Reposting with updates and clarifications, provided by a reader.
1 thought on “Latest report: Half of Tymber Skan condos demolished”
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Independent American Communities
Consumer Education for Homebuyers, Home, and Property Owners | Exposing Condo & HOA Dysfunction, Corruption, & Abuse
“Condominiums and Townhomes should never be a long term investment”
Over many years of appraising, I have seen where such construction as in townhomes, condos and yes even apartment buildings outlive their usefulness due to age but most of all due to lack of normal building maintenance and upkeep of repairs. But what is even worse is when you have any management company and a homeowners association in this case appears to be a Master Association over the sub association that did not make sure their bills were paid much to the dismayed of what was homeowners. It appears these homeowners were at best low income. Thereby these homeowners also play a part of non-involvement of due diligence in care. Then you have Orange County who also dropped the ball by not doing a condemnation this would have helped many owners to move out. Too little too late, as to why the County did not take action long before this complex reached this status is beyond me.
The land is worth more than these buildings are, it would be very costly to remodel or restructure, it’s not worth the money. The Orlando area is seeing a building boom again mostly in condos/apartments. As for the investors, maybe this company has struck a deal with the county sounds like they have. Once all the buildings are gone this investors can sell that land or develop the land into new complexes. The current owners who still live there have very little time left. These fires seem to have pushed these issues to drive what is left of residents out. I smell corruption maybe from the city all the way down to investors. Who stands to gain the most, maybe the county and the investors? Right now this place is a eye sore it will not get any better.
I have always seen condominium/townhomes as a short term investment not a long term due to the cost of upkeep on aging buildings. Get out while you can, once that building reaches 20 plus years old. Do not buy into these complexes when these buildings reach its life of return on investment.