Easier condo conversions? No thanks

Letter to the Editor

Inman News

Re: 'Reforming real estate' (Feb. 27)

Dear Editor:

An interesting list of potential reforms. After a quick read I have some thoughts, particularly about suggestions within point #9, which essentially promotes even greater government involvement in the housing market.

Perhaps for #9 you could include a brief summary of government's role in the current mortgage mess and HUD's history of fraud and mismanagement.

Also, making it easier for "owners and developers to convert condos into rentals" would be tremendously unfair to condo owners who don't wish to live in rental communities.

As for the "teachers, firefighters and nurses" who can't afford to live in "the communities they serve," have you done a survey as to how many really want to reside near schools, firehouses and hospitals? My impression is that a lot of working people prefer to put distance between themselves and their jobs. And if real estate prices continue to fall, unhindered by artificial government support, won't teachers, firefighters and nurses be able to live anywhere they want?

Carola Von Hoffmannstahl-Solomonoff
Mondo QT
Albany, N.Y.

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Submitted by on March 2, 2009 - 5:03am.

No condo conversions in my market area, Maryland and Northern Virginia.

I have driven by many developments reading a sign "Condo Now Selling" only to see the same buildings with a different sign "Now Leasing".

Sign of the times in my area.

Lenn Harley
Broker
Homefinders.com
http://www.homefinders.com

 
Submitted by Ruthmarie Hicks on March 2, 2009 - 7:51pm.

There are a few condo conversions that have been temporarily leasing. They just have to get real about the price. It's NOT 2005 and some of these were built in neighborhoods where they were NEVER going to get top dollar - even back in 2005. I'm sorry, but a luxury condo across from a car wash, Harley dealership and gas station isn't going to get top dollar in any market.