Condo conversions... where are the savings?

Question

Ok I live in overpriced Miami. I've always understood that condo conversions are supposed to be a deal. But I've looked at several places & the prices are just as high. One place is being remodeled & being advertised as having pre construction prices. Doesn't pre construction mean new??

I'm looking to buy, but everything 's so overpriced. i thought a conversion (which was a rental apt turned into condos) would be priced alot lower.

Answer 1

Condo conversions aren't supposed to benefit the buyer/renter. A condo conversion takes a place that was an apartment and turns it into a condo. It is a fantastic way for a seller to turn an income stream into dollars today. Instead of renting a place out at 1000 per month, they can sell it for 250,000 and essentially get 250 month's worth of rent (roughly 20 years) right now.

For someone who wants to rent a condo conversion is a bad thing, because it takes apartments off of the market and adds something to purchase. You would have to have a down payment and closing costs, etc., which partially defeats the purpose of renting!

As far as 'pre-construction' pricing, apparently they are going to re-model (re-modeling is still construction) before selling.

good luck!

Answer 2

i'm confident it won't make you sense any greater advantageous, yet i'm in the precise comparable concern. i offered back in Aug of 2006 whilst the industry replaced into at that's top. on the time the conversion replaced into shifting all renters out in the event that they weren't attracted to procuring. considering the fact that then the home proprietor went bankrupt, and the hot proprietor crammed each and every of the gadgets with renters because of fact needless to say he mandatory earnings. presently there are 136 gadgets, and in basic terms 24 have offered... i know of a minimum of four that are presently in foreclosure. the best information is that purely presently there are refinance ideas obtainable, so touch your loan corporation to work out if possibly you are able to a minimum of get in on the low finance fees and produce your month-to-month charge down. i'm additionally going to have an criminal expert assessment all my condominium medical doctors to make confident i'm no longer lacking a criminal out i've got no longer theory-approximately.