2 Condo units VS Multi Family House

Asked by Gill2058@aol.com, Bloomfield, NJ Mon Dec 15, 2008

I currently own a two family house equally with another person. In our contract, it states that if one wants to sell the other has 60 days to buy the other person's share at 50% of an independant appraisal or must also sell. With the current market decline, I would probably pay less for his share then what I did originally for mine but unsure if I have the funds to take on the whole house. Since I don't want to sell, one other option would be to convert into 2 condo units. There would be details to work out and set up costs involved, but would allow me to keep ownership without further investment. I am worried of the resell value in a couple years when I'm ready to sell. Would a condo be worth more than half a house? Would there be another option I'm not thinking of?

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Bob DeMassi, , Essex County, NJ
Mon Dec 15, 2008
Gill,
Your lawyer will advise you of your options for sale. Realtors, such as myself, could help marketing the property. First you must see if the home qualifies as a "Condo". To do this, you need to contact the building department in the town & discuss the situation with them. The property would probably be classified as a "Duplex" , two attached dwellings, the building department will clear that up!

As far as the saleability, we would need to view the property and determine the best avenue of approach! If you would like more input or help, please feef free to contact me.

Bob DeMassi
973-239-7700 X-109
Prudential New Jersey Properties
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Jeffrey Boge…, Agent, Morristown, NJ
Mon Dec 15, 2008
Gill,

You might want to check on the condo conversion thing with a mortgage person as I believe that a buyer would not be able to get financing for a condo in a 2 unit building. There are currently 94 Multifamily homes in Bloomfield for sale 20 are under contract and in the last year there have 56 have sold. What sort of rents are you getting in the units or are they owner occupied?
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