Condo Conversion Cost In Boston
Greetings,
I am currently looking at purchasing a 5-unit property in Boston and converting to condos. Does anyone have a rough estimate of cost per square foot for condo conversion in Boston? Even a ballpark number would be helpful in structuring the preliminary financials.
Thanks for your help.
Best regards,
Brett
Have you tried contacting local agents in your area and asked for their prices?
Thanks for your response. I am currently contacting contractors, and have gotten a few quotes. I wanted to verify these numbers with others' experiences....
--Brett
The conversion costs per squire foot would change dramatically based on the size fo the property, and how much work you are doing to convert it.
I am currently financing a 48 unit condo project that was converted from existing apartment complex for an investor. Be careful with who you get your project approved, or where your buyers will get their financing from. With a 5 unit property it may not be as much of an issue, but most lenders will require a 51% presale requirement in order to do financing in a condo project. The way around that, which happens to be my specialty, is to get the project approved as a whole, so that your buyers can close on it immediately, rather then waiting for the 51% presale.
I am in washington state, so your requirements might be slightly different. Some of the things we had to have to get the project approved are the management agreement, condo dex, homeowners association formation papers, marketing plan, list of current leases, etc.
Hope this helps.
Vasiliy