Converting Condo To Apts
Has anyone been involved in condo to apt conversion. I own unit in a 48 unit complex where over half are rentals due investors whom could not sell. How does one do the math on that?
Has anyone been involved in condo to apt conversion. I own unit in a 48 unit complex where over half are rentals due investors whom could not sell. How does one do the math on that?
This seems to be what has happened in Boston in recent years. I have not done a project like this but a lot of the 3-family props that were bought and pieced out as condos during the boom have been foreclosed upon. Investors have bought all the units at deep discount and re-configured the property as a multi-unit rental again. The beauty of it is that in changing to condos all the surface work has been done (stainless, granite, paint, shiny floors) and often the utilities have been separated.
This is a much smaller example of what I perceived the op to be asking. Of course purchasing 48 units is much more difficult than 3.
Why not keep them as condos and have the flexibility to sell individually in the future?
So far in CA, broken condos have been kept as separate units based on speculation of another real estate boom.
It will be interesting in how you do that Joel. How can one force a owner to sell to convert back to apartments. I think the only way that could be done is through eminent domain.