I have a question: what happens when a condominium needs to be torn down?
What I mean by that is: Say a condominium building is getting old, and something is very wrong with it. Perhaps the concrete is rotten to the core. It's going to cost eight kabillion dollars to fix the building. It's just not financially feasible to fix the place. What happens then? With a condominium you own the airspace and a proportional part of the common areas. So if the building gets torn down you own air and 10 sqft of land. Are you screwed? Well maybe not, if someone can put a new building on that lot that is so big as to make your airspace + 10 sqft of land worth at least what you bought the place for. But what if nothing more valuable is going to go there? Are you screwed?
I ask this because I've been pondering the thought for a while. So much so that I'm going to be exploring the issue as my thesis (I'll be going beyond this question though). Obviously this issue depends somewhat on local law, but I thought I'd ask to see if anyone has any idea of what happens when a condominium needs to be torn down.