Group Condo Purchase
October 14, 2011 5:03 PM Subscribe
What do I need to consider with regards to a group buy of a condo?
posted by rryan to work & money (7 answers total)
I own a condo in a good 40 unit building. It holds it's value and is in a desirable location. For a number of reasons, we have a unit for sale far below even this terrible market. As owners we are considering a 'group buy' of this unit. In other words, I can buy 'shares' along with any other owner of this unit that is up for sale at a price far below any comparable unit.
We'd then turn around and sell the unit after making some improvements.
We could buy the unit for $220K. We'd put $30k into it. Comparable units in the same building are going for $330k.
What should I consider, what concerns should I have other than the obvious?