He'll want to make sure that whatever vote was taken was done properly, and according to the bylaws. And that a sufficient majority voted for the new bylaws.
He'll also want to check to make sure that, regardless of whether the vote was "proper," that the condo association has the authority to take such an action.
I'm not a lawyer, so what follows isn't legal advice. However...
If all else fails, read the new bylaws carefully. If it says something like "All units must be occupied by an owner of the property" (the key concept I'm getting at is that if their restrictions says only someone who has an ownership interest in the unit can reside in that unit), check with your lawyer to see if this strategy will work:
You create a land trust (an "Illinois style" land trust) for each condo unit. You transfer ownership from yourself to your land trust. People transfer properties into their own trusts all the time--often for estate planning purposes, sometimes for tax purposes, sometimes to preserve confidentiality.
So, now each condo is in its own land trust. Your land trusts.
Then you assign a 10% beneficial interest in each trust to the respective tenant. The paperwork provides that when the tenant moves out, the tenant transfers his/her ownership interest back to you. So now each trust has two owners: You and your tenant. Aha! The tenant is now an owner (a 10% owner) of the trust that owns the unit. Thus, a 10% owner of the trust is living in the unit.
Next, the tenant leases the unit from the trust (of which he's one of the owners). The lease payments go to the trustee (a third party...it can't be yourself), who then writes the checks to pay the mortgage, condo fees, and other expenses. If the lease payment from the tenant beneficiary isn't sufficient to cover all the expenses, then you'd pay the rest by sending a check to the trustee.
Now, when the condo association says, "Only owners can live here," you respond, "The person in that unit is an owner of the trust that owns the unit. He is an owner."
More information on land trusts at http://www.landtrust.net
Yes. What is advantageous in using such agents in theluxury market is the network that a group of such agents have on a global level. In our office, we work with clients that specifically call about historic luxury homes in the Louisiana and Mississippi markets. However, sometimes we can get refferals from other cities.
A good example is although I am based in New Orleans, I have contacts in the Chicagoland area at the Sotheby's offices who can direct my clients from down here to opportunities in the Lincoln Park areas seeking a condominium. The same is true with clients we have that are looking at the Miami or even Panama luxury condominium markets.
Luxury clientele do not have the same objectives or needs as the average person..many have options to pay cash, often own more than one home, or may simply want to own their piece of the American Pie in a certain location. As such, one has to understand their lifestyle and priorities in a different manner than when one has a first time homebuyer you helping find a mortgage for.... more