Now You See It, Now You Don't...

March 18, 2008

Lynnsy Logue, The Real Estate Lady® and Condo CanDo®, Charlotte, NC

Now you see it, now you don’t…
People ask me if I specialize in condominiums and I usually answer that I specialize in my clients. Years ago, when condos seemed to have a less than desirable reputation, when other real estate brokers didn’t care for that niche in the market, I decided that if no one else wanted it, I did. Funny thing, those condo buyers of sometimes small one bedroom condos or the room mate condos (two bedrooms, two baths) went on to buy their first homes, their second homes, their lake houses and well, you get my drift.So I learned to look at condominiums and town homes with a different set of eyes, a special measure to where there might be a problem. Or problems.For instance: Windows. Windows with broken seals. Windows that leak. Broken windows. Windows that need replacing and the association will accrue funds to do that and spend a lot of time talking about it. Windows. Whose responsibility are they in a condominium? It is written in the documents. Except for the part where the replacement is being discussed, the project is forthcoming, the details have yet to be hammered out, but the new buyer was never told and now there is an assessment for the windows. And only a short time after closing. Hmmm?
Water. Did you know that one of the most recurring problems with condos especially while under construction is water? If the pipes leak between the walls, in the ceiling, in the basement, in the attic, or after the last closing in the garage and in the footings? How do you know there was/is a problem? Whose responsibility is it? Remember in a condo, you own the air space. Documents? Read carefully.

This is another good one. If a town home community has four units attached to each other and three of the units have termite bonds…well, how effective is that? Is there anything in the governing documents that says a termite bond is a requirement?

This is a recent one. A high-rise with 40 units with average prices of 500,000 up and five stories is approaching 14 years old and maintenance problems are becoming larger…40 people are maintaining a mid-rise…How about a four story, ten units condo in Uptown Charlotte. Even with big bucks, long term, grab your calculator. Factor in maintenance.

The biggest and most fascinating mystery to me is Radon on the upper floors of a relatively new condominium in Dilworth. Catch it on the next installment.
Lynnsy Logue, The Real Estate Lady® and CondoCanDo®, Charlotte, NC
Registered Servicemarks 1989