Posted by GL - ON on July 15, 2003 at 14:41:14:
This was a very popular, and very profitable thing to do in various cities across the country. I say “was” because in most places new laws were put in place in the 80’s to prevent this in the name of “protecting” tenants. Protecting them from owning their own apartments I guess.
So check it out with your local building authority.
If it turns out it is impractical to do condo conversions of apartments, consider doing it to factory, office or warehouse space.
This was a very popular business in the 80’s. You could buy an obsolete loft or warehouse building cheap and convert it into condos for about half the cost of new construction, and in half the time. There were no restrictions on this (except possible zoning change) because they weren’t apartments to begin with.
There is no reason you couldn’t do this today. They only stopped around here when the real estate boom went bust, then in the 90’s when things picked up they started doing them again, only now people are moving to the small towns,so that is where they are doing them.