Nancy,
Hello there. As a licensed mortgage broker in the Naples/Ft. Myers area I'm familiar with condo-conversions and currently we are partners with about 3 dozen lenders who finance these projects in the state of Florida, several with very light financing conditions. Being that you are a realtor do you know how I would be able to locate other condo-conversion communities in the state of Florida? My interest is not in purchasing them myself but instead offering finance assistance to these developing communities. Any feedback would be appreciated.
Best Regards,
Ismael Herrera
Licensed Mortgage Broker
Apex Lending Inc.
primeinvestflorida <[EMAIL PROTECTED]> wrote:
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.
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