Asheville Homes and LAND!- The Keep In Touch Blog

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Condo- Charm and CAVEATS

 

 I listed this very nice condo today. 

Before I did, I reviewed the 3 Essential CONDO CAVEATS, reminding myself that things can appear to be  black and white , but beneath the charm could look a big red stoplight!

CONDO CAVEATS
1. Fifty (50) percent or more of the units are tenant (renter as opposed to owner) occupied.

Check to see the percentage of rented condos in the complex. If 50 percent or more of the units are rentals, it may be more difficult to find a lender to loan money for a unit in the complex. If few lenders will make loans, this may impact you when you want to resell.

2. The condo association's "reserve fund" is less than healthy.

Get the name of the HOA President and make sure the association has a healthy reserve fund. Without a substantial  sum of money in reserve, when a major repair needs to be done, owners might have to pay a costly special assessment. This can affect resale value.

3. The project is in litigation.

Double check this one. If the project is involved in litigation with builders and/or other homeowners, this can quickly deplete reserve funds and affect resale value.

 

 

 

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Comments

Great caveats, janeAnne.

All your prospects can't do this, but you can - sit in on one of the regular condo meetings - is there cooperation or divisiveness? You can tell a lot about the lifestyle by seeing how the people interact here, what they see as problems, and how they address them.

In the meantime, see if you can read the last several sets of minutes.  

Posted by Sharon Simms, St. Petersburg FL - CRS CIPS CLHMS RSPS (Coastal Properties Group International - Christie's International) almost 12 years ago
You beat me to it Sharon.  Order the last couple sets of minutes and also prior budgets and assessments.
Posted by Chris Griffith, Bonita Springs Listing Agent (Downing-Frye Realty, Bonita Springs, FL) almost 12 years ago

I was going to post, but Sharon beat me to it.  Reading the minutes will give you a clue as to the current issues with the complex.  Keeping your finger on the pulse of what's happening before it happens can be extremely helpful.

kk

Posted by Kristal Kraft, Selling Metro Denver Real Estate - 303-589-2022 (The Berkshire Group Realtors) almost 12 years ago
Good points to remember-many a condo loan has died on the %age of investment units-and better to know before it's too late.
Posted by Leigh Brown, CEO, Dream Maker - Charlotte, NC (Leigh Brown & Associates, RE/MAX Executive) almost 12 years ago
On point #3:  That can also limit types of loans and odds are you could be paying up to a point higher than a normal condo loan.
Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) almost 12 years ago
Sharon, Chris, Krital, Leigh and Renee...thanks for your comments..I appreciate the information about reading minutes. As a land specilaist, I rarely represent condos, so your wise words are a GREAT heads-up for me!
Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) almost 12 years ago
I just reread your comments...I like the thought.."keeping your pulse on what's happening before it happens..." somehow that reminds me of "deja vu all over again"
Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) almost 12 years ago
This is very helpful information. As I read through your whole blog, I am finding real good information. Thanks.
Posted by john thomas over 11 years ago
John.Thanks you for reading my BLOG. I am happy that you  find the information I am providing here valuable to you. Keep reading and commenting. Again, I appreciate your energy here.
Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) over 11 years ago
very useful information. thaks for taking the time to write about this.
Posted by Arlene Brown (Eco Steward Realty) over 11 years ago
Arlene...Glad you found that info helpful. Condos are a special market. Some of us specialize in that market, some don't. But it is always good to have a clue about the workings of that particular market. If anyone happens to have more clues, please be sure to add your comment. Much appreciated.
Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) over 11 years ago

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Posted by Reserve Fund Study over 9 years ago

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Posted by Gal over 9 years ago

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