What is a condo conversion? A condo conversion is an apartment complex that is purchased by a developer. The developer then converts the individual apartments into condo's and often times spends a large amount of money renovating the units and the surrounding landscaping. The developer then has only a select few real estate companies help to sell these units. The units are sold first to investors only at a significant discount. As sales happen, the price level rises and eventually any units that are left are sold to the general public for at or above market value. These units are very investor friendly and appreciate in value over the course of days and weeks from the time one is sold. On the average, units are sold to first level investors 25K- 35K under market value.
How do I buy one? First, reservations are taken after an announcement is made through e-mail only that a property has been released. Once released, the developer will normally require an escrow reservation of either 5% or $5,000. More often, it's a flat $5,000 that sits in an escrow account to reserve a spot in a lottery. Although there are a few methods for selling these units, the most common method is through a lottery system. Once all investor reservations are in, the lottery takes place and names are drawn at random. Once your name is drawn, you may select a unit that has not already been taken before you. You are then given an appointment to see the inside of the unit you have selected. If you view the unit and are not interested, the $5,000 is of course refunded. If you are interested however, then it's time to find the financing for the purchase (If it's not all cash of course). Who handles the transaction? Licensed real estate brokers and licensed mortgage brokers handle all transactions just the same as if you were purchasing a normal home. Property types vary greatly. Sometimes the apartment complex turned condo complex is extremely upscale and beautiful and no developer renovation is necessary. Other times, the property will be more scaled down, but with developer assistance becomes a very nice condo complex. Prices for these units also vary greatly and are not released until the actual property is ready to be sold. Either way, they sell out quick, fast and furious whether it's to investors or the general public. In as much information as I have provided you, there is no doubt you have more questions. The easiest way for those to be answered is for you to contact me personally. I can be reached at 561-385-5978 seven days a week. If you would like to be added to my condo conversion e-mail list (only way to find out about property releases), please e-mail me at [EMAIL PROTECTED] Thank you, Nancy Kavanagh Realtor/Licensed Mortgage Broker Century 21 Richards Realty, Boynton Beach Florida. P.S. There will be a free seminar on condo conversions on July 28th from 6-8 p.m. at my Century 21 office. Please call me for more information or directions. Apply for Commercial Real Estate loans online and submit your deal to dozens of hungry lenders in just minutes. Loan programs for all types of business and commercial real estate. Apply anytime at http://realestatezoo.com RealEstate Part of RealEstateZoo.Com ------------------------------------- Post message: [email protected] Subscribe: [EMAIL PROTECTED] Unsubscribe: [EMAIL PROTECTED] List owner: [EMAIL PROTECTED] Web Site: http://groups.yahoo.com/group/RealEstate Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/RealEstate/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
