Ask MetaFilter questions tagged with condoconversion

Should I buy a condo conversion?

bbuda — Fri, 08 Sep 2006 09:18:01 -0800

I'm thinking of buying a condo that was converted from an apartment; am I going to regret it? I'm thinking of buying a small condo in downtown Seattle. It's in a great location for me, in the price range I want, relatively new (built in 1998), and I just like it. The only red flag is that it is in a building that was converted from apartments to condos about a year ago. I don't rent there currently; I would be buying from the first owner.

This unit is priced in line with the others in its building, but all the units in this building seem to be priced lower than similar square footage units in the surrounding area. The only obvious reason for this price difference is the fact that it was a conversion.

Are there questions I can ask to ensure that the quality is up to par? What are some signs of good / bad conversions? And is there a danger that units like these don't appreciate as quickly as 'true' condos do?

Condo conversions worth it?

superkim — Thu, 29 Sep 2005 05:10:29 -0800

I have good reason to suspect that the apartment complex in which I live might be going condo. This is a pretty common occurrence in the area (southeastern FL) where I live. I've considered buying into others before but always hesitated - the pricing seems good but there must be a catch. I've heard that if my apartments go condo that I can get a really, really good deal...but... ...I've heard stories about structural damage that wasn't discovered until after the sale, mismanagment of the properties by new boards, maintenance fees being raised, and that a high percentage of units end up being rented to loud, dirty people with overseas (as in absent) landlords who bought the condo as investment property.

The situation sucks. I sometimes think that I need to buy one because there will seriously be very few rental apartments left and it'll eventually be too expensive to rent anyway. Houses and new condos are way out of my price range.