Saturday, July 7, 2012

On Condos

Interesting blog post on the history of condos in the US and around the world, titled "Why do condos even exist?"

The author's big problem with condos is that once a condo building is developed and sold it becomes nearly impossible to tear down and redevelop. He gives a few explanation for the popularity of condos but overall I share his skepticism. If you live in a condo in downtown Chicago you're paying at least $1000 per month for assessments and taxes. At that point do you really "own" the condo? Plus you have to give up a lot of rights and freedoms for living in the building. To me this really seems like a version of long-term renting, you have to pay a lot of money up front then deal with the hassle of selling it down the line.

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