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0 pointsajhurliman3y ago0 comments

I think there's a point to be made about single family dwellings, but it's hard to imagine how a 50 condo building would operate without one. Who takes care of the pool? Or fixes the elevator?

The governance is definitely poorly structured, though. In my (limited) experience I've seen a board that gets elected and then proceeds to abuse their power to advance their own financial positions.

I think there should be a 3rd party company that competes for the management contract and annual contracts are awarded based off democratic vote from all the owners.

0 comments

ocdtrekkie3y ago

My takeaway from dealing with a condo HOA is that condos shouldn't legally exist, because people owning fractional buildings is doomed to result in structural collapse. Elected residents aren't qualified to make decisions about long-term maintenance which becomes more severe and expensive over time, and they have perverse incentives to avoid spending money. Faced with a substantial enough cost, board members can opt to hide problems while they try to sell their own stake in the building.

That's being said, $&@# AirBnB.

gaadd333y ago

"People owning fractional buildings" has existed for almost 150 years, at what point should we start to see NYC buildings collapsing due to structural collapse?

ocdtrekkie3y ago

This is false. The first condominium in the continental US was built in 1960, the entire scheme is only 63 years old. There's some older buildings that have been converted, sure, but the legal concept isn't that old.

And buildings start needing more significant structural work after forty or fifty years. Which is to say, yes, I expect many more condos to collapse over the next couple decades.

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ajhurlimanOP3y ago

Technically a condo owner has fee simple (i.e. absolute) ownership of the airspace in their unit and tenancy in common (i.e. shared) with the other owners for the walls, floors and common areas.

I guess what you're arguing here is that groups of people shouldn't be able to own real property collectively, which would undermine a lot of the legal infrastructure that underpins business and society today; not just condos.

For example, what if one's parents die and probate leaves the family house to the adult children (who are obviously not married to each other), how would they take title?

ocdtrekkie3y ago

The idea I can own my airspace, but be entirely dependent on some other idiots with no qualifications to make key decisions that determine if the floor, walls, and ceiling continue to remain stable and surrounding my property is problematic. Surfside will not be the last large condo to collapse this decade.

The legal structure makes some sense but the accountability is a joke. Structural safety should be handled at a more reputable level.

Also the definitions between your property and the common elements is... unclear in many cases, at best, and somewhat predatory in design at worst.

j / k navigate · click thread line to collapse

0 pointsajhurliman3y ago0 comments

I think there's a point to be made about single family dwellings, but it's hard to imagine how a 50 condo building would operate without one. Who takes care of the pool? Or fixes the elevator?

The governance is definitely poorly structured, though. In my (limited) experience I've seen a board that gets elected and then proceeds to abuse their power to advance their own financial positions.

I think there should be a 3rd party company that competes for the management contract and annual contracts are awarded based off democratic vote from all the owners.

0 comments

ocdtrekkie3y ago

That's being said, $&@# AirBnB.

gaadd333y ago

"People owning fractional buildings" has existed for almost 150 years, at what point should we start to see NYC buildings collapsing due to structural collapse?

ocdtrekkie3y ago

And buildings start needing more significant structural work after forty or fifty years. Which is to say, yes, I expect many more condos to collapse over the next couple decades.

2 more replies

ajhurlimanOP3y ago

Technically a condo owner has fee simple (i.e. absolute) ownership of the airspace in their unit and tenancy in common (i.e. shared) with the other owners for the walls, floors and common areas.

For example, what if one's parents die and probate leaves the family house to the adult children (who are obviously not married to each other), how would they take title?

ocdtrekkie3y ago

The legal structure makes some sense but the accountability is a joke. Structural safety should be handled at a more reputable level.

Also the definitions between your property and the common elements is... unclear in many cases, at best, and somewhat predatory in design at worst.

j / k navigate · click thread line to collapse