Moving to another condo in the same building/community: feasible?

Started by PaulJ6 • 12 replies • 565 views

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PaulJ6
Posts: 990

Posted:

I'm finally moving and am buying a condo in a large building with about 175 units in it.

Question: Is it generally feasible, and does it happen, for people who own small condos in a building (or community) to move to larger condos in the same building or community?

The place I'm buying is bigger than I need, so if a smaller place in the same building ever becomes available, I'd like to trade: someone with a smaller place would buy my larger one, and I'd buy the person's smaller place. I recently sold a condo to someone in a "for sale by owner" transaction, which saved a lot of money, and I'd like to do the same. Otherwise a 6% real estate commission would be pretty steep.

But I am told that some HOA boards make it difficult for moves within the same community or same building: buy why?

Thanks.

KerryL1 (California)
Posts: 14,550

Posted:

We're a 19 y.o. 200+ unit urban high rise. After year off before which I was on the board for 12 years, I'm back on the board.

We've had owners of smaller units sell and buy larger units in our building. We've had owners of a unit buy the one next door and combine the two with proper ARC changes approved.

Why in the world would a board "make it difficult" for the above to occur??? HOW could a board make it difficult?

CathyA3 (Ohio)
Posts: 6,299

Posted:

Quote:

Posted By KerryL1 on 01/11/2020 9:16 AM

Why in the world would a board "make it difficult" for the above to occur??? HOW could a board make it difficult?

I think there are co-ops that allow boards or others to vet potential buyers. But this has to be in the governing documents.

KerryL1 (California)
Posts: 14,550

Posted:

Ah, maybe a co-op, but I think Paul would have told us that. I think he would have told us what's in the docs too.

But, good to know. We've also seen poster here from FL where boards or others can vet prospective buyers.

KerryL1 (California)
Posts: 14,550

Posted:

GenoS (Florida)
Posts: 4,276

Posted:

Quote:

Posted By KerryL1 on 01/11/2020 9:16 AM
Why in the world would a board "make it difficult" for the above to occur??? HOW could a board make it difficult?

Such is life on Central Park West, I guess. Where is this, The Dakota? I don't understand the question or what's otherwise implied.

PaulJ6
Posts: 990

Posted:

It's a large and relatively new condo building in Manhattan.

KerryL1 (California)
Posts: 14,550

Posted:

So, Paul, if there are no restrictions in your docs, and the board has no power to reject new buyers, HOW would they go about keeping you from selling your unit and buying another in your current HOA? HOW could the board do this? Where did you hear such a story?

PaulJ6
Posts: 990

Posted:

Quote:

Posted By KerryL1 on 01/11/2020 6:21 PM
So, Paul, if there are no restrictions in your docs, and the board has no power to reject new buyers, HOW would they go about keeping you from selling your unit and buying another in your current HOA? HOW could the board do this? Where did you hear such a story?

After dealing with my current board- which put in cameras near the apartments of people who they didn’t like, to monitor them with both video and audio recordings (which is illegal), and which makes up all sorts of arbitrary rules that are now allowed under law or the governing documents, I don’t have confidence in boards to run things fairly or in accordance with governing documents. And I was told by some people that some boards don’t want to allow moves (not my new building specifically or condos specifically, but NYC boards generally). None of this makes sense to me so I thought I’d ask.

But thank you for the reassurance: what you’re saying is what I hoped to hear.

NpS (Pennsylvania)
Posts: 4,216

Posted:

NYC has a high concentration of co-ops.
Many don't know the difference between a co-op and a condo.
If you're hearing stories, it's probably from people who live in co-ops.

Sikubali jukumu. Read all posts at your own risk.

PaulJ6
Posts: 990

Posted:

Quote:

Posted By NpS on 01/12/2020 6:15 AM
NYC has a high concentration of co-ops.
Many don't know the difference between a co-op and a condo.
If you're hearing stories, it's probably from people who live in co-ops.

Good news. Thank you!

SheliaH (Indiana)
Posts: 6,964

Posted:

I’m sorry for the experience you’ve had in your building, but really Paul, you need to stop generalizing! As NpS said, there are lots of co-ops in New York City – have you checked out each and every one of their boards to come up with your conclusion? If not, learn from this experience and good luck to you in your new building. If the board you're dealing with is as vindictive as you say, trust me when I say karma has them in her sights - you may never learn when or how. but what goes around really does come around.

PS – I subscribe to the Sunday New York Times and the Jan. 12 edition had an article on co-op board members, what prompted them to run and what they’ve learned. Take a look at it – you may become hopeful (or more cynical, in which case, maybe you should just buy your own single family home and be done with it)

If it is not right do not do it; if it is not true do not say it. Marcus Aurelius

PaulJ6
Posts: 990

Posted:

SheilaH, thank you very much; I'll take a look at the article.

This time I've learned my lesson and am doing a condo. I am also never, ever attending an annual meeting or having anything to do whatsoever with building governance. I'm wiping my hands clean of all of it.

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