Agent

Severe rental restriction improves condo complex

'Grandfathering' existing rentals eliminates opposition

DEAR BOB: When I bought my condo, there were only a few renters in my very desirable complex. Today, there are more than 40 percent renters. Several absentee owners own two, three, four, or more units. As a result, it is like an apartment house. The on-site manager is responsible for maintenance, not for controlling the often-rowdy tenants. A neighbor who recently sold her condo told me she had several prospective buyers who could obtain mortgages only at above-market interest rates so they backed out. She finally sold to an all-cash buyer who didn't know about the high percentage of renters. I brought this issue up at a board of directors meeting, but nobody knows what to do about the problem of too many renters. Any ideas? --Stewart R. DEAR STEWART: Condominiums can be wonderful personal residences. I know because I own a condo that has been in my family since 1977. Purchase Bob Bruss reports online. About six months ago, our association confronted the same problem, although not as ...