Jason,

The condo market here is realitively small when compared to other metorploitain areas the size of Louisville. Somewhere around 15% of sales approximately.

There are several devlopments where old apartments are being converted to condos and most are in the 2 to 3 bedroom version listing anywhere from just under $200K to $400K plus.

I expect the Louisville condo market to continue to grow but with the average residential home selling around $140,000, I would think there is market for something less than luxury condos.

One bedroom condo are a pretty small part of the market, 2 bedroom is more common.

Louisville is also seeing growth in loft type condos due in part to development down by the waterfront.

With gas prices where they are i would expect to see more growth in hte more urban settings.

I am not the best to answer the specific question, but I haven't noted any effort to make many of those conversions.