What will the declining real estate market do to the condo conversion business?
I’m considering joining a condo conversion firm in California, but am worried about the timing and how the business might fare given recent weakening in the housing market. Intuitively I’d think if real estate prices are dropping, fewer people will be converting into condos, so it might not be a good move for me. The guy who’s trying to hire me is saying that the condo conversion biz is market independent and is a generally strengthening trend. Does anyone out there with experience in real estate want to weigh in here? Please list your credentials as well, and i’ll give lots of points to the best, etc. Thanks. This is in the northern california market…
Don’t do it. The Real Estate Market, including condo conversions, is almost at a stand-still. Real estate sales are coming to a stop, some even at loan closings. Some people are even willing to walk away even though they’ve put a good size deposit down. They know if they keep waiting, they’ll get a better deal. The risk is too high right now for condo conversions. Even more riskier if you don’t have any experience with this.
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I say be careful! I live in DC. We’ve got a billion new condos for sale and they’re is sooo much on the market. People are being super picky and waiting for the prices to continue to drop. We’ve even got developers abandoning condo properties and selling them or turning them into rentals. It’s getting this bad. I don’t know too much about CA market. You didn’t say north or southern california. I know southern, california the market has definitely slowed down.
They’re will always be hot areas. Just be careful.
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Don’t do it. The real estate market, including condo conversions, is almost at a stand-still. Real estate sales are coming to a stop, some even at loan closings. Some people are even willing to walk away even though they’ve put a good size deposit down. They know if they keep waiting, they’ll get a better deal. The risk is too high right now for condo conversions. Even more riskier if you don’t have any experience with this.
References :