Low mortgage costs and high home prices have launched a rash of condo conversions--a new trend that's bound to continue.
For the second quarter 2004, "condominiums accounted for 12.8 percent of the housing market--a 33.3 percent increase over the past ten years--and have appreciated in value at an unprecedented double-digit pace for the past four years. This demand is being driven by first-time buyers, many of whom have been priced out of the current housing market boom, as well as increasingly wealthy empty nesters that are recouping huge appreciation windfalls and reinvesting in lower-maintenance condos or co-ops, often in downtown areas...
Despite the local government reticence to see rentals--typically a source of affordable housing--taken off the market, municipalities are also benefiting from the current condo mania. Many condo conversions are older rental buildings that have a significantly lower appraisal value and pay lower property taxes as a result. Consequently, revamped properties that are repackaged and sold to a condominium buyer will often result in a higher property taxes, providing local governments with an additional source of revenue."
Thanks to REIS Cast Newsletter
FULL STORY: Condominium Conversions: The New Residential Reality

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Chicago’s Ghost Rails
Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.

Amtrak Cutting Jobs, Funding to High-Speed Rail
The agency plans to cut 10 percent of its workforce and has confirmed it will not fund new high-speed rail projects.

Ohio Forces Data Centers to Prepay for Power
Utilities are calling on states to hold data center operators responsible for new energy demands to prevent leaving consumers on the hook for their bills.

MARTA CEO Steps Down Amid Citizenship Concerns
MARTA’s board announced Thursday that its chief, who is from Canada, is resigning due to questions about his immigration status.

Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant
A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.
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