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/u/suddenly-scrooge
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I saw a top floor condo I liked in a 100+ year old building. At a very low price point (in line with comps but just due to it being a bit out of the way and being a courtyard view). Can be rented also.
However I noticed half of the building has sold in the past 4 years, and most of the top floor has sold in the past year. The neighbor sold just a couple months ago. Overall it's got me going from putting an offer down to deciding not to. Isn't this a lot of turnover? I get that they are starter condos but seems like a lot especially in the same part of the building.
The reserves are healthy but the assessment has gone from ~$220 to ~$320 for most of these units over the past several years. Doesn't seem like that would be a dealbreaker. The roof is 20 years old so maybe that is coming up. I saw very mixed reviews for the property manager's business but they manage a lot of buildings. Some people really hated them but I think all condo managers here suck. Also the building across the street is similar and being gut renovated for condos .. maybe construction noise but it's a wide street I didn't hear any noise.
edit: correction 40% of the top floor sold in the past year
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Condo turnover
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However I noticed half of the building has sold in the past 4 years, and most of the top floor has sold in the past year. The neighbor sold just a couple months ago. Overall it's got me going from putting an offer down to deciding not to. Isn't this a lot of turnover? I get that they are starter condos but seems like a lot especially in the same part of the building.
The reserves are healthy but the assessment has gone from ~$220 to ~$320 for most of these units over the past several years. Doesn't seem like that would be a dealbreaker. The roof is 20 years old so maybe that is coming up. I saw very mixed reviews for the property manager's business but they manage a lot of buildings. Some people really hated them but I think all condo managers here suck. Also the building across the street is similar and being gut renovated for condos .. maybe construction noise but it's a wide street I didn't hear any noise.
edit: correction 40% of the top floor sold in the past year
submitted by /u/suddenly-scrooge
[link] [comments]
Condo turnover
Continue reading...