Condo Conversions: A Driving Force in Florida's Residential Markets By Orlando Camps, Cornerstone Group
MAY 15, 2006 --
If I were 25 years old again and buying my first home, there’s no question about what I would choose: a one-bedroom condominium conversion residence. Then, I would move up to a two- or three-bedroom unit after marrying and starting a family. In a time of rapidly rising land and construction costs, condo conversions are the most effective solution to providing highly affordable workforce-oriented housing. In the nation’s hottest real estate markets—such as Southeast Florida, where new land for development is virtually unattainable—condo conversions are the only way to quickly increase the supply of for-sale housing. To read more visit:
http://www.multi-housingnews.com/multihousing/reports_analysis/feature_display.jsp?vnu_content_id=1002502676
Condo Conversions Turn Into Reversions
Monday August 7, 3:15 pm ET
By Vinnee Tong, AP Business Writer
AP Centerpiece: Condo Conversions Turn Into Reversions, Tapping Demand From Renters
NEW YORK (AP) -- Even when it was clear in December that the condo market was slowing, Ted Charron went ahead and bought a two-bedroom, two-bathroom condo in Tampa, Fla., where some industry experts say the froth is especially frothy.
He did not buy the condo to turn it for a quick profit, however, but to the tap growing demand for rentals, a by-product of the condo conversions that have swept through metropolitan areas nationwide.
"It wasn't a flip, more of a long-term investment," said Charron, an information technology director who works in nearby St. Petersburg. "Because there are so many of these conversions, there's just not a lot of places to rent, so I think the demand for rentals is actually going to go up."
Growing demand for rentals stems from many factors. Buyers are finding the market less affordable, leading to fewer sales and a greater pool of renters. And conversion of condos took rental inventory off the market. Now that demand for condos has cooled, conversions are slowing and in some instances, condos revert back to rentals. To read more visit:
http://biz.yahoo.com/ap/060807/condo_reversions.html?.v=3
A Condo Conversion Success story in Orlando
For more information please visit:
http://www.floridahomeloan.com/2006/04/condo-coversion-success-story-in.html
MAY 15, 2006 --
If I were 25 years old again and buying my first home, there’s no question about what I would choose: a one-bedroom condominium conversion residence. Then, I would move up to a two- or three-bedroom unit after marrying and starting a family. In a time of rapidly rising land and construction costs, condo conversions are the most effective solution to providing highly affordable workforce-oriented housing. In the nation’s hottest real estate markets—such as Southeast Florida, where new land for development is virtually unattainable—condo conversions are the only way to quickly increase the supply of for-sale housing. To read more visit:
http://www.multi-housingnews.com/multihousing/reports_analysis/feature_display.jsp?vnu_content_id=1002502676
Condo Conversions Turn Into Reversions
Monday August 7, 3:15 pm ET
By Vinnee Tong, AP Business Writer
AP Centerpiece: Condo Conversions Turn Into Reversions, Tapping Demand From Renters
NEW YORK (AP) -- Even when it was clear in December that the condo market was slowing, Ted Charron went ahead and bought a two-bedroom, two-bathroom condo in Tampa, Fla., where some industry experts say the froth is especially frothy.
He did not buy the condo to turn it for a quick profit, however, but to the tap growing demand for rentals, a by-product of the condo conversions that have swept through metropolitan areas nationwide.
"It wasn't a flip, more of a long-term investment," said Charron, an information technology director who works in nearby St. Petersburg. "Because there are so many of these conversions, there's just not a lot of places to rent, so I think the demand for rentals is actually going to go up."
Growing demand for rentals stems from many factors. Buyers are finding the market less affordable, leading to fewer sales and a greater pool of renters. And conversion of condos took rental inventory off the market. Now that demand for condos has cooled, conversions are slowing and in some instances, condos revert back to rentals. To read more visit:
http://biz.yahoo.com/ap/060807/condo_reversions.html?.v=3
A Condo Conversion Success story in Orlando
For more information please visit:
http://www.floridahomeloan.com/2006/04/condo-coversion-success-story-in.html
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