Wednesday, August 08, 2007

Didn't I Just Say That

Chicago magazine (and frankly anyone with good sense) has also noted the damage done to property values due to foreclosures in "emerging" neighborhoods.

One way to minimize any condo association's risk is to lock it down and make it owner occupied only.

That's not to say that owner occupied units won't wind up in foreclosure, but it's my humble opinion that you'll be a little more motivated to save the roof over your head vs. saving the roof over your tennant's head.

I'm just saying...


The North Coast said...

I'm in agreement on this.

Large numbers of investor-owned units means absentee landlords who regard thier units as cash cows and who do little to nothing to improve the property, and who can outweigh the owner-occupants in decisions that effect the value and liveability of it.

Worse, instead of a well-regulated, well-managed rental bld, you have a totally unregulated rental situation with a half dozen or more small landlords renting the units out to the very people you bought in order not to live next door to.

Most good buildings have a policy that permits only one or two rentals at a time, subject to board approval. This allowance is made to accommodate ownners who might be transferred but want to keep the unit for future use, or who want to rent to a relative.

Too high a percentage of rentals might mean buyers have a harder time getting financed, as well.

stuckinthecity said...

Don't worry, it will be Section 8 soon.....