condo conversions

I have been offered several properties that can be converted to condos. does anyone know what it takes to convert it to one. for example I was offered a big hotel on the river that has been gutted and approved for luxury condos. thanks

First off before you bother looking at any of the required mountain of paperwork you should look at the current market and see if the condos will actually sell when completed.

Rich is right—in a down market cycle, condos are first to suffer from depreciation (and often hardest hit)…

The process is relatively easy (a lawyer and a architect are required) and in some cases less then 10,000 to execute—make sure that you have your financing lined up before you make any offers (some of the lenders that I work with that specialize in condo conversion are taking a pass at the moment until the market improves).


Scott Miller