Quote:
Originally Posted by Policy Wonk
I use Penhorwood only as an example of what comes at the end of the road for a condo corporation when a building is at the end of it's life. Whether that is one day or fifty years after construction. I think that is something individual homeowners should be sheltered from when the useful life of one type of building is likely to be significantly shorter than other similar alternatives.
If a landlord wants to built a cheap complex of buildings with the full knowledge that they may only last twenty years, that is a completely valid decision to make from a ROI perspective. By that time the land might be infinitely more valuable or it could be a ghost town. The end of the road scenario for a home owner in a condo situation is unavoidably ruinous.
Even the worst built steel and concrete tower, barring some sort of severe engineering failure or rustbelt level economic depression will always be a viable structure. It might need re-cladding, it might need new elevators, it might need new HVAC. But the concrete, steel and physical plant will always be worth millions. It might not represent the best use of any piece of land but it can be made to work.
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How is this any different than a SDH? Or for that matter a 4 storey wood building? From your perspective it would seem my 102 year old house has reach EOL.
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