Posted by Rich-CA on June 08, 2007 at 16:19:46:
One other symptom of the low rates. Condo conversions. Not far from where I live there are several nicer apartment complexes that were converted and sold off. The condos went for 3 - 4 times the price per unit as apartments. One nearby city had almost half its rental stock depleted by these conversions.
The city I live in had a whole bunch of new apartments built to condo spec that I’m sure are waiting out the builder liability period before being converted (deed only as the construction is already done) and sold off.
There are some areas where I own property, like Phoenix, that have “investor ghettos” and it will take quite a while to absorb all the units.