General Area in 78704>Question Details

 UTHorn, Real Estate Pro in Austin, TX

Does anyone know where I can get info on condo conversions? Are there companies that specialize in that?

Asked by UTHorn, Austin, TX Sat May 3, 2008

Does all the 4-plexes in my area have to convert or can you do building by building?

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You would want to talk to Joe Cline, Broker with ReMax in Austin. He specializes in condo conversions and has done quite a few. Most recently he put together a few condo conversions in Hyde Park...one was near 37th street and Guadalupe and the other was in Hyde Park proper. He has others but he is experienced in finding the properties, working with the contractors, getting the permits and helping organize the investors, then he of course lists and markets the properties for sale. One stop shopping and he is honest, easy going and tough negotiator!

Joe Cline
http://www.joecline.com/
0 votes Thank Flag Link Mon Jul 14, 2008
You should talk with Paul Perez, a expert in condo conversions with about $40 million in expirence. He'll probably advise you of the new fannie mae and freddie mac rules and regulations that can be thorns in a condo conversion.

The process is easy, the current timing with the loan market makes conversion very difficult. Again, talk with Paul about the process.

Perry
0 votes Thank Flag Link Tue Jun 3, 2008
4-plexes aren't as great to convert in Austin because they're often way outdated and old. If you're going to convert, you'd want to choose a small apartment complex or duplex. Apartment complexes are tough bets in Austin because there's so much competition for them. There's also so many conversions that have taken place ,especially in Central Austin, that there's been a glut.

Some investor specialists do conversions, but there's no one company who specializes. Julie Alexander's company specializes in condo conversions on the legal side, so she will have references. They do about 80% of the condo conversion docs in town and are the closest thing to a "specialist" out there. AustinCondoLaw.com is her site I believe.
0 votes Thank Flag Link Tue Jun 3, 2008
The word "area" is not clear in your question. You can convert one building at a time, unless there's something (e.g., a Home Owner's Association) that ties all the 4-plexes the the "area" together. There are no companies I know of that "specialize in conversions," but there are some that do more of them than others. It's not a complicated process.
0 votes Thank Flag Link Wed May 21, 2008
before you convert you may want to check out the fannie mae and freddie mac rules that changed on 3.1.08. They limit funding to condo conversions substantially. In other words, you may not be able to get a loan.
0 votes Thank Flag Link Sun May 4, 2008
Ann Good question it depends on the city restrictions if buildings need to be converted, therefore not all may not have to converted. Condo conversions depends on the detail of the work required, there can be many developers who convert the condo's. In order to convert a building does require city approval follow the guidelines for the city. Have you contacted the city planning committee?
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sun May 4, 2008
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