MultiUnit -=> Condo - Posted by Ed

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.

MultiUnit -=> Condo - Posted by Ed

Posted by Ed on July 15, 2003 at 14:06:48:

I was thinking of purchasing a multiunit comercial property and then possibly converting it into Condo’s. Just a thought… Has anyone done this before, or has any information on this?

How long does it take? Is it very difficult? What are the costs? Is it worth it?

Thanks for the help.


Re: MultiUnit -=> Condo - Posted by keith hutson

Posted by keith hutson on July 15, 2003 at 21:23:46:

We have had several done here in north florida and all seem to have been successful for the most part. It they can be converted so they contain the characteristics of condominiums I would think it would work. Has it been done in your area, and are condo’s desired in your town?

Good luck
Keith Hutson