Sold the first one prior to completion of conversion process because I was running into issues with the city. Buyer completed the process but it took him another 11 months.
Completed the second conversion last year.
City recently changed condo conversion requirements. If I understand correctly, condo conversions will now have to meet the same parking requirements as new construction. Prior to this change, whatever parking a property had was acceptable.
I think this parking change essentially stops condo conversions in the future (very few multi-unit properties have enough parking to meet today’s codes) but doesn’t apply to projects that are already in the pipeline.
There are numerous notices that the converter is supposed to serve on the tenants. The six month notice is one of the first ones.
The converters are hoping that you will move out on your own volition. My advice is to play hardball – don’t be an a-hole about it, but don’t just rollover and move out. You have rights as a tenant. Current rules require the converter to compensate you financially for forcing you to move.
There are no specs for condo conversions believe it or not.
The conversion process is strictly a legal / paperwork process with the city. Most converters upgrade the property while the paperwork is being processed but this is not required. And the upgrades are all cosmetic – no converter is going to upgrade wiring, plumbing, insulation, etc if they don’t have to. I chose to have insulation blown into the walls and ceilings of my units because I had lived in one of the downstairs units so I knew that noise was an issue.
Personal opinion: condos are the lowest rung of the real estate ladder (OK, mobile homes are one rung down from condos) and condo conversions are on an even lower rung if that is possible – don’t buy condos for the next few years and certainly don’t buy a condo conversion
