03-17-2021, 11:33 AM
(03-16-2021, 11:40 PM)nms Wrote: I guess this building will be around for longer than any of us. What's the track record for condo towers long term? I can imagine that they can be a pain to maintain once the various major components reach the end of their lives. Condo towers also limit what can be done with the land long-term. At least with rental buildings there is a chance that a landlord can do a full refit or change unit sizes, or even knock the building down and start over.
I believe owners of 80% of the units can agree to terminate or sell the entire condominium.
Note that there is an interesting provision where if the other owners don’t like the sale price, they can demand an appraisal; and any shortfall must be made up by those who voted for the sale.
All of which is to say that a tall condo tower is likely to be there a very long time, but at the point where serious change is obviously needed it takes a significant fraction of objectors to prevent the change; one or two obstinate holdouts can’t do it (unless the building is less than 5 or 10 units).