I think 70% is certainly possible, definitely for condo conversions in less desireable areas, where the apartment was not built to condo specs. For example, a friend lived in a 1-bedroom 651 sq ft San Marcos apartment (Mission Park complex). It was converted in late 2004, and he was offered his unit for $185k without upgrades. That’s for a tiny apartment with thin walls, including one shared in the master bedroom, so you get to listen to your neighbor snore.
Those “condos” never went over $220k or so in 2005. There are a few on the market for $148k, and one recently sold for $128k (if I read the history correctly). In my opinion they’re worth maybe $50-$70k, and I can see them reaching that, especially in a few years with a glut of other much more desireable condos on the market in the $100k’s.
