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People need to jettison the Location , location, and location Mantra thinggy.
Its always been PRICE, Price and more Price. Its served me well.
Agreed. But it is easier and far more practical for the majority of buyers to buy into an area that has the greatest potential for short and long term appreciation.
Getting a real deal on price means you probably have a ton of cash on hand, good connections or you got damn lucky. Or all of the above.
A dilapidated walk-up on Aniani would make a great deal in a fire sale but the discount would need to be more (as a percentage of market) than the discount on properties found in desirable areas.
I do believe in the mantra ALL RE is local. I guess BOB does not......................lol. I swear during the great recession prices in HI went up and up and up.
So can my HI LLC own NV property. Im thinking- why not.
I own a unit in this building. But I'm unclear what point you are trying to make.
The building had awful timing - done in 2007 at market peak. I grabbed a foreclosure in a fire sale a couple of years later - actually lived in it awhile and rent it out now. Had I not bought as a foreclosure it wouldn't have been a great investment.
The penthouse has been for sale for as long as I can remember. Far overpriced
There are definite economies of scale. When I need a new roof I only pay one twentieth. Now it may cost slightly more for the height.
It will cost significantly more for height and because the roof is owned by an AOAO. The cost of repairing and maintaining high rise condo components is anywhere from 3 to 10 times the cost or more (per SF and per capita ownership) of the same component in a typical SFH. So while the cost of repairs and maintenance is spread across more owners, the per capita / per unit SF maintenance expense of a high rise condo is far higher than that in a comparably sized SFH.
What many condo owners don't realize is that when they pay for their condo they are "renting" roughly 1 extra SF (per SF of interior space) of common (i.e. not privately owned) building area. That means 50% of what you are buying is maintenance on building area that you are not actually living in. When you own a SFH, you pay for 100% of the maintenance but also physically live in 100% of the building.
I think you're just throwing numbers out there. There is no way a high rise roof is going to cost 10 times that of a SFR per sf. Possibly 20-30%. It also does not increase prices because the maintenance is done for an AOAO unless you are referring to the homeowner having guys from the Home Depot parking lot doing the work, So if comparing a $8,000 roof the homeowner is paying $8.000. Say the Condo roof is $8,000 X 1.3= $10,400 / 20 = $520!! Almost 16 times less than the homeowner!
Your second paragraph makes no sense. I have 100% use of the condo I own and use of 100% of the common area. Where the homeowner has to maintain 100% of their sidewalk to the street the condo owner may have a double or tripled sized walkway BUT they share that maintenance cost among maybe hundreds of owners. There are definite economies of scale for condos.
I'm pretty sure this thread has headed off in a direction that is not helpful for the OP.
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