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In order to maintain a profitable turnover, most apartments (at least in Florida) are NOT constructed to the same high standards, or in the same prime locations ... as most condos. Therefore, one will not generally get comparable prices for 'apartment conversions.' (Many of these conversions were done in the 1980's, but, not many since then).
Likewise, most renters do not take care of their apartments, like an owner will take care of a condo and the surrounding common areas. Parking is another limitation of most apartments that most condo owners will not tolerate. IF one is selling 'condos' in a 'vacant apartment building', one might be able to pull this off, but, it will be much tougher to sell 'condos' in a fully-occupied apartment building.
IF you already own an apartment and are wondering if you could sell it for more by converting to 'condos' ... and time is no constraint, it may be a different story. But, are you prepared to be 'stuck indefinitely' in a limbo-state somewhere between apartments and condos? - Remember, you will have to make some maintenance and amenity commitments to condo buyers ... that you will be more or less stuck with providing to 'apartment renters', even though they are not paying HOA fees.
In addition to what has been mentioned, is supply and demand. The condo market in many geographical areas remains flooded with unsold units. In other markets, the demand for certain types/sizes of units exceeds supply.
Within these markets are sub markets, by type of building, neighborhood and the actual units.
Municipal codes for condos and potential conversions vary across the US.
What matters is what's going on in your very local market.
Location: Danbury CT covering all of Fairfield County
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My older brother bought a condo in a converted multi family home that was completed rredone. Didbn't have any problems with noise with any of the neighbors. I don't think the devolper did really much with the parking area but they made the outside nice. I don't think it appreciated that much (he's supposed to close next week) but it was the market and the least expensive property in his town and they needed a place to live.
I would not buy a converted condo. jghorton is spot on. It is a rare conversion that is not the result of a flipper.
In our area I think there are a couple buildings constructed to be condos that were rented as a result of the housing bubble bursting and are now being sold as condos. Then there are several that are historic buildings converted by responsible developers. Those are the only converted condos I would ever bother to look at.
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