Wai Yiu, Both Buyer and Seller in New Jersey

how to convert a multiunit into a condo?

Asked by Wai Yiu, New Jersey Tue Apr 22, 2008

I have a 12 unit in a poor neighborhood that went from 10 tenants to 3, although I have spend tremendous amount of money fixing and renewing all of the areas. I am thinking about converting these units to condo? What kind of obstacles do I have ahead of me?

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Answers

3
You should align yourself with qualified professionals, starting with a Real Estate attorney. They can guide you down the right path to follow in terms of zoning, etc.
Good Luck.
Sharon Kozinn
Web Reference: http://www.sharonkozinn.com
0 votes Thank Flag Link Tue Apr 22, 2008
There are two obstacles that I can see one is making sure the town will allow for the conversion. Since there are tenants involved you would need to deal evicting them as well and depending on the ages of the tenants can cause some challenges. The other obstacle would be to ensure that you can price the property according to market and get them all sold.

Other than that condo association set among other this is pretty easy.

I've helped several clients in your position and its worked out well.
Web Reference: http://www.njpads.com
0 votes Thank Flag Link Tue Apr 22, 2008
The first & most important step - find a good local real estate attorney with experience in condo conversions. This is something you will need legal guidance on. If you need an attorney - please email me and I'll put you in touch with someone good. Karen.Lampiasi@CBMoves.com
0 votes Thank Flag Link Tue Apr 22, 2008
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