Word: condominium
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Each of these scenarios has been played many times during the last ten years in Cambridge. For many people in these situations, the logical choice is to purchase a condominium. Let's go back to Joe. If Joe continues to live in his apartment, he faces the realistic possibility of continual increases in rental payments, and yet these additional expenses do not give him any benefit, equity or security. Also, he will never see any of the advantages of home ownership. The average price of a one-bedroom condominium in Cambridge is $28,000-$35,000. Joe will only need...
...addition to considering the benefits of conversion to potential condominium owners, we must analyze the reason for the willingness to convert on the part of present property owners. Inflation, legislation, rent control, among other factors, have combined to create more and more incentives for owners of residential real estate to convert to condominiums. The development, ownership, construction, and management of residential real estate is an honorable profession and an extremely vital industry. However, in light of current legislation and political developments, even the most responsible landlords feel that the industry is over-regulated and that there is no future...
...Condominium ownership is a progressive form of ownership. How often in the past have we heard cries from tenant groups and politicians about absentee landlords? Condominium conversion eliminates this problem. Through condominium conversion the tenants and others of low and middle income are allowed to purchase property in quality locations which otherwise would be impossible due to prohibitive costs. Condominium ownership offers many Americans their only hope of home ownership. And, because many thousands of dollars are spent on renovations in converting property, condominiums have a positive influence on the city...
...have stated some of the many positive aspects of condominium ownership. However, I am aware that the conversion process is not without its faults. Where I differ with Cambridge politicians is that I believe that individual problems can be solved by isolating them as opposed to destroying the total concept of condominium ownership. In the case of the elderly, there is no question that it is very difficult to ask the person in their late 60's or 70's who has lived in a neighborhood for a number of years to move, but one must analyze whether the obligation...
When I first began to do condominium conversion in the early 70s and before any attempt by the City Council to regulate conversions, I helped develop a plan to allow elderly tenants to purchase units for a total monthly cost similar to the rent at the time the person purchased the unit. Elderly people would be granted purchase money mortgages at extremely low and flexible interest rates. If the tenant wished to remain but did not want to purchase the unit, the unit could be sold to a third party, but only with the condition that the elderly person could...