There are actually many people who dreams of having a home near a beach. A building with multiple residential units may simply be owned in common by multiple people, with each having specific rights to a particular unit and undivided interest in the rest. If the developer is no longer in business, its condominium association may have little or no legal recourse in the event of serious flaws are discovered on the property.
While condos are usually managed by a Homeowners’ Association (HOA), each individual unit has a separate owner. The declaration also provides the process for making decisions about the repair and maintenance of the property, the assessment and collection of common expense fees and provisions about the board of directors.
However, shares are not considered as real estate but as personal property and the co-op can take the possession of the apartment for a term time and evict the tenant or owner because of disturbance or unpaid maintenance fees. Sometimes it is the children of retirees who object to their parents moving to a 55+ community.
Days on market to sell a condo: Jan-Mar 31 2017 – TCG = 8, VREB = 25. Price Ratio: Jan-Mar 31 2017 – TCG = 103%, VREB = 101%. The condominium corporation should place “all risks” property insurance coverage on the units and the common property. Condos for sale are in the affordable price range.
As time passes, developers may find themselves unable to sell off the remaining units. However, the places these condos are located are often much quieter and much more private than the cities that host high rise units. Our deluxe three-bedroom residential unit is the most spacious condominium available at the Village at Mammoth.