Quote:
Originally Posted by Jerry of San Fran
The Fox Plaza - The last 2 days 2 people have vacated their apartment on the floor that I live on. A few weeks ago 7 apartments became vacant on another floor. Theses are the ones that i know about! The freight elevator is booked everyday all day. The guys who moved out today found a place 2 blocks away that is cheaper & more room. I have not seen such an exodus like this since the dot.com bust. I have lived in the building for 49 years.
|
Our manager sent this billet-doux out to everyone today:
Quote:
|
Good Morning, I am sure everyone has noticed all the activity surrounding move outs in the past few weeks. Many of the renters are leaving the area, and some are breaking their leases. Homeowners reminder: no subletting. All new renters moving in MUST provide a lease with the homeowner not the prior renter, and the new renter needs to fill out the paperwork and register and get their own key fob (no transferring fobs). Thank you for your attention to this matter. Management
|
To be honest, I haven't seen a single move in progress but I guess they are happening. To be brutally honest, in a condo building it can be a good thing. Fewer renters relatively to owner occupants makes for a better cared-for property and lenders are reluctant to lend for mortgages in buildings with too high a percentage of renters. On the other hand, some owners have no intention of living in their units and own them only as rentals--such people will likely sell if they can't rent the units or if the rent they can get drops too much and that could cause selling prices to decline. Since I've owned my home for 38 years and have no plans to sell it, I'm not too worried about it.