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Tenant Sea ~ The Growing Effect on Condominium Associations
The condominium concept as a form of home ownership is dated to as early as 200 B.C. evidenced by artifacts gathered in ancient Babylon. This was back in the day when walls surrounded our cities to keep unruly invaders out of them. The barbarians were plentiful, and living outside the walls was potentially a daily deadly battle in some form or another. The idea of a civilized society was and remains only a dream to many. As populations grew space came at a premium, however that was a pittance when it came to the value of your life.
The modern condominium concept in the United States was created for financial gain as early as the 1920's. The key was how to bundle it as a product recognized as an investment for the banks to be able to provide mortgages on them. It took another 30 years for the legal adaptations to take hold and by 1961 the concept became a reality. The stumbling block had not been so much the creation but the dissolution terminology. Unlike a marriage, what man has joined together must have the ability to be put asunder.
Today, I see condominium associations being dissolved through financial hardship. ... more

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