Thoughts on buying condo conversions – buy vs. rent?

[werewolf34]

I’ve thought the same thing. But as a potential buyer, you need to do a LOT of physical due diligence on a condo conversion.

Many of the one I like on paper (verano, lucera) are in terrible condition (leaky pipes,etc)

[ctr70]

I’m looking more in the better North Park areas and Univ Heights. I’ve noticed some normal buyers who bought conversions in later 2008 are already able to sell with enough equity to pay the Realtor commission AND walk away with some cash. So the prices have risen a fair amount in some cases in the better areas since late 2008. Even the 1 bedroom conversions in better areas where I’m looking get hammered with multiple offers as soon as they hit the MLS and a lot of cash buyers.

Could you hire an inspector that would be able to look under the hood of a condo project? I would imagine that is not as simple as a single family home inspection.

[ctr70]

I’m looking more in the better North Park areas and Univ Heights. I’ve noticed some normal buyers who bought conversions in later 2008 are already able to sell with enough equity to pay the Realtor commission AND walk away with some cash. So the prices have risen a fair amount in some cases in the better areas since late 2008. Even the 1 bedroom conversions in better areas where I’m looking get hammered with multiple offers as soon as they hit the MLS and a lot of cash buyers.

Could you hire an inspector that would be able to look under the hood of a condo project? I would imagine that is not as simple as a single family home inspection.

[ctr70]

I’m looking more in the better North Park areas and Univ Heights. I’ve noticed some normal buyers who bought conversions in later 2008 are already able to sell with enough equity to pay the Realtor commission AND walk away with some cash. So the prices have risen a fair amount in some cases in the better areas since late 2008. Even the 1 bedroom conversions in better areas where I’m looking get hammered with multiple offers as soon as they hit the MLS and a lot of cash buyers.

Could you hire an inspector that would be able to look under the hood of a condo project? I would imagine that is not as simple as a single family home inspection.

[ctr70]

I’m looking more in the better North Park areas and Univ Heights. I’ve noticed some normal buyers who bought conversions in later 2008 are already able to sell with enough equity to pay the Realtor commission AND walk away with some cash. So the prices have risen a fair amount in some cases in the better areas since late 2008. Even the 1 bedroom conversions in better areas where I’m looking get hammered with multiple offers as soon as they hit the MLS and a lot of cash buyers.

Could you hire an inspector that would be able to look under the hood of a condo project? I would imagine that is not as simple as a single family home inspection.

[ctr70]

I’m looking more in the better North Park areas and Univ Heights. I’ve noticed some normal buyers who bought conversions in later 2008 are already able to sell with enough equity to pay the Realtor commission AND walk away with some cash. So the prices have risen a fair amount in some cases in the better areas since late 2008. Even the 1 bedroom conversions in better areas where I’m looking get hammered with multiple offers as soon as they hit the MLS and a lot of cash buyers.

Could you hire an inspector that would be able to look under the hood of a condo project? I would imagine that is not as simple as a single family home inspection.

[bubble_contagion]

Rents in UTC are coming down hard. The place where I rent is offering -$100/mo for all renewals and -$250/mo move in-specials for 6-12 months. Yesterday at Whole Foods I found flyers offering -$150/mo on four nearby complexes owned by the same company. During the weekend I visited some of the high-end rentals and most are offering -$400-$600/mo concessions on quite a few units. 2br – 2bth at the conversions are renting for about $1600 which is less than before conversion. Also keep in mind that each of the conversions currently has at least a dozen units in pre or in foreclosure.

[bubble_contagion]

Rents in UTC are coming down hard. The place where I rent is offering -$100/mo for all renewals and -$250/mo move in-specials for 6-12 months. Yesterday at Whole Foods I found flyers offering -$150/mo on four nearby complexes owned by the same company. During the weekend I visited some of the high-end rentals and most are offering -$400-$600/mo concessions on quite a few units. 2br – 2bth at the conversions are renting for about $1600 which is less than before conversion. Also keep in mind that each of the conversions currently has at least a dozen units in pre or in foreclosure.

[bubble_contagion]

Rents in UTC are coming down hard. The place where I rent is offering -$100/mo for all renewals and -$250/mo move in-specials for 6-12 months. Yesterday at Whole Foods I found flyers offering -$150/mo on four nearby complexes owned by the same company. During the weekend I visited some of the high-end rentals and most are offering -$400-$600/mo concessions on quite a few units. 2br – 2bth at the conversions are renting for about $1600 which is less than before conversion. Also keep in mind that each of the conversions currently has at least a dozen units in pre or in foreclosure.

[bubble_contagion]

Rents in UTC are coming down hard. The place where I rent is offering -$100/mo for all renewals and -$250/mo move in-specials for 6-12 months. Yesterday at Whole Foods I found flyers offering -$150/mo on four nearby complexes owned by the same company. During the weekend I visited some of the high-end rentals and most are offering -$400-$600/mo concessions on quite a few units. 2br – 2bth at the conversions are renting for about $1600 which is less than before conversion. Also keep in mind that each of the conversions currently has at least a dozen units in pre or in foreclosure.

[bubble_contagion]

Rents in UTC are coming down hard. The place where I rent is offering -$100/mo for all renewals and -$250/mo move in-specials for 6-12 months. Yesterday at Whole Foods I found flyers offering -$150/mo on four nearby complexes owned by the same company. During the weekend I visited some of the high-end rentals and most are offering -$400-$600/mo concessions on quite a few units. 2br – 2bth at the conversions are renting for about $1600 which is less than before conversion. Also keep in mind that each of the conversions currently has at least a dozen units in pre or in foreclosure.

[werewolf34]

You can get anything for a price I suppose. You would need to inspect the particular unit and have a general assessment of expensive condo-wide repairs (roofing, slabs, etc)

Personally I would also want to see the minutes and ledgers of the HOA to make sure they are not kicking the can down the road on repairs.

[werewolf34]

You can get anything for a price I suppose. You would need to inspect the particular unit and have a general assessment of expensive condo-wide repairs (roofing, slabs, etc)

Personally I would also want to see the minutes and ledgers of the HOA to make sure they are not kicking the can down the road on repairs.

[werewolf34]

You can get anything for a price I suppose. You would need to inspect the particular unit and have a general assessment of expensive condo-wide repairs (roofing, slabs, etc)

Personally I would also want to see the minutes and ledgers of the HOA to make sure they are not kicking the can down the road on repairs.

[werewolf34]

You can get anything for a price I suppose. You would need to inspect the particular unit and have a general assessment of expensive condo-wide repairs (roofing, slabs, etc)

Personally I would also want to see the minutes and ledgers of the HOA to make sure they are not kicking the can down the road on repairs.

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