Commercial structures such as office and apartment buildings have planned obsolescence. When they get old, they are renovated, sold or torn down and rebuilt, which usually happens every 40 to 50 years. With our tax laws, it just doesn’t make economic sense to do otherwise.
There is no similar economic motivation for obsolete community associations. Condominiums and cooperatives may not be rebuilt or renovated without the approval of most of the individual shareholders. The number of association buildings that have not been properly maintained and are at the end of their economic life is growing; and, for too many, inadequate reserves have been set aside.