Condo Crazy In California

As housing prices skyrocket, the conversion of apartments to condos becomes popular. What will happen to rental stock?

1 minute read

May 23, 2005, 9:00 AM PDT

"Revisiting a trend first popularized in the 1980s, developers are cashing in on demand from entry-level buyers, investors and boomers by turning apartments into for-sale condominiums. And although conversions deplete rental stock, analysts and brokers say with strong home-price appreciation and buyers waiting in the wings, the profitable apartment-conversion movement shows no signs of slowing.

...The reason conversions have done so well in San Diego is because of the $185,000 price gap between a conversion unit and a new-construction condominium."

Thanks to Alf Tarrantino

FULL STORY: Condo crazy, again

Sunday, May 22, 2005 in The Los Angeles Times

Housing California

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