Condo complex in decline?

Profile picture for I5commuter
I am looking at most $$$ unit in a 46 unit complex built in 1973. Unit is great (with a mind blowing view) but there are # of units on the market that are not selling (listed, removed, relisted, removed, etc). Only 1 unit has sold in the past 18 mos. I think as many as 10 have been on (and off) the market. Upkeep in common areas is acceptable and maint reserve fund appears workable from recent independent study. Can't determine why other units aren't selling. What should I look at to determine if there is a problem that we haven't uncovered. How concerned should I be about the other units not selling? The premium unit really out-classes all the others. It feels like we found a GREAT unit -- only it's in a "bad neighborhood".
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1Yes

December 03 2011 - Candelaria Arenas
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Answers (4)

Profile picture for LUXURY HOME LOANS CA

You're welcome. Here are the financing requirements for most lenders in regard to condominium projects: http://www.freddiemac.com/learn/pdfs/uw/condo.pdf  Good luck.

Happy funding, Rudi

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December 07 2011
Profile picture for I5commuter
Good input. Thank you both. Figuring this out is a struggle for us. From our investigation into the issues, we are also now concerned about the % of renters in the building. It is currently around 15%. Are we right that, if the % grows, it could limit future sales options on the units?
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December 07 2011
Profile picture for sryan1980
Good thought by Rudi
You also need to find out what % of owners are current on their HOA fees
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December 07 2011
Profile picture for LUXURY HOME LOANS CA
My suggestion is to attend their next monthly HOA meeting and afterward speak with a few owners in the complex. That should produce some insight.

Happy funding, Rudi
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1Yes

December 03 2011
 

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Profile picture for Rudi Hofmann
QuestionCondo complex in decline?
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  • December 07 2011
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