Comments on: Why do condos even exist? https://marketurbanism.com/2012/07/01/why-do-condos-even-exist/ Liberalizing cities | From the bottom up Fri, 14 Jan 2022 17:30:52 +0000 hourly 1 https://wordpress.org/?v=5.1.1 By: Marlese Adams https://marketurbanism.com/2012/07/01/why-do-condos-even-exist/#comment-21896 Mon, 29 Jan 2018 23:43:00 +0000 http://www.marketurbanism.com/?p=3331#comment-21896 In Chicago, it basically just goes by your bylaws. Many condo associations, particularly those that permit units to be rented out by investors, have a clause that if a certain percentage of owners agree to sell, generally 75%, then the whole building is sold. The owners each get a fixed price for their unit, regardless of condition, and the units are generally turned back into apartments. It’s called “de-conversion”. It’s uncommon in buildings were renting is not permitted because you don’t have as many disinterested investors.

]]> By: hcat https://marketurbanism.com/2012/07/01/why-do-condos-even-exist/#comment-21482 Wed, 14 Dec 2016 03:17:00 +0000 http://www.marketurbanism.com/?p=3331#comment-21482 We’ve had “leasehold” in some Irvine Company areas in California. I’ve also heard that rent control creates a situation similar to “leasehold.”

]]> By: hcat https://marketurbanism.com/2012/07/01/why-do-condos-even-exist/#comment-21481 Wed, 14 Dec 2016 03:15:00 +0000 http://www.marketurbanism.com/?p=3331#comment-21481 HOA single family developments are really just horizontal condos. Same issue there?

]]> By: wi11iedigital https://marketurbanism.com/2012/07/01/why-do-condos-even-exist/#comment-21263 Mon, 11 Jul 2016 00:10:00 +0000 http://www.marketurbanism.com/?p=3331#comment-21263 Exactly, there are companies that specialize in this. Rarely is it self-organized by the HOA, but no reason it couldn’t be with an active board with some real estate knowledge. And yes, MANY condo associations have supermajority clauses that lets the HOA do almost anything with a large enough majority. And for the holdouts, everybody has a price. You just buy them out. The ROIC on any condo redevelopment would be such that you can pay double the market rate for a unit or two and only have a minor impact.

]]> By: DMalcolmCarson https://marketurbanism.com/2012/07/01/why-do-condos-even-exist/#comment-14943 Tue, 04 Mar 2014 20:57:00 +0000 http://www.marketurbanism.com/?p=3331#comment-14943 Simple: renting is almost always a losing proposition long-term, and yet, there are plenty of people who don’t need/want a single family house.

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Why do condos even exist?

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