Construction @ VIR

[iambhooper]

Jeff, my dad is "semi retired" and flags for the track a lot. He told me that they are going to be condo's with enclosed garages.

The thing I haven't figured out is how you sell a condo on property that is leased (the track).

As for the location... I think they messed up and should have put some grand stands instead of condo's there. They could have built condo's down the way a bit.

See ya at the track!
hoop

[Bildon]

Originally posted by iambhooper@Oct 25 2005, 06:04 PM
The thing I haven't figured out is how you sell a condo on property that is leased (the track).

[snapback]63525[/snapback]

In a condo don't you really only own from 'paint to paint' ?

[JeffYoung]

Hoop, is your Dad Dwight? If so, tell him Jeff says hello and I bet his information is right on.

I am an attorney, have some experience with condo law. Typically, the condo owners have sole ownership interests "paint to paint" as Bildon says. However, they all share an undivided equal interest in the common areas -- walls, stairs, grounds, etc.

So, hoop, you are right. No idea how that will mesh with the property being leased. I wouldn't buy one, that's for sure (not that I could afford one) for that reason alone unless someone came up with a pretty elegant solution for what to do if the lease ran out/got terminated.

[racerb]

Hey all talked a security guard at the Rolex weekend, he said the lower level (track) is going to be weightroom, next level (grid) garage space, top level condos. He said same thing as everybody else, it's a terrible location, and is not going to make life easy for control or timing to see turn 17.

racerb

[JeffYoung]

AND, the River is down there!

[Phat-S]

Originally posted by racerb@Oct 26 2005, 01:33 AM
Hey all talked a security guard at the Rolex weekend, he said the lower level (track) is going to be weightroom, next level (grid) garage space, top level condos. He said same thing as everybody else, it's a terrible location, and is not going to make life easy for control or timing to see turn 17.

racerb

Wouldn't it only be like 5 or 6 units long? And was it just an optical illusion looking at the doorways between walls or were there door openings at the pit level which I'd presume would open out to the pits?