Co-Ownerships - The Catch?
On occasion, I see a co-ownership property sold which appears to be tremendous value compared to other nearby condos. Here is one example
I understand that this unit is not in a new building, poor amenities, etc.....but even after factoring that the value considering the square footage + parking space is undeniable.
So what's the catch? I understand that you technically own shares in the building rather than the unit (which makes financing more difficult and high ratio mortgages impossible), but why would someone who can put down >20% not want to purchase this unit? The price tells me that there's something that I'm missing
I understand that this unit is not in a new building, poor amenities, etc.....but even after factoring that the value considering the square footage + parking space is undeniable.
So what's the catch? I understand that you technically own shares in the building rather than the unit (which makes financing more difficult and high ratio mortgages impossible), but why would someone who can put down >20% not want to purchase this unit? The price tells me that there's something that I'm missing