U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida > Orlando
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Old 01-04-2009, 11:32 AM
30 posts, read 88,174 times
Reputation: 13


Good day to all,
i red often in forums that is better be far from buy a condo conversion as an investment.

Many Thanks

Rate this post positively Reply With Quote Quick reply to this message

Old 01-04-2009, 01:08 PM
34 posts, read 125,792 times
Reputation: 15
Usually it is cheaper since the building is already standing and was built when costs were lower. Also if you were living in the unit before the conversion alot of times you get a discount. In todays market it is hard to tell. Also what kind of neighborhood is it in,,,getting better or worse
Rate this post positively Reply With Quote Quick reply to this message
Old 01-04-2009, 01:27 PM
Location: Orlando, Florida
43,856 posts, read 47,399,111 times
Reputation: 58682
I thought there was more condo's who were now going up for rent since it is hard selling them these days. However, I would think if you did find one in conversion, you may be able to side step those high HOA costs.
Rate this post positively Reply With Quote Quick reply to this message
Old 01-04-2009, 03:57 PM
Location: Orlando FL
1,065 posts, read 3,922,833 times
Reputation: 425
It's pretty universal that condo-conversion properties are NOT great investments. They were built much more cheaply than a purpose built property, very little sound insulation, upgrades, or real solid structure.

The HOA dues are usually VERY high from a variety of factors ranging from an under capitalized reserve for replacements such as roofs, to massive numbers of foreclosures because they were all converted and sold at the peak of the market of way more than they were worth, to just plain bad management by the "developer" that converted them and may still own a significant portion.

Almost all of the condo-conversions I have seen lately have dropped to being worth less than 100K for larger units and in some cases much less than<50K when they were sold for upwards of 300K just a year or two ago. In my opinion they are only worth purchasing if you can get one for a VERY good price, where it makes sense to just rent it cheaply and cashflow it with a LARGE ROI. You still must be very wary of HOA issues because a severe problem with the HOA can cause the property to be worth near $0 quickly. As always with Real Estate of course, nothing is 100%, there are one or two condo-conversions that would be worth purchasing.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.

Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply

Loading data...
Based on 2000-2020 data
Loading data...

Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > Orlando

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top