Apartments turned into condos now a tough sell [Pheonix Arizona]
Developers are delaying or dumping plans to convert some Phoenix-area apartment complexes into condominiums.
A year after they pulled more than 7,000 apartments off the market, condo converters are finding that buyers in many areas are not interested in paying top dollar for a refurbished rental unit, particularly now that the Valley’s housing market is slowing and prices for single-family homes are beginning to drop.