New life in an old condo...
One of my neighbors has health issues and confined to a wheelchair. She has a long-time boyfriend who owns a condo on the other side of the development, but stays with her like husband and wife. They have the parking spot next to me and often I say hello and make small-talk. I learned she's been transferred to an extended care facility now.The other neighbor told me she was only renting and that the landlord owns a few units in the development. Less than a week later, I saw some workers moving furniture out. Curious, I stood in the doorway and was invited in by the owners who were doing some minimal cleanup.
We talked about if they were going to rent again and they decided with the great value of property now, they preferred to sell the place 'as is' but, I thought their asking price was a little high. Days later, they were doing some renovation work. They told me they had a buyer, but the bank wouldn't secure the loan. I don't know if the buyer had a credit issue or the adjuster thought the asking price was too high.
It appears they are on Plan B and now doing some renovation. Their handyman constructed a soffit in the bathrooms and removed the old style lighting. Upgraded lighting in the kitchen was also done. New toilets, a mirrored wall was removed and probably glass shower doors were installed. Paint throughout and they are installing laminate flooring this week.
My guess is $15,000 of upgrades will bring them $30,000 more in the selling price and all it takes is a buyer with cash who doesn't want to go through the renovation process and they could move right in!
New life in an old condo...
Comments (4)
win-win
The landlord probably purchased the unit 5 to 7 years ago at a really good price, rented it and made a profit. The current prices in this development have peaked out and they will quadruple their investment by selling it now.
So what?
win-win
The landlord probably purchased the unit 5 to 7 years ago at a really good price, rented it and made a profit. The current prices in this development have peaked out and they will quadruple their investment by selling it now.
So what?
I am betting she is more than likely put into one of those assisted living places..some good and some bad...but, she has lost her sense of independence...
And he, more than likely...not able to afford to live on his own..so, either renting a room from someone..or, on a dating site..looking to be taken care of...
The landlord is the clear winner though....
Assisted living, yes.
"She has a long-time boyfriend who owns a condo on the other side of the development"
They are both in their late 80's.
For the most part, he is able to get around on his own. I did see him using a walker from time to time.
As long as I've known her, (going on 4 years) she never had independence. He drove her everywhere. Maybe a few months in the beginning, I recall she was using a walker. She fell a few times, was hospitalized a few times and after that, it's always in a wheelchair.
From conversations, he claimed to have done well in business and worked part-time at a golfing pro shop to stay busy. After COVID, the owner decided to close his business.
I'm sure he's gone back to his place. The handyman probably finished and the owner hasn't been around this week. The lockbox is on the door, so it's a matter of time before there's new life in an old condo.