Dear Owner,

Is the board moving us towards deconversion?

The board is telling new buyers that there is no rental restriction.   As we all know, too many renters will devalue our condominiums. Renters, as a general rule, are temporary residents and have no long term motive to care for the property. This creates higher maintenance costs. Also, insurance will reclassify the property as a rental complex and hike our rates accordingly.

The more run down looking the complex and the higher the operating costs, the less new buyers are willing to pay for units, and prices go down.  The lower the price, the more we likely we are to become a target for a complex wide purchase.

This trend should be especially worrisome for homeowners living in their units as investors are buying up our units.  They are much more likely to vote for a deconversion.  They also do not have moving costs, relocating costs, mortgage application fees, etc., if the property is sold.

We are not aware of any change in the rules.  Why is the board doing what is best for them and not the association?  Why are new owners allowed to rent?

Naper Place News