Mutual of Omaha Plans for the Future?

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mcarch
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Re: Mutual of Omaha Plans for the Future?

Postby mcarch » Fri Nov 18, 2016 12:50 am

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.

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PotatoeEatsFish
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Re: Mutual of Omaha Plans for the Future?

Postby PotatoeEatsFish » Wed Nov 30, 2016 12:44 am

mcarch wrote:
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.

I wouldn't mind seeing that tower torn down :;):
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Dundeemaha
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Re: Mutual of Omaha Plans for the Future?

Postby Dundeemaha » Wed Nov 30, 2016 10:17 am

It would be pretty unfortunate I think to lose that much density in midtown.

MTO
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Re: Mutual of Omaha Plans for the Future?

Postby MTO » Wed Nov 30, 2016 12:12 pm

PotatoeEatsFish wrote:
mcarch wrote:
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.

I wouldn't mind seeing that tower torn down :;):


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OmahaCowgirl
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Re: Mutual of Omaha Plans for the Future?

Postby OmahaCowgirl » Tue Mar 21, 2017 3:43 pm

Anyone have a copy of the contract between the Twin Towers Condo Association Board and the construction company that was supposed to "fix" the North Tower so that there were no leaks into the parking garage? You know, the construction project where the condo owners and parking stall owners together pined up $700,000? A couple of weeks into the construction project, allegedly, the construction company was downright stupefied that they would be unable to complete the repair project and the whole building would have to come down. Anyone could see that the building was visibly leaning and was found to be so dangerous by the city that nobody was allowed to walk or park near to it, and there was a huge crane attached by wire to a top corner of the building to hold it upright so it would not fall.
Thing is, that $700,000 was spent, but the underground parking garage still leaks horribly for the past 5 years. I can't understand why the Twin Towers Association Board is unable to get Mutual of Omaha to fix the leaks..........but now we know that Mutual met with Board members years ago, and that is why Board members and their friends and family have been going on a buying spree of commercial and residential units the past few years.

GRANDPASMUCKER
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Re: Mutual of Omaha Plans for the Future?

Postby GRANDPASMUCKER » Tue Mar 21, 2017 4:35 pm

OmahaCowgirl wrote:Anyone have a copy of the contract between the Twin Towers Condo Association Board and the construction company that was supposed to "fix" the North Tower so that there were no leaks into the parking garage? You know, the construction project where the condo owners and parking stall owners together pined up $700,000? A couple of weeks into the construction project, allegedly, the construction company was downright stupefied that they would be unable to complete the repair project and the whole building would have to come down. Anyone could see that the building was visibly leaning and was found to be so dangerous by the city that nobody was allowed to walk or park near to it, and there was a huge crane attached by wire to a top corner of the building to hold it upright so it would not fall.
Thing is, that $700,000 was spent, but the underground parking garage still leaks horribly for the past 5 years. I can't understand why the Twin Towers Association Board is unable to get Mutual of Omaha to fix the leaks..........but now we know that Mutual met with Board members years ago, and that is why Board members and their friends and family have been going on a buying spree of commercial and residential units the past few years.



There is no way a crane could hold that building up if it started to fall. 3 cranes could not hold it up if it started to fall. :lol: If anybody ripped ya off it was the construction company. 700,000 sounds like a lot of money but in a big building like that it wont get you too far at all. To stop the water from coming into the garage you got to find somewhere else to direct the water. That might be a tricky expensive thing to do on that small lot with that big building.


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