The Condo Conversion Craze

New data suggest that condo converters are buying apartments with near-religious fervor. The Slatin Report rundowns the top 20 markets.

"According to data from New York-based Real Capital Analytics, sales to converters have already more than doubled in 2005 over all of 2004, rising from $11.6 billion, for 75,000 units, to $23.9 billion for 152,000 units.

...The richest conversion market: Manhattan, where investors have plunked down $3 billion for 5,700 units this year. Price per unit? It's a 501% increase over 2004, when converters paid $500 million for 1,460 units - roughly one-fifth as much for one third the number of apartments as this year."

Thanks to Peter Slatin

Full Story: Preaching to the converters

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