On Solid Ground

Because the association now owns the ground, "property values have already increased," she said. A unit recently sold for $50,000 more than would have been expected before the change.

But the group itself really had to pull together to win, Egerton said.

To make the offer, the association had to win the votes of at least 80 percent of the owners. So Egerton and her board organized a campaign to "educate" their fellow residents.

Meetings were held Saturday after Saturday to explain the financial and legal intricacies. E-mails flew among owners and board members and among board members and Egerton.

Coldwell Banker Residential Brokerage agent Jane Fairweather presented an analysis of the prices of comparable units and of future condo demand. She estimated that Kenwood Place units were selling for 26 percent less than similar condos, and that the situation would only worsen as the lease expiration date approached.

Her report concluded that if the condo association didn't buy the land, "it will remain the 'step sister at the ball that never gets to dance.' "

Delta Associates, a condo research firm, ran other numbers, with similar conclusions.

Before the vote, volunteer "floor captains" were assigned residents to check on, to ensure they understood the transaction and that they voted.

Egerton even had the ballots delivered by Federal Express, so that the association would know when the ballots had gone out and where they might be if they hadn't been returned.

The vote was 83 percent to 17 percent.

Some who opposed the deal are still upset.

"I thought they were paying too much for it, and I thought that if they'd been patient they wouldn't have had to pay so much," said Thomas J. O'Donnell, 75, a retired real estate professional and accountant. O'Donnell sent out his own flier outlining objections before the vote.