The community apartments or “own-your-own” is the simplest form of common interest development. The property is undivided legally, but the one piece of real estate has multiple residences on it. Each owner receives a deed, but not for their given residence. Instead, the owner receives a deed as a tenant in common on the entire property. In addition, the owner receives an easement or license with that deed, which details which dwelling the owner will occupy.
Although this is not very common in Pasadena, it does exist. I know of specific properties that still exist around Pasadena. These units are more difficult to get a loan on, and many lenders do not like community apartments because they have limited recourses on which to get their money back should the owner have financial difficulties. Do they take action on the entire project since the owner is only a tenant in common? Because of these types of issues and other issues, many of the properties that are community apartments are trying to convert to condos.
I would generally advise against buying a community apartment if you can. It is much easier to buy a condo. Condo laws are also much more defined. However, if you love the project, I just be aware of the issues surrounding a community apartment so you do not get blindsighted.
To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.
Although this is not very common in Pasadena, it does exist. I know of specific properties that still exist around Pasadena. These units are more difficult to get a loan on, and many lenders do not like community apartments because they have limited recourses on which to get their money back should the owner have financial difficulties. Do they take action on the entire project since the owner is only a tenant in common? Because of these types of issues and other issues, many of the properties that are community apartments are trying to convert to condos.
I would generally advise against buying a community apartment if you can. It is much easier to buy a condo. Condo laws are also much more defined. However, if you love the project, I just be aware of the issues surrounding a community apartment so you do not get blindsighted.
To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.
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