Never question the imagination of the actual estate developer. Close to 20 years ago, two of my Best friends and I decided to pool our funds after college and get a luxury condos of our own.
The three of us were barely able to pay for a 3 bedroom apartment that was about a decade old at the time. We paid about $500/mo. in rent. To this day, I'm not certain how we could afford that apartment.
The flat was a ditch. The Floor, the kitchen and, especially, the bathrooms were so poor, my father walked in 1 day with a horrified look of disgust on his face, and refused to stay. But this was exactly what my friends and I called home.
Now, almost 30 years after I am doing loans for people buying units in that exact same apartment complex. Nowadays, it's a condo conversion!!
The whole complex was remodeled, And the parts are going for nearly $175,000 a unit.
You all know about condo Conversions and how incredibly hot they are in the marketplace. Low-interest prices have driven new home sales through the roof and condos are no exception.
First time home buyers are Flocking to become in just about any way they could. This has crippled the apartment company and is driving the largest condominium conversion boom in 20 years.
Over 12,000 apartment units In Las Vegas are now mapped for condo conversions. Condo developers are paying a premium to get and transform old apartment complexes into condos and they are doing so all throughout the country, especially Las Vegas and South Florida.
The programmers typically hunt for Apartment-to-condo conversions in desirable places where they won't directly compete with cheap entry- level houses.