magis wrote:Just catching up on this wonderful blog! I am an owner at the Twin Towers Condos. I have heard that some folks have conversed with the real estate crew at MOO--they have no desire to buy the Twin Towers. In any case, as the original poster hinted, you won't be able to get the super majority required by the by-laws to agree to an offer to purchase all the condos from the current 100+ owners. Thats what I like about condos---I don't care how big the interested company is, they cannot simply walk up and buy the building. I believe there was a time that MOO may have had a better chance of doing so. But it was a catch 22--at the time before the redevelopment they would not have really had the interest in trying to acquire the whole building for the owners--and maybe the owners would not have sold. After all, many of the original purchasers of the condos in the 1980's bought them outright for as low as $25,000. That gives folks good security as they age. And now in the last 5 years the HOA (i.e. the owners of all the condos)for Twin Towers have upgraded the chiller, replaced the roof, remodeled the common areas extensively and purchased two new elevators. This was an expensive capital investment that the owners themselves paid for. They see good value in the building and have hope of good appreciation in the coming years.
Yes, but dangle 100k to 200k more than each unit is worth and I'm sure there would be a majority of owners ready to sell. Plus, if a company buys off the right people... eminent domain could also happen.