What’s Become Of The Condo Conversion?
Two years ago one of the easiest ways to make big money in America was to convert apartments into condominiums.
The housing slowdown has taken a toll, pruning profits and thinning out herds of condo buyers so much that many converted properties are reverting to apartments. But conversions still take place, suited to certain markets and pared expectations for investment return.
The conversion process is simple. For as little as $75 in some counties, a developer can initiate a legal process to convert multiunit apartment buildings into individual condos to be purchased by separate owners or investors. Current renters normally are given relocation money and the option to vacate their unit at lease end or the opportunity to buy their old apartment slightly below the sales price of the newly refurbished condos.