My team and I sell NMB and know the city very well. To our knowledge there aren't many condo conversions going on right now in NMB. The only one that comes to mind is located right behind the NMB post office on Old Dixie, at the moment I cannot even remember the name of the project. However, my experience as a top producing sales agent in NMB has taught me that most of the recent condo conversions in the area have declined in value rapidly. Even more so than the existing condos. In addition, you may have read that several of the conversions in the North Miami area have been plagued with serious code violations and/or construction deficiencies. Namely Bay View Palms and others in the area. Unfortunately, many of the conversions were done hastily to turn a profit and may not represent good investments of long term appreciation. This is hard to say for sure. Most of the buildinigs will be brought up to code over time by the new owners (at their expense). Watch the newspaper for stories on condo conversions. There has been no shortage of stories in the past year.
Having said that, I find that many buyers are very comfortable with the existing condos located in Sky Lake and the California Club. These condos are very well located close to the Aventrua Mall, Beaches, Shopping, and I-95. If you are interested in these areas please contact us so we can share further experiences with you.
By the way, 2 bedroom, 2 bathroom condos in traditional condos located in the California Club just dropped below $100,000 this week. We think these condos represent great value at this price.
Let us know if we can help.
The Willard Realty Team