Apartment-Condo Conversions Gaining Momentum
A new phenomenon in the real estate industry is the idea of apartment-condo conversions. Home Builders Research is predicting that apartments converted to condominiums in 2005 will account for 750 to 1,000 of new-home sales. Overall, this represents between 28,500 and 30,000 sales.
In Las Vegas alone, there are at least 10 apartments to for-sale condominiums in the works with three communities actively selling. These conversions appear to fill the marketplace demand for more affordable housing. Past success for these types of conversions has been limited. However, more and more homebuyers, squeezed out of home buying due to rising prices, are looking at apartment-condos as a possible solution.
For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.
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