condos
8
asked:
"In my city there is a lot of condo construction going on and when I see the condos, they seem to be made primarily of plywood. The first floor has concrete and floors 2-5 are made of wood. I don't really see any metal support beams inside there from my view on the outside. It seems like the frame of for the top floors of most of these condos is made of wood. Is that common? I don't really know anything about construction."
Question posted courtesy of:
red riter replied:
"Yes, this is very common construction method.Of course the concrete has steel reinforcement called "rebars". Wood construction is the cheapest method in the US. Laminated wood beams can be very strong."
kemperk replied:
"the support area would either bevery thick wood or steel or concreteif you wish to be sure, visit the citybldg inspector who gives theoccupany permits to builders beforethe units are salable or rentable."
orazorca
asked:
"Are the people who still live there supposed to pick up the slack? Or would whoever eventually buys it owe money for past due home owners' association fees? If either is the case, it seems like a condos in towns with a lot of foreclosures would be almost impossible to sell, and it seems like it would be a problem for the other people who aren't foreclosing on their condos."
Question posted courtesy of:
kayak_number_12 replied:
"The back condo fees get deducted from the sale.So if there was a foreclosure on a condo, that unit would be sold for say $300K to a new owner and the $2,000 in back home owner association fees paid to the association, then $298K goes to the bank holding the mortgage. The condo association needs to have this as a bylaw to ensure they have a first charge on back dues -- most do.But, you are correct, if enough units go into foreclosure and are not sold, then the association might not have enough reserve funds to run the building. Then it would get messy. The association would issue a "special assessment" fee to the remaining unit holders to get the funds needed to run the building. These special assessments make the entire building less attractive to new buyers."
lookeeehere
asked:
"Pulte Homes lowered the price of their condos $50k. I bought mine pre-construction and now I'm stuck upsidedown on the condo. They have stated to me that no refunds or reimbursements will be given and I will have to wait on the market to come back. Too bad, so sad they tell me. Does anyone have any suggestions."
Question posted courtesy of:
Jordan K replied:
"I would have a lawyer look at the contract you signed. Can't hurt.What benefit did you get by signing pre-construction?I think you just bought at the wrong time. The last few years, everything went up. Now it is all coming back down to more normal levels."
Kimberly G replied:
"That sucks. Not a damn thing, I'm afraid. Because the sale price is based on the market and they have no obligation to maintain a high price if they can't sell it.You might see if you can report them to the Better Business Bureau or some other organization they report to, but I think that it is "too bad, so sad."Even worse than that - a builder rented out 30 units in a new development and all value dropped 50% as a result."
Reaper King replied:
"if you bought it then you're pretty much screwed. if you financed it then you should be okay for a little while. bottom line is that you're going to have to stick it out there for a couple of years to let equity accrue in that place. hopefully, if it does then you will be okay. if not then find a shady appraiser to jack up the appraisal amount and sell it."
Phoenix replied:
"That is all a part of the risk of buying property. These are the kinds of things you realize when you decide to make a purchase.I suggest you not sell until the market is in better shape."
Drew replied:
"Dam it sound like a breaking bubble. don't worry the price will drop even further, read this web site and you then understand how they fooled you, and many others."
acvader
asked:
"I have always been interested in real estate. I'm 25 and I am really considereing making my first move on an investment property. I think a condo would be a nice way to start. I realize condos don't offer as much potential for profit as a house but they are for the most part cheaper and seem like a reliable stream of income if you can rent one out. I am interested in Orlando, Miami, and Las Vegas as potential areas. I would prefer that people experienced in real estate answer this. Preferably someone experienced in condos. Thank You."
Question posted courtesy of:
hatchland replied:
"Condos are a good stepping stone, yes. If you're not going to live on the property, however, your loan will be more difficult because lenders prefer owner occupied properties over tenant occupied ones. Why not live in your first acquistion, perhaps a duplex? That way, you'll get the best of both worlds. And duplexes have great resale value.Whatever you do, DO THE MATH CAREFULLY. Condos have monthly fees which must be considered, and property taxes and maintenance add up. Make sure there is a positive cash flow or, if you live there, that considering your gaining a residence, it works for that reason.Good luck!"
sm4125 replied:
"Condo's are a great way to start. You are wrong about condo's not offering as much profit as a home. Condo's are much cheaper than homes regarding price vs rent possible. More likely to pay their own way. The problem is that condo fees and taxes have go up so much it has eliminated much of the benefit. There are still some condo's for sale that are good deals. Don't buy anything that won't almost pay for itself. It will be a while before prices begin to go up again."
John Rosa replied:
"Depends on the location, but condos can be very lucrative. If you're looking at an area that has more families than students, try duplexes. Look at the vacancy rates of the area as well. Now if you're looking for good returns in real estate without the heavy risk, try using tax liens as your investment vehicle (average return 12-18% year)."
doesnotexist1
asked:
"I am currently a 1st year med student at Rosalind Franklin in North Chicago. During our 3rd/4th years we must do rotations at the hospitals in downtown Chicago (Cook County, Mt. Sinai, and others I think? If you know more please tell me). I am looking to buy a condo now and rent it out for 2 years until my 3rd year, at which time I will then move-in. Are there any good condos near the major hospital areas within the $100,000-$300,000 range that permits owners to rent them out? Any information would help. Thanks!"
Question posted courtesy of:
Kimberlee H replied:
"You can go to which is specifically for people looking to buy condos or event rent in the Chicagoland Area!"
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