Saturday, July 26, 2008

Hidden Housing Opportunities--It Happened in Houston

Earlier this year we wrote about re-developing older community associations into new, higher density housing located in or near newly expanding urban cores (see February post: "Back to the Housing Future".) And now, we have a real instance of that happening--in Houston. 108 condo units have been consolidated for sale to a developer who will build a high-rise on that 5 acre parcel. 

To read more, click the title link above.

Friday, July 25, 2008

The Condo Conversion Budget

How do you Learn the Truth?

We have written on these pages before about the economic crisis that can befall the buyers of condominiums converted from old apartment buildings.[1] Buyers wake up to find that the home they thought could be owned and maintained with an attractively low monthly assessment turns out to be a nightmare of hidden expense. Understandably, they want to know the truth, and the truth is that a 25-30 year-old building just cannot be evaluated with the same criteria that you would use for a new one, and the financial plan used to maintain it also cannot be the same as one used for new construction...

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