1.
|
They give you a lot more bang
for your dollar. The units are far larger
with 1,200 square foot two-bedroom apartments and 1,500 square foot
three-bedroom units not uncommon. |
2.
|
The builder has
been gone so long no one even remembers him. Any
construction defects would have become obvious a quarter century ago. |
3.
|
There is a long
history that can be studied so you know what you are getting into. |
4.
|
These buildings
are communities. Some residents have lived in them for
over a quarter century. There is a sense of stability, security and
community in them. |
5.
|
Low turnover.
There are condos with only one or two units up for sale at a time; no
more than that. |
6.
|
They are smaller
condos with only 80 to 120 units per building. |
7.
|
The owners live
there. Very few, maybe as low as 10%, are rented. Even
then, they are rented only to single families. Overcrowded rooming houses, boarding houses and short-term rentals are not
tolerated. |
8.
|
Live-in
superintendents, people you know and trust, are on call in case
of emergencies. This can be a great comfort if you forgot your keys,
you need someone to let in a repairman or if there is a medical
emergency. |
9.
|
These condos are
not cheap because the sellers, and their agents, know
they are good-quality properties. Yet compared to the new massive condos, they are
a bargain. |
10.
|
Higher condo fees
discourage lower-income purchasers. I know this may
sound elitist but you do not want new low-income owners becoming a
majority who will block needed condo fee increases. |
11.
|
Many of the units
need interior renovations. This can be a lot of work
but there can be a lot of satisfaction in modernizing a 1970's apartment. |
