Real Estate Sales and Condo Developments
Real Estate Sales and Condo Developments -Seniors are being forced to move as their world is transformed into a condo.
By Nan Wood
The rage in real estate is the conversion of rental units into Condos. Developers are buying up buildings with rental apartments in them and converting them into condominiums. According to the National Association of Realtors, this trend began in 2004 and by the end of 2005 more than 260,000 apartments were converted into condo units.
Tenants are always vulnerable to a sale or conversion of their rental units. The economy is driving this trend. Condo units are affordable housing for the families who are priced out of single family homes. Unfortunately, many older tenants can’t afford to buy their unit or just choose not to become a mortgagee again. They downsized their living in many cases to make life easier in their advancing years.
For seniors it is very stressful to have their lives disrupted this way. This changes the future into an unknown grey zone and has the potential to make them ill. They are accustomed to their environment, friends, and way of life. Many sold their homes years ago and moved into rental units to live more simply.
There are no federal laws to protect renters in this situation. State and local laws vary state by state. Conversion laws generally state tenants must be notified and given the right to purchase their units. They must have adequate time to relocate themselves.
I am sure today’s seniors did not expect to be moving at this age. In the past, families took care of their aging parents and relatives. While the social atmosphere has changed, this practice seems too harsh. Consider the future - as baby boomers age, they will face this same threat. How can they overcome the problem? The vast pool of baby boomers will make this problem a greater social issue in the future.
Nan is an Accountant and Real Estate Professional. She is writing articles related to social and economic change. Visit Condo for more resources. Real Estate Auctions can be found at
Auctions
By Nan Wood
The rage in real estate is the conversion of rental units into Condos. Developers are buying up buildings with rental apartments in them and converting them into condominiums. According to the National Association of Realtors, this trend began in 2004 and by the end of 2005 more than 260,000 apartments were converted into condo units.
Tenants are always vulnerable to a sale or conversion of their rental units. The economy is driving this trend. Condo units are affordable housing for the families who are priced out of single family homes. Unfortunately, many older tenants can’t afford to buy their unit or just choose not to become a mortgagee again. They downsized their living in many cases to make life easier in their advancing years.
For seniors it is very stressful to have their lives disrupted this way. This changes the future into an unknown grey zone and has the potential to make them ill. They are accustomed to their environment, friends, and way of life. Many sold their homes years ago and moved into rental units to live more simply.
There are no federal laws to protect renters in this situation. State and local laws vary state by state. Conversion laws generally state tenants must be notified and given the right to purchase their units. They must have adequate time to relocate themselves.
I am sure today’s seniors did not expect to be moving at this age. In the past, families took care of their aging parents and relatives. While the social atmosphere has changed, this practice seems too harsh. Consider the future - as baby boomers age, they will face this same threat. How can they overcome the problem? The vast pool of baby boomers will make this problem a greater social issue in the future.
Nan is an Accountant and Real Estate Professional. She is writing articles related to social and economic change. Visit Condo for more resources. Real Estate Auctions can be found at
Auctions
posted by Nan at 5:41 PM
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