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Re: Developer wants to buy our building
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I wouldn't be surprised if this started being a normal occurrence downtown especially in areas with lower existing buildings than zoning allows

Posted on: 2015/6/18 19:54
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Re: Developer wants to buy our building
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Quote:

bodhipooh wrote:
Quote:

gtmarin wrote:
My condo assoc was recently approached by a developer to buy our building. He's constructing an apartment building adjacent to ours and if he had our property, he could make a much larger complex. We are 4 stories, eight units. He's building is 12 stories and ? units. I think it's a long shot deal, but has anyone had experience with this type of situation? Stories? Advice? None of us are sure what to expect.


If the developer is motivated enough, you might be in for a windfall from an "above market value" sale. If you DON'T sell, don't expect much love or flexibility from this developer going forward. Any issues you may have with his development or the tenants therein, will likely elicit a yawn and/or little urgency.


Wow. So it's "sell or face the consequences"? Maybe he'll drink their milkshake.

Posted on: 2015/6/18 19:50
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Re: Developer wants to buy our building
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You'll need to negotiate as a whole group with an attorney if you'd like a simplified payday, good luck getting all to agree to sell.

Posted on: 2015/6/18 19:27
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Re: Developer wants to buy our building
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gtmarin wrote:
My condo assoc was recently approached by a developer to buy our building. He's constructing an apartment building adjacent to ours and if he had our property, he could make a much larger complex. We are 4 stories, eight units. He's building is 12 stories and ? units. I think it's a long shot deal, but has anyone had experience with this type of situation? Stories? Advice? None of us are sure what to expect.


If the developer is motivated enough, you might be in for a windfall from an "above market value" sale. If you DON'T sell, don't expect much love or flexibility from this developer going forward. Any issues you may have with his development or the tenants therein, will likely elicit a yawn and/or little urgency.

Posted on: 2015/6/18 19:13
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Developer wants to buy our building
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My condo assoc was recently approached by a developer to buy our building. He's constructing an apartment building adjacent to ours and if he had our property, he could make a much larger complex. We are 4 stories, eight units. He's building is 12 stories and ? units. I think it's a long shot deal, but has anyone had experience with this type of situation? Stories? Advice? None of us are sure what to expect.

Posted on: 2015/6/18 18:33
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