Jen..
I am in the mortgage biz,, getting conversions financed today can be nearly impossible, (along with some other condos) due to litigation, defects, foreclosures, too high % of rentals, association financials, budgets or inadequate insurance.
The only buyers will be cash buyers going forward.
In many cases these conversions are poorly built apartments that were sold to unsuspecting buyers as the cheapest property around. Some would have been better off buying a manufactured(mobile) home.
An engineers report can be required unless it was a complete gut rehab.
A few years ago the prices of apartment buildings exploded based on the assumption that they could be rezoned to condo. Many greedy owners that were offered a huge profit declined, as they wanted “more”… others took the money and ran.
