Exactly! Condo conversions are already under a cloud. For that reason, you got such a reduced price; they are already hard to sell. People don’t want to buy an apartment grade unit for a condo price, and they are rightfully concerned about the reveral of these buildings to rental units. Once over half of the tenants in the building are renters, many lenders refuse to give you a loan, so the property may be possible to sell ONLY to a landlord in the future. For the same price, someone will buy a condo. Why not – there are thousands to choose from?
The first lesson I had in Real Estate: condos don’t hold their resale value as well as a home.
Apartment conversion condos will get crushed.
rooouuus, back out of this deal. You’ll be so glad. In 6 months, you will write to us how glad you are you waited. For the same money, you can buy a single family home in a few years, with a yard for the little one to romp in….
