Condo CanDo. It's Friday Condo Q/A

April 11, 2008

Friday: Time for Condo Q and A…

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

Legal descriptions define the property. When in doubt, even from MLS data, look in Mecklenburg Polaris for the Unit File number. Unit File is often noted as a U/F. That means condominium. Condominium defines space. Does a condominium require a survey? A townhouse does and it, too, is attached housing. Townhouses come with a footprint and townhouses can be surveyed because a line can be dropped between units. The owner owns the structure and the land beneath it, ergo “footprint”.Then there are co-operatives, a co-op. We have two such co-ops in Charlotte. One is The Kimberlee off Park Road and the other is Morrocroft off Sharon Road. A co-operative is a corporation and the owners have percentage shares which represent their units. In practical terms, the difference is that the governing board of the co-op has much more authority over how you use your property than does the owners association of a condominium.Can a condominium be purchased as an investment? Yes. But more and more there are limits to the percentage of investors allowed although that has often been circumvented by ownership as second homes. In one state, investors are not allowed and the owner occupants cannot rent out their units except in dire circumstances. There was a tower in Uptown Charlotte where the first 20% of the units sold were bought by a large corporation. Funding for investor heavy condominiums can be more stringent for the folks who really want to call it home. So interest rates may be higher.Are all condos on just one level? No. Can a townhouse have two levels? They can have many…it’s just the space that I owned. Can a townhouse have just one level? Yes. Two levels? Yes. How about having a separate flat on the first floor and the next two levels a townhouse? There are many at the lake with this configuration. The answer is no. Footprint, survey, land.Insurance for each of the type has been reviewed earlier as it, too, is very different. That’s Friday Q and A for condos…

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