Term Paper on "Real Estate Condominium Exhibits the Mixed Attributes"

Term Paper 5 pages (2337 words) Sources: 1+ Style: MLA

[EXCERPT] . . . .

Real Estate

Condominium exhibits the mixed attributes of cooperative and condominium elements and is created when a landlord splits a commercial and residential mixed-use building into many large condominiums, then again divides each condominium into that of a residential cooperative. The advocators of conversions state that condominiums pave the way for home ownership to individuals who are instead priced out. Even though there are advantages, the conversion of prevailing buildings to condominiums also generates specific difficulties which need to be understood. In the process of conversion from commercial real estate into residential Condominium, general architectural as well as site concerns, incorporating site layout, open area, topography, circulation, situation of the buildings, appearance, building components, lighting as well as signing etc. have to be chalked out to bring about a required security and healthy setting. A concern that virtues remarkable focus in the minimum necessities relates to the kind of need the City considers to mandate for the purpose of installation of the fire sprinkler systems in the Condominium Conversions. The building is to have a system of fire alarm system that is to be reviewed by an external agency. The Building code sound insulation norms are health determinants aimed at safeguarding people from the concerns of excessive noise. The minimum values with regard to Field Sound Transmission Loss -- FSTC as also the Field Impact Insulation Class -FIIC are to be applied to rate noise insulation among the nearby condominiums. Each of the main "building, sidewalk, fence, structure, landscaped area, accessory building, carport, driveway, patio enclosure, amenities," shall be renovated and restored as essential to attain a high magnitude of quality, appearance, as well as safety. Thus the structure of condominium public arenas is required moving in a direction which promotes a homely setting which promotes high significance to issues of health and safety.

Introduction:

Condops also known as Condominium/Cooperatives exhibits the mixed attributes of cooperative and condominium elements and are normally created when a landlord splits a commercial and residential mixed-use building into many large condominiums, then again divides each condominium into that of a residential cooperative. Such ideas though comparatively rare have been applied to dissuade the commonly recognized 80/20 norm, which devoid the cooperatives from getting over 20% of its income from the commercial tenants, upon pain of the co-operative owners their standard level of homeowner income tax decreases. Condominiums those which are not embraced by such regulations vary from the co-operatives in that the tenants directly take hold of their apartments instead of holding shares in a corporation that holds all the apartments in a building. (Kirk A5)

Analysis:

One of the first commercial real estate conversion projects into residential condominium was initiated in New York City a few years back. (Kirk A5) Presently in California and other places an increasing amount of investors are deciding to convert commercial real estate into residential condominium for the purpose of sale. A New York real estate agent states that 'condo craze' could lead to several apartment units being turned into condominiums. It would result as several numbers of newly generated condo units emerge in the market. As indicated by the Meyers Group, which is a real estate data and consulting firm there appeared an exceeding numbers of 8000 condo units at some time of the planning processes in the capital area. There appeared an increasing requirement by the condominium converters to concentrate on entry level housing while the rate of mortgage rates are low and innovative financing are in large numbers. The advocators of conversions are of the opinion that condominiums pave the way for home ownership to individuals who are instead priced out. (Condo craze sows seeds of controversy) Moreover, the movement towards high-rise is for several individuals a sharp variation from what they have been utilized to for a major part of their lives. The purchasers reveal that communication with other families and residents makes possible the movement to high-rise, and would finally become an allurement to purchase and residing there. (Alayo 15)

Even though there are advantages, the conversion of prevailing buildings to condominiums generates specific difficulties. The distributed ownership and liability for building conditions, health as well as safety concerns, traffic and the issues of parking, maintenance of the sewer as well as plumbing facilities and other general areas, unclear liability for repairs and/or substitutes as a result of fire or other hazards and unjust or inaccurate apportionment of utility costs to all owners, all of which difficulties might influence the general public health, safety as well as welfare of the residents of the area. The condominium transformation might also influence the total supply of housing suitable for the lower income households, and might vary the nature of the occupancy. To illustrate, converting rental housing into being condominiums might vary the demographics of the building from young single individuals to families or elderly individuals. These variations might necessitate special design provisions to safeguard the health and security of current residents, new owners of condominium, and reduced income or displaced tenants. (Chapter 25: Article IV-Condominium Conversions)

In the process of conversion from commercial real estate into residential Condominium, general architectural as well as site concerns, incorporating site layout, open area, topography, circulation, situation of the buildings, reach, appearance, building components, screens, lighting as well as signing and the similar components have to be chalked out to bring about a required security and healthy setting. The design is required to minimize the appearance of service arenas like outdoor storage, delivery, loading space, trash, backflow avoidance tools and other amenities from public arenas. (Discussion regarding the implementation of a Condominium conversion ordinance and revision to the existing Condominium ordinance) the minimum necessities that cater primarily to public health and well being issues are fire prevention, reach and landscaping along with the viability of the common systems like air conditioning, electrical heating as also mechanical systems in the common components of the project. (Proposed Condominium Regulations: Public Hearing) Each of the living unit shall have a fire-warning system compliant with the present adopted building code norms in kind and situations. Suitable attention shall be offered to the maintenance of the fire security systems. All of the fire hydrants, fire alarm settings, and moveable fire extinguishers as also other fire safeguard appliances shall be held in a working condition during all times. (Discussion regarding the implementation of a Condominium conversion ordinance and revision to the existing Condominium ordinance) concern that virtues remarkable focus in the minimum necessities relates to the kind of need the City considers to mandate for the purpose of installation of the fire sprinkler systems in the Condominium Conversions. Moreover, the developer is necessitated to offer fire sprinklers in the general components of a Condominium Project and to offer adequate amount of infrastructure to assist fire sprinklers around the project incorporating individual units, however, would only be necessitated to institute fire sprinklers in individual units wherein permission is chalked out for a particular unit during or after the process of conversion. This alternative is to be incorporated rather than of a necessity for complete fire sprinklers around a condominium conversion project in an effort to decrease developer expenses with the expectation of bringing about added affordable rates of condominium housing prices. A substitute choice for fire sprinklers in relation to the condominium conversion projects might be necessitating the developer to institute fire sprinklers through the entire project, incorporating individual Condominium units. (Proposed Condominium Regulations: Public Hearing) the signs showing the path of exit as well as emergency lighting are to exist in the corridors as also exit stairwells. Each suit is to have suite entrance doors on both the levels. (Fire Safety Commission Decision Summary: Decision No. 2002A006-137 (2002A007-138; 2003A001-139))

The building is to have a system of zoned, single stage fire alarm that is to be reviewed by an external agency. The alarm devices are required to be fixed in the corridors and in each of the suite situated on top of the entrance door of the upper level. Manually operated pull stations are required to be instituted at each of the exits. An enunciator panel is to be situated in the main lobby. The fire alarm system is to be instituted with emergency power evolving from a generator. In order to make it certain that a fire prevailing in a bedroom is dissuaded from expanding to contiguous areas prior to the occupants in such areas have a scope to move towards safety, each bedroom shall be isolated from the nearby rooms and fields by fire separations which have a minimum rating of about 30 minute fire resistance; and openings in the fire isolation indicated in shall be safeguarded with closures at least having 20 minute fire safeguard rating. The vents with the sliding ventilation panels are not acceptable since they negotiate the integrity of the fire dividers. Doors utilized as closures might be offered with auto-closing devices. (Fire Safety Commission Decision Summary: Decision No. 2002A006-137 (2002A007-138; 2003A001-139))

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