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William Borz…, Other/Just Looking in Lake Placid, NY

Does this "condo" really have a 15 acre lot? Or is that the property for the whole association?

Asked by William Borzilleri, Lake Placid, NY Wed Jan 28, 2009

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This question is about this property: http://www.trulia.com/property/1063833679-752-Straw-Hill-Rd-…

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William there are currently 2 active listings at Straw Hill and they both have asking prices of $249,900. If you would like me to email the listing sheets just let me know. I agree that the MLs should have a spot that reads common land or limited common land. It would be less confusing for buyers.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Feb 1, 2009
Hi William,

Your question, "Does this "condo" really have a 15 acre lot? Or is that the property for the whole association?" is a common question asked by buyers. And I think the other agents who answered this question were right in saying that we have to insert the acreage in the listing, knowing that the fraction that will be your share is not owned free and clear. In a nutshell, you don't get your own land with a condo.

But think in terms of privacy, if a condo association is on 2 acres and has 24 units, then the buildings and parking will use up most of the land. If there is a condo association of four units on 10 acres, then there may be woods or lawns associated with the property.

Condominiums are in fact a method to own a property in common with others, and usually the way the condo documents are written, you actually own your unit from the walls in (or sometimes the studs in), often you own the floors and doors and windows as well, and you will also own an undivided share of the common land (acres).

So if there are 10 units on a ten acre parcel, in fact you own 1/10th of the land, or 1 acre. But it's undivided, so you can't point to it--really none of the land is your own and you have to follow the rules of the association regarding land use. Maybe they will say no swing sets, or trucks with commercial tags must be out of view, parked in your own garage, or something of that nature. Sometimes they will set aside some land around your unit for your garden, so be sure to read the "condo docs"--most buyers don't read them until much later when it's too late to do anything about them. And they are mostly all different.

Good Luck,

Dane Hahn
0 votes Thank Flag Link Thu Jan 29, 2009
Hi Bill,
Your condo question is one that is asked quite frequently, and as the other agents have indicated IT IS referred to as "common land".

Several of my buyer clients have found that if they are looking for little or no maintenance to do around the house, then condo's are the way to go! However, if they want the land and privacy that a single family home allows them, dealing with mowing the lawn or snowblowing doesn't seem to matter any longer.

If you are still in the "just looking" stage of buying a new home and would like your own password protected search engine where you can see new listings as they come onto the MLS just as I do, please sign up for my FREE search engine on my web site http://www.buyNHhome.com. I'll email you new listings as they come available within your search criteria, and once you delete a property that doesn't interest you, you'll never see it again!

Hope to hear from you soon!
Judi Farr - Keller Williams Metropolitan Realty - Bedford, NH
Web Reference: http://www.buyNHhome.com
0 votes Thank Flag Link Wed Jan 28, 2009
Bill. When referring to "condos" , townhouses, etc., the acreage is the "common area" shared in "fractional ownership" by all owners in the condo. development. The land, of course, can be used by all condo. owners, according to rules and regs. , of the association.

Should you have further questions, I am available as a broker in this area and very familiar with Straw Hill, in particular. Good luck~Jerome Duval, Jerome Duval & Assoc. Real Estate, LLC
0 votes Thank Flag Link Wed Jan 28, 2009
When shopping for condos, the acre would refer to the entire association.
0 votes Thank Flag Link Wed Jan 28, 2009
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