The condo I still own from a past life is now in a position to be sold. When I informed the condo board president he asked if I might be interested in all four of us owners selling the building as a whole. I said yes I am interested and there was a quick third voice of interest. The fourth owner has yet to say anything but he is always very slow in any communication. I will lay out the basic situation and am interested in any thoughts and things I should look out for.
1) 4 units in the building, each 2 bedroom & 1 bath ~1100sqft
2) The other three units are rented out, mine is now (nearly) empty.
3) I was the last to buy in 2008, I think the others bought higher than me, best guess is they are all above water.
4) The other 3 units have been rented out for +7 years at least since the owners lived in them. I think they all had some hope that prices would get back up to where they bought at but that has not happened. and I dont see it.
4a) I would be shocked if anyone had any plain to move back into there unit - we all have moved on.
5) Is in an up and coming area, new micro breweries are opening up and is near a college
6) A few realtors have said that nothing in the area has stayed on the market long
7) realtor I contacted ran a quick number and estimated my place to sell for ~110-115, this is in line what what I guessed, I bought for 163$ :-(
8) I have no interest in being a landlord and would be happy to cash out and buy SCHB.
8.a) I could probably rent and be more or less month to month even.
9) Building was built in ~1920, remodeled in early 2000's. Is basically ok but has old plumbing that at some point will need replacement and there are some knob and tube wiring. The foundation has settled in places but is stable.
10) I think the building has good potential to be remodeled and fixed up, other properties (mostly single family homes) in the area have.
11) We four owners have a call scheduled sunday to talk it over.
12) I dont think anyone has really looked at the details of dissolving the condo association. When I read the rules +10 years ago it did talk about owners being able to own multiple units and merge them for a larger share of votes. So I assume one person could buy all four units and do as they liked.
My biggest concern is all this taking a year for us four to agree on a seller and price, that could be a year my place is empty while others are getting rent. Not sure about renting my unit while the building is for sale. The condo pres likes to argue and in past had FUD-ed conversations into the action he wanted; but he brought all this up so maybe not.
If there is anything I left out please ask and I will answer as best I can. Thanks.