TENANTS LEGAL CENTER
When values were soaring, many California landlords have taken advantage of the increases in the values of their apartment buildings by turning the units into condominiums and selling them. To understand why, let's do the math. A 10 unit apartment building may be worth one million dollars (as an apartment building). After the same building is converted to 10 individual condos, each unit may sell for $200,000.00 or more. 10 units times 200,000 each is two million dollars. Therefore the building just doubled in value by converting it! Even with permits, renovations and costs of the sales, the building becomes worth so much more than it was as an apartment. The downturn in real estate values since 2007 slowed this practice down significantly but they are still out there and may come back during an economic recovery or after many investors bought apartments when they were lower in price.
After the Real estate bubble burst in 2009, many apartments being upgraded for sale never became condominiums so they became upscale apartments. Some of these became great rentals for tenants.
As a tenant, you have many rights including relocation benefits in some cases. Many landlords may try and take away your rights by forcing you to move out without all the required notices or simply by the harassment of construction activities during renovation. Many times, the tenant is entitled to significant benefits including compensation and more time to look for a place to live. Seek advice if you feel you are not being treated properly. Remember to protect your rights before you lose them.
Tenant notice requirements:
Prerental notice to prospective tenants:
Right of first refusal to purchase:
California law for San Diego is applied in these pages. Such laws may or may not be applicable in other jurisdictions. The information provided herein is of a general nature and is not intended to be taken as specific legal advice. For legal advice in a particular situation, promptly consult with an appropriate attorney.