HOW TO SELL AN EXISTING COMMERCIAL CONDO PROJECT

An article by John W. Farrell, published in the Spring 2019 issue of The Fee Simple, the journal of the Real Estate Section of the Virginia Bar.

In the early 1980s, there was a boom in the construction of commercial condominiums. Some mimicked residential townhouses in design; others were single-story layouts. Many of these buildings have now reached the end of their useful lives because of the need for technological upgrades that are difficult (if not impossible) as well as the replacement of major systems like roofing or heating, ventilation, and air conditioning. Moreover, many of these condos are adjacent to areas undergoing major redevelopment.

How will the sale of these condominiums for redevelopment proceed? Analysis of the sale of the first such project may offer some guidance.

Read the full article.

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