CAN do research. Shaky HOAs are a potential problem with condos and institutions and other local factors are a potential problem with single family homes.
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Old 06-10-2014, 01:00 PM
 
48,516 posts, read 83,901,398 times
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What it shows is to be careful on what you buy or invest in. This doesn't apply to all condos or all contract signed under buying them. Its a single case which there are a lot of sad tales on. besides condos.
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Old 06-10-2014, 01:01 PM
 
Location: Richmond, VA
836 posts, read 856,824 times
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Quote:
Originally Posted by brava4 View Post
I would never buy a condo no matter what.
Agreed. I'd prefer a SFH if I'm forking over thousands on a down payment. I want my own space.
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Old 06-10-2014, 01:07 PM
 
35,324 posts, read 25,158,624 times
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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.
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Old 06-10-2014, 01:10 PM
 
Location: Great State of Texas
86,093 posts, read 72,479,637 times
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I'd go with an apartment rental vs buying a condo if I had to do apartment living.

And I wouldn't even consider it until I was at the point of having to give up a single family home.
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Old 06-10-2014, 01:45 PM
 
35,324 posts, read 25,158,624 times
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I guess it depends on where you live, of course, like everything. Apartment rents here go up 10%+ a year.
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