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Extreme Makeover: Condo Edition

Aug 1, 2005 12:00 PM

A construction trend once popular in the '70s and '80s has been making a major comeback, but not everyone is ready to revisit the past. States like California, Florida, Nevada, and Arizona are just a few of the places where developers are converting apartments into condominiums. This conversion craze has been fueled by the public's interest in purchasing housing while interest rates are still low. In June of 2003, the volume of condos sold totaled $270 million, and by June of 2005 that number more than tripled to $931 million, according to Real Capital Analytics. While the condo's popularity is soaring, many housing advocates are concerned this trend will make it hard for moderate-income residents to find an affordable place to live. In most cases, the current tenants are given the opportunity to buy their soon-to-be condo at a reduced rate, but it's often out of their budget, forcing them to move out. Despite these concerns, developers don't show any signs of stopping, at least while interest rates are low.

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