Condo conversion craze makes finding apartments harder
Diana Perez got the letter a few months ago: the apartment complex where she and her family live was converting into condominiums. They had to leave if they couldn’t pay a 20 percent down payment on their two-bedroom apartment, now selling for $185,000.
That’s $37,000 up front on the apartment they now rent for $900 a month – too much for the 36-year-old who works in nail salon and her car salesman husband, so they’re looking for someplace else. But in the red hot Florida real estate market, they’re having trouble finding anything comparable nearby.