condo conversions
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condo conversions (by bet [MA]) Jun 22, 2024 5:29 PM
       condo conversions (by ken [NY]) Jun 22, 2024 6:45 PM
       condo conversions (by Jim [CA]) Jun 22, 2024 7:07 PM
       condo conversions (by WMH [NC]) Jun 22, 2024 8:22 PM
       condo conversions (by Richard [MI]) Jun 22, 2024 10:10 PM
       condo conversions (by Robert J [CA]) Jun 23, 2024 1:58 AM
       condo conversions (by GKARL [PA]) Jun 23, 2024 2:34 AM
       condo conversions (by WMH [NC]) Jun 23, 2024 8:20 AM
       condo conversions (by tryan [MA]) Jun 23, 2024 9:57 AM
       condo conversions (by Oregon Woodsmoke [ID]) Jun 23, 2024 11:16 AM
       condo conversions (by WMH [NC]) Jun 23, 2024 1:02 PM
       condo conversions (by bet [MA]) Jun 23, 2024 1:10 PM
       condo conversions (by Ray-N-Pa [PA]) Jun 23, 2024 7:27 PM
       condo conversions (by Robert,OntarioCanada [ON]) Jun 24, 2024 12:54 AM
       condo conversions (by RentsDue [MA]) Jun 29, 2024 10:36 PM

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condo conversions (by bet [MA]) Posted on: Jun 22, 2024 5:29 PM

I would like to explore the possibility of converting my multi units to condos. Where do I start? I am watching you tube videos now, but would Love to talk to someone with experience. Bottom line, is it worth it? thanks

condo conversions (by ken [NY]) Posted on: Jun 22, 2024 6:45 PM

Interesting,I am thinking find an attorney or developer type person who has done it before, maybe an investor assn meeting might find you someone --74.77.xx.xx

condo conversions (by Jim [CA]) Posted on: Jun 22, 2024 7:07 PM

I bought a condo conversion. They were 135 units. I don’t know the numbers, but I think you would need at least 30 or 40 units to make it pencil out to be worthwhile. At least in California, there are a lot of laws to be followed to do a conversion and the red tape is massively expensive.

condo conversions (by WMH [NC]) Posted on: Jun 22, 2024 8:22 PM

I am just curious: why?

condo conversions (by Richard [MI]) Posted on: Jun 22, 2024 10:10 PM

One place to check is local building and zoning dept. They can give you info on the physical changes you might be required to do, if there are any.

A good title/escrow company might be able to help with the paperwork and most of them have attorneys they work with to keep things legal.

condo conversions (by Robert J [CA]) Posted on: Jun 23, 2024 1:58 AM

A group of us purchased during the decline a building that was build to be condo's, but since the market fell down to half the value, the back sold us the entire complex of buildings as "apartments".

Then 15 years later, we wanted to sell. We paid $100,000 per unit. We could sell it as apartments and get around $250,000 per unit. But if we convert it back and complete the process as condo's, the would sell for $400,000 each or more.

So my "Stupid" partners thought it would take a few months and presto, instant profit. They were wrong.

At the partners meeting, in the building recreations center, I explained it to them. I used my 10 unit as an example. I have too:

Pull permits and get licensed person to do the work, myself with my 6 licenses. I had to:

Cut the concrete and move the curb 15 feet into the property area, relocation of the sidewalk, meters ,etc.

I had to install lockers above each parking spot. I had to re-do the fire sprinkler system. All told, around $125,000 my cost, more like $250,000. But for a 100 unit, that's chump change.

Permits, paying city bribes, all took around 18 months.

condo conversions (by GKARL [PA]) Posted on: Jun 23, 2024 2:34 AM

Not to poo poo on the idea, but I would never buy a condo. Ever since the Surfside disaster, there have been a slew of laws mandating higher repair and replacement reserves which translate into high monthly maintenance costs and huge six figure one time assessments. This has really affected the market for them down in Florida. I just read about a guy whose asking price was $ 300,000 when he decided to sell but was forced to drop it to 100,000. He was glad to get that just to get out from under. Surfside changed everything.

condo conversions (by WMH [NC]) Posted on: Jun 23, 2024 8:20 AM

GKarl, thus my question :)

condo conversions (by tryan [MA]) Posted on: Jun 23, 2024 9:57 AM

I had 2 SF on one lot with water view to a small lake. Wanted to go condo since a subdivision would never fly (shared leach field and well).

Spent 6k getting architectural drawings of the existing structures. Need this to present to zoning. Then the bottom fell out from the market (think 2008-2012). So I abandoned the idea.

condo conversions (by Oregon Woodsmoke [ID]) Posted on: Jun 23, 2024 11:16 AM

I suspect that the biggest expense of converting to condos would be to get the tenants out. But I don't see much reason to get them out. Just change the way the property is titled. Do whatever upgrades are required, and then renovate each unit only as the tenants leave from their own decision. You can sell the units one at a time as they become vacant

condo conversions (by WMH [NC]) Posted on: Jun 23, 2024 1:02 PM

I think it's a lot more than than that, GKarl mentioned above.

condo conversions (by bet [MA]) Posted on: Jun 23, 2024 1:10 PM

Why? To see if the expense and hassle would net more money selling per unit.

condo conversions (by Ray-N-Pa [PA]) Posted on: Jun 23, 2024 7:27 PM

How many units would you be shifting over to condos?

condo conversions (by Robert,OntarioCanada [ON]) Posted on: Jun 24, 2024 12:54 AM

In 1975 they brought in rent controls in the province of Ontario where new buildings where exempt from rent controls where the builders registered as Condominiums so when they broke promise tenants received a letter in mail buy unit or leave. Now they are building purpose rental buildings where it easier to get approval than a condominium. After provincial election if another left wing party wins they will bring rent control on new built rental buildings. All new built rental buildings more than likely will registered as condominiums so if things change than that building will become a condominium. Alberta unlike the province has no rent control or provincial sales tax along with more balanced landlord and tenant act. Provincial government has incentives to convert existing buildings to rentals. In the meantime the federal Liberals have changed the capital gains from 50% to 67% per cent which is going discourage investment. After October of 2025 the results of federal election there is going to be majority Progressive Conservative federal government where the capital gains is going to changed along scrapping the unpopular Carbon tax on gasoline, natural gas, propane ends.

condo conversions (by RentsDue [MA]) Posted on: Jun 29, 2024 10:36 PM

We built a few with the idea that we may do this someday. Everything is seperate. I have seen a few sold as condexes and they fetched a much higher price by selling individually. I know our Governor was trying to make this be illegal and it may already have been put Into place. I think you would have to start with zoning if it is not too late. One of their genius ideas to combat the housing problem they created by being a “ right to housing” state. --68.191.xx.xx

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