Buying an "Own You Own" apartment

[gina13]

Buying an "Own Your Own" apartment

What is the name of your state? California

While looking at condos I came across a beautiful place that was oddly underpriced. Turn out it is not a condo or coop but an "own your own" which from what I can gather was a form of apartment conversation in the 40's. The agent said it was similar to a condo, but that financing can be difficult to find. I've searched the internet and cannot find any additional info on an "own your own," what the downside is, or why they are no longer used. Building in question is has 4 units and the other 3 tenants have been there for over 30 years. Any info or direction is greatly appreciated.

Gina

 

[HomeGuru]

What is the name of your state? California

While looking at condos I came across a beautiful place that was oddly underpriced. Turn out it is not a condo or coop but an "own your own" which from what I can gather was a form of apartment conversation in the 40's. The agent said it was similar to a condo, but that financing can be difficult to find. I've searched the internet and cannot find any additional info on an "own your own," what the downside is, or why they are no longer used. Building in question is has 4 units and the other 3 tenants have been there for over 30 years. Any info or direction is greatly appreciated.

Gina

**A: what you describe is not a legal type of project unless they are just selling an apartment lease.

 

[gina13]

An "On Your Own" is similar to a condo

After calling around to different realtors and recorders offices, I finally found my answer! For those of you who may come across this in the future, and "own your own" or OYO is similar to a condo. There are approx. 2000 of them in Southern California, mostly in Orange County and Glendale/Pasadena (this one happens to be in Beverly Hills). Financing is similar to a co-op, and as there are not a lot of co-op's in the LA area (everything is condo), few brokers want to deal with. For this reason OYO's run about 100-200K less then their condo counterparts!

Gina13

 

[HomeGuru]

After calling around to different realtors and recorders offices, I finally found my answer! For those of you who may come across this in the future, and "own your own" or OYO is similar to a condo. There are approx. 2000 of them in Southern California, mostly in Orange County and Glendale/Pasadena (this one happens to be in Beverly Hills). Financing is similar to a co-op, and as there are not a lot of co-op's in the LA area (everything is condo), few brokers want to deal with. For this reason OYO's run about 100-200K less then their condo counterparts!

Gina13

**A: post the CA Civil Code cite that addresses this type of real estate.

 

[gina13]

**A: post the CA Civil Code cite that addresses this type of real estate.

An OYO is also known as a 'community apartment project.'

I don't have any legal background, but I believe this is the paragraph:

CIVIL CODE
SECTION 1372

1372. Unless a contrary intent is clearly expressed, local zoning
ordinances shall be construed to treat like structures, lots,
parcels, areas, or spaces in like manner regardless of whether the
common interest development is a community apartment project,
condominium project, planned development, or stock cooperative.

http://www.leginfo.ca.gov/cgi-bin/displaycode?section=civ&group=01001-02000&file=1370-1374

 

[HomeGuru]

An OYO is also known as a 'community apartment project.'

**A: and just where does the code state that?

****************

I don't have any legal background, but I believe this is the paragraph:

CIVIL CODE
SECTION 1372

1372. Unless a contrary intent is clearly expressed, local zoning
ordinances shall be construed to treat like structures, lots,
parcels, areas, or spaces in like manner regardless of whether the
common interest development is a community apartment project,
condominium project, planned development, or stock cooperative.

http://www.leginfo.ca.gov/cgi-bin/displaycode?section=civ&group=01001-02000&file=1370-1374

**A: see above.