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REAL ESTATE converting appartments to condos?

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thecoach

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Aug 29, 2007
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I've noticed in the area I'm living in, there are a ton of appartments being 'shut down' and people gettng kicked out so they can be converted to condos. Any idea why this is a good idea? Are these just people looking to make the most they can while selling off their real estate? I've never rented or owned a condo, so I don't really know alot about condo fees compaired to rent.

I'm looking to get into real estate investing soon, but there won't be any appartments to buy soon!
 

MJ DeMarco

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The condo-converters in my area are getting killed. They tried, now they are reverting them back to apartments. Can't speak for your area -- the idea seems a little bit "last year" to me since it coincided with the housing boom and the cheap money that came with it.
 

SteveO

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Agreed,

The ones that got the best candidates for conversion early in the process are the ones that did well. i have bought properties that may be conversion material for the future so I can sell at an inflated price.
 

yveskleinsky

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Agreed,

The ones that got the best candidates for conversion early in the process are the ones that did well. i have bought properties that may be conversion material for the future so I can sell at an inflated price.

What qualifies a property as good conversion material?
 

SteveO

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That is fairly subjective but:

Good location
Large units
Newer is better but not a must
Land values high

The criteria changes as desirability changes.
 

yveskleinsky

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Do you need space for each one to have a yard? More than one parking space? ...I would assume that you would need for them to be individually metered. Interesting thoughts. :)
 

SteveO

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Most apartments have parking ratios that were defined and required by the cities.

Patios are obviously a plus but not a requirement.

I do know a well located condo complex that is master metered but, individual is a plus.
 

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