How long do you intend to stay in the property? It's a great time to buy provided you intend to keep the propety for at least 4-5 years.

Greg Zaccagni

Thu Mar 27 2008, 05:09

To detrmine if you should invest in a condo conversion, it is critical to review the property report and determine what is actually being done to the building. In many instances there are developers that just do cosmetic work and the investor is ultimately left with all the problems.

Is the building being totally gutted and if not, are you able to anticipate the life expectancy of what may occur for items not being updated or completely replaced? Window replacement is an important item to consider especially if the building is older. Also, plumbing is another citical item that should be reviewed in the property report. Note, a contract purchase is not legal if you have not received a property report and signed off for the document.

I would also suggest you speak with some of the tenants who currently reside in the building or friends who have acquaintances who know the building. I would strongly recommend that you bring in a buyer's realtor to represent you and act in your behalf.

Make sure you do your due diligence and remember, when purchasing a condo-conversion, CONSUMER BEWARE!

Wed Mar 26 2008, 16:13

if you could buy it at 2000 prices, then yes, maybe a good deal.

Mon Mar 24 2008, 14:24

Depends where, depends upon the price.... but don't buy pre constructions not knowing what the future of real estate will be. Many have been burned buying pre constructions 2 years ago as an investment and losing money by trying to sell it now. Agnes

Mon Mar 24 2008, 12:50