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Lynnsy Logue, The Real Estate Lady®, Broker in Charge

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Condo CanDo®

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Real Estate Lady®

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Condominiums 101- The Basics

Some people want a condominium because they are tired of cutting the grass. Others don't want the worry of leaves in the gutters, peeling paint, cracked sidewalk and weeds. Still others want to just pull the door to and go off for long stretches,

not worry about one single thing. So who is responsible? Homeowners only own the space. A condominium complex is a community, a small government. Rules and

regulations, by-laws, votes and Boards of Directors. Read up!

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Condominiums- A Little History

In the early 80's, the condominium market was so depressed in Charlotte, we rolled up our sleeves and set our goal: to know this segment of the market very well,. to believe there was still activity with buyers and with sellers...and to keep a positive attitude and maintain a CanDo attitude! We still love learning about the market, keeping up, snapping pictures of communities, gathering data and observing trends. And, of course, helping buyers and sellers..."buy" and "sell" condominiums and townhouses.

What propels condo ownership?

Second Homes?

Freedom from Responsibility?

Recreational facilities?

Affordable Housing?

Rising Rents?

Acceptable Financing?

Security?

        I have read that condominiums existed in Rome some 2000 years ago.Check this photograph taken under the entrance way to a very old community, the stone reads "Condo"...is there a doubt? Perhaps Romans bought into a multi-family structure for the same reason families today do...more time for leisure, less demand on utilities and in many cases, lower costs than single-family housing. Our lifestyle has evolved since then...most of the forward movement has happened since the 1970's.     Today the condominium is the fastest growing shelter concept in America. In 1963 the government mortgage insurance was extended to condominiums through the enactment of an amendment to the National Housing Act. The concept was first accepted by the 55+ market as an alternative to single family housing in retirement areas and as second home investment in resort areas.And for a variety of reasons with the enthusiasm  for condos propelling builders and developers,  the condo boom in the late 70's ran right into overbuilding. Even here in Charlotte. Kathryn Smetana built the very first new condominium on Gaynor Road in Cotswold: Gaynor Arms. A handsome building still...stately and well built it serves to remind us that quality construction is long, long lasting.Then came the era when first timer condo buyers got married, had children, changed jobs, were transferred and there was a glut...and interest rates were high and condominiums got a bad rap...made worse by some faulty construction and some poor management and maintenance. Whew! If units didn't sell, they were rented...investor ratios grew, then complexes couldn't get financing. It was a tough market for attached housing.

Then Charlotte began to grow...the condominium market changed. In some areas sellers even made money...note: some areas. When I first started my database, there were 300+ condominiums and townhome complexes...as of today, I have data sheets on most of the 1000 residential condominium communities and that is just for Mecklenburg County.

Now is a good time to refer you to an article which appeared in The Charlotte Observer several weeks ago and is in our section Charlotte News...this article speaks to density and lack of infrastructure.

NOTE: After entering the above, I checked through our news archives of 2005 and could not find the exact article.

But simply stated, in areas of Charlotte where development was chewing up vacant land, quantity was the priority with builders and developers rather than roads, schools, and services like water and sewer. If you are thinking I am nuts, well, it also happened in town. Ask questions. Talk to residents, get the last three months of HOA meetings' minutes. Your water bill could be double what you are expecting!

This is me, in Rome and the signs reads,

"Condominio"...

Fancy that!