Why would a condominium "Have to Be Rented"?

Asked by Jogreggre, Concord, CA Mon Jun 30, 2014

Why does the listing at 14 Janet Way APT 148, Tiburon, CA 94920, say that it is Deed Restricted, and has to be rented. I was looking for a place to live in, have contacted the listing broker twice with this question, and have never received a response. Can anyone explain? Thank you.

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4
Jogreggre, Home Buyer, Concord, CA
Wed Jul 2, 2014
I finally got the correct email address of the listing broker, here is the answer:

"The condo has to be rented because it is restricted as an investor-owned unit. In other words, the owner cannot live in the unit. This is permanent, as it is one of several in the complex that must be kept by owners as rentals."

The email continued and said that it was possible that if a family member owned the unit, it could be rented to another family member, etc.
0 votes
Jogreggre, Home Buyer, Concord, CA
Mon Jun 30, 2014
I am the person asking the question. I am looking to buy a condominium to live in, not to rent out. Why does the selling listing (I understand that there are two listings, one rental and one for sale, for the above referenced property), say the place must be rented? Thank you.
0 votes
Cindy Davis, Agent, San Diego, CA
Mon Jun 30, 2014
It could be any number of things. Chances are it can't be sold and so needs to be rented. I honestly wouldn't take it too literally.
0 votes
Annette Law…, Agent, Palm Harbor, FL
Mon Jun 30, 2014
One explanation could be that it is a 'like kind' sale or a 1031 exchange.

However, the best explanation will come from the REALTOR who you hired to represent you in this purchase. They have the property identity and the inside listing information.

None of us have that crucial data.
Turn your question towards the professional you hired.

Best of success,
Annette Lawrence, Broker/Associate
REMAX
Palm Harbor, FL
727.420.4041
0 votes
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