Apartments into Condos - Posted by JB

Real Estate Investing Apartments
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Posted by Clare Z on January 23, 2002 at 01:53:48:

I cannot help much. I am only certain that it can be done. Had a friend have to move out of an apartment in Encinitas b/c of condo conversion. Would love to hear what you come up with.

Clare

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Apartments into Condos - Posted by JB

Posted by JB on January 22, 2002 at 20:23:24:

I own outright a fourplex in Oceanside CA and I was wondering if this building/apartments could be converted into condos. If so who do I contact to get this done? The city or county or is it the State that has regulatory powers on this, converting from apartments to condos(renting to owning) I would appreciate help on this delimna. Thank You in advance.

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Re: Apartments into Condos - Posted by Seung Lee

Posted by Seung Lee on October 01, 2003 at 22:03:40:

I posted a reply to your question on the creonline but here it is again. You CAN do a condo-conversion on a 4-plex and in many ways it is easier than doing it with 5 units or greater. You need to go through the development department of Oceanside to get the one lot subdivision mapping of your property, get a condo plan, have a lawyer draft the CCR and bylaws, and create the HOA. Oceanside has inclusionary housing laws and 10% of the units have to be set aside for low income housing or you can opt to pay the fee instead. Hope that gives you a start for your search. The sale of the units should be the easiest part of it all. Expect about a year or more for the process. Check out www.denovoventures.com for more info.

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Re: Apartments into Condos - Posted by Seung Lee

Posted by Seung Lee on October 01, 2003 at 20:55:46:

A 4-plex needs to get local approval and it’s ready to go. I’m familiar with the San Diego and El Cajon process and I’m sure Oceanside isn’t much different. In San Diego, you are allowed to get a map waiver letter for a 4-plex in lieu of the tentative map required for 5 units or greater. In addition, anything under 5 units does not require the DRE approval for the public report so it’s also easier and faster to get condo status. I think I’ve got the ok from the hosts of this site to refer to my info site at www.denovoventures.com where I have a bunch of charts and articles that explain condo-conversions in detail.

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Re: Apartments into Condos - Posted by Seung Lee

Posted by Seung Lee on September 29, 2003 at 01:51:45:

You have to go through the city to get approval and then you are free to sell them. I consult and work with apartment owners in San Diego for condo-conversions. If you’re interested in talking more, let me know. My email is seunglee@denovoventures.com and my website is www.denovoventures.com.

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Check archives on Condo Conversion - Posted by Frank Chin

Posted by Frank Chin on January 23, 2002 at 04:28:52:

Hi JB:

There’s been several threads on this in the past, but you might want to check this one:

http://www.creonline.com/commercial-real-estate/wwwboard5/messages/1435.html

Good Luck.

Frank Chin