Can a public housing complex be turned into a condo?

The rules vary on how a condo building can be redeveloped, but in practice it’s rare to see one leveled completely. In Washington, D.C., residents of a public housing authority complex have been stymied in their attempts to cash out on rising land values by a lack of unanimity about the sale to a developer.

What happens to a condominium after 50 years?

4. What Is the Lifespan of a Condo Building? Although the law does not explicitly say that a condominium has a lifespan of only 50 years, it definitely implies so. Consider Section 8c:

Is it possible to flip a condominium building?

Sometimes, if the building is good to begin with and the surrounding market is strong, these buildings flip back over time – as younger owners see an opportunity to get into a cheap condo and fix up the interior. But given the difficulty of financing – it is hard to get a home loan in a building that it 50%+ rental – this seems less likely.

Who is the owner of the land on which the condo sits?

Hence, the land on which the condo sits is owned by the condominium corporation whose members are the individual unit owners (or shareholders). And this brings us to next point. 2. What Is the Extent of Ownership in a Condo Project?

Why are there so many rules in condos?

This rule is constantly broken because human beings lack common courtesy, and respect for other people. Using the chute after 10pm. This is a hard-and-fast rule in most condos, but again, most people don’t care.

When does the garbage chute open in a condo?

This is a hard-and-fast rule in most condos, but again, most people don’t care. Just because property management puts up a sign that says, “The garbage chute is open for service from 9am to 10pm,” doesn’t mean people are going to listen.

When does the fire alarm go off in a condo?

At 8:00am, they will sound the alarm, and then a voice will come through the loudspeaker (oh yeah that’s right – each and every condo has at least one loudspeaker where a person can basically yell into your bedroom): “Attention, attention. This is a test of the fire alarm.