Never question the real estate developer's creativity Close to 20 years ago, two of my best buddies and I decided to pool our resources after college and get an apartment of our own. You can invest in your future if you want to buy a condo.
The three of us were able to pay for a three bedroom apartment which was about a decade old. We paid about $500/mo. in rent. I am not sure we can afford that apartment.
The apartment was a ditch. The floor, the kitchen, and the baths were so bad that my dad refused to remain, and walked in 1 day with a look of disgust on his face. That was what my friends and I called home.
Almost 30 years later I'm doing loans for people buying units in that apartment complex today. It is a conversion!! Nowadays
The complex was remodeled, and the components are currently going for almost $175,000 a unit.
You know about condominium conversions and how hot they're in the market. Home sales have been driven by low-interest rates and condos are no exception.
For condominium conversions, apartment units in Las Vegas are mapped more than 12,000. Condo developers are currently paying a premium to acquire and transform apartment complexes and they're all doing so all across South Florida Las Vegas and the nation.
They wish to supply an alternative to pricier houses or to more costly condos in new developments. Condo conversions offer the perfect chance for tenants to become homeowners, allowing these homeowners realize their homeownership dream and to build equity.