Possible Downsides to Buying a Crested Butte Condo or Townhome
There are lots of fantastic reasons that people love living in condos or townhomes in downtown Crested Butte and Mt Crested Butte. You can check out these blog posts to learn more about why a condo or townhome may be the best option for you! However, there are some things you might not like about owning a condo or townhome. Perhaps these are things that won’t bother you all too much, but it’s a good idea to keep them in mind. So here are some of the possible downsides to buying a Crested Butte condo or townhome.
Privacy & Sharing Communal Space
Some people don’t like the communal living arrangement in a big condo building. Or they may want more privacy or more space than a condo or a town home can provide. Having a hot tub and pool available to you can be fantastic, but remember you have to share it. Additionally, you will be sharing walls with your neighbors in condos and townhomes and this may limit your privacy a little.
Short-term Renter Neighbors
Typically, condos are rented in the short-term rental market, which means your neighbors on your next visit could be a loud party group. You may rarely get to meet your neighbor-owner that you share a wall with if you are there at different times. This is less likely in townhomes, but it is possible. This can also makes it more difficult to build up a relationship with your neighbors and the surrounding community.
HOA Fees
For some HOA fees are one of the possible downsides to buying a Crested Butte condo or townhome. They argue that the HOA fees are too high and they cannot justify the annual expense, especially in larger condo buildings with a front desk, bellhop, maid service, pool, and restaurant. When looking at a condo, be observant of the condition of the exterior and common areas. If you find the upkeep is shabby, then this is typically a result of a poorly-run HOA and a large number of owners who are not willing to approve an increase in dues to cover needed maintenance or capital reserves.
You may be buying into a condo association that will need to assess the owners when things reach a breaking point. During the downturn in the economy, some condo buildings saw many foreclosures and distressed sales at low prices. New buyers may be “party-hearty ski-bums” who are happy with the status quo, and will always vote no. This may also be a signal to get a copy of the HOA budget and annual meeting minutes to see what is going on.
If you want to learn more about how HOA fees work and what’s usually included, read more here.
Downtown Winter Parking Rules
This is specific to owning a townhome or condo in downtown Crested Butte. During the 6 winter months, from November 1 to April 30, winter parking rules are in effect. This means you cannot park on the odd numbered side of the street on odd days, beginning at 10pm until 10am the next day. The same applies for even numbered addresses on even days. As such, if you do not have a driveway to park your car in and you are parking on the street you will have to move your car a lot. This can be an inconvenience for both you and your guests and is one of the possible downsides to buying a Crested Butte condo or townhome, especially downtown.
Possible Downsides to Buying a Crested Butte Condo or Townhome Final Thoughts
I hope you see the level of detail and time and effort I put into this candid article Possible Downsides to Buying a Crested Butte Condo or Townhome. I have become a Top Real Estate Agent in Crested Butte by helping my clients to make informed decisions. Some decisions are not always easy.
This is representative of what you can expect from me as your agent.
If you need more information or advice – contact me directly to discuss.
Thanks,
Chris.
How can I help you?
I have over 30 years of sales and marketing experience and am a top real estate agent in the mountain town of Crested Butte, Colorado representing affluent clients who are buying and selling their homes and properties.
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Chris Kopf
Broker / Owner
Global Luxury Property Specialist
Coldwell Banker Mountain Properties
Chris.Kopf@CBMP.com
(970) 209-5405
