<p>Lots of condos are leased. Especially in Seattle where developers can’t throw them up fast enough to capitalize on " demand".
Many owners live elsewhere, although the condo board may limit the percent that can be rented.</p>
<p>However quite a few buildings have had sluggish sales, as planned improvements in public transportation have not materialized. ( rather the reverse) Since parking spaces are limited, some buildings not even having one space for every unit, the prospect of having to scout for parking can be discouraging for some. ( even more so if they dare park in front of our house, H will have an absolute fit)</p>
<p>My mother lived in a condo next to the Bellevue park. She bought while it was still under construction, as many do nowdays.
I advised her to evaluate other sites the builder had built, but my brother in law ( who knew everything) didn’t think it was necessary.
Because the builder was apparently counting on California weather, the materials used were not suitable for the northwest and the entire thing had to be redone.
But the owners bore the cost as the term ins had expired. It would have been funny if it hadn’t been so frustrating and sad. She had sold her home since it was too large for one person (& to save on upkeep) and ended up paying out more for her condo.
Beware of fees for building maintenance. The board thought it was necessary to change landscaping every year, and replace all the carpeting and furniture in common areas every couple years. ( the heating system also had to be replaced, again the owner had to pay)
Several units were held by local companies/countries, for their employees to stay in for months at a time. Some condos are even rented out for Air bnb, although some jurisdictions are cracking down on that.</p>
<p>I’ve seen lots of local buildings changed to apts when condo sales are sluggish, but also long term renters kicked out when owners change hands and want to triple the rent.</p>
<p>Still some very nice small apartments however. My D lives in an apartment complex that consists of about 7 one story buildings divided into two units each. She has a place to plant a garden and doesnt have anyone above or below her!
It seems to have been built in the 40’s or maybe even the '20’s going by style of interior moldings and style of doors.
They’ve lived there for several years, and luckily the owner seems to want to keep it as is, instead of installing skylights and recycled glass countertops & increasing the rent.</p>
<p>Unlike these folks who bought a building that had been owned by a single family for generations and are now in a hurry to evict.
They can give any tenant only 20 days to find a new place.
<a href=“http://www.tenantsunion.org/en/news/tenants-picket-goodman-real-estate-to-stop-displacement”>http://www.tenantsunion.org/en/news/tenants-picket-goodman-real-estate-to-stop-displacement</a></p>
<p>We are unlikely to move, but if we did sell our house, I would probably look for a townhouse style condo, or if I didnt have that much mobility, a condo in an older building, that was throughly soundproofed.
( or we could make our detached garage into a little flat and rent out the house, so I can keep my garden)</p>