Florida Condo Conversions

A Guide for the Conservative
Real Estate Investor

Condo conversions give new buyers who could not afford to purchase a home a chance to own their own apartment and enjoy appreciation and tax advantages. It is also a simple and relatively low cost, low risk investment.

Florida Condo Conversions are Excellent Investments - Maybe (Why don't you read this page and find out)

Condos are simple investments and are much easier for the new investor to manage. The condo association fees take care of the building and grounds. You are only responsible for the interior of your apartment.

Now here is the caveat. You need to know where to buy and where to stay clear of. We have only one area that we feel is "hot" right now.

The Condo Market

Not that long ago you would put your name on a list and the condos were sold in a lottery system where you would come to a "Buying Event" and choose your apartment. People would stand in line for hours and even sleep out overnight to get first choice.

Well, the "money people" decided that condo conversions are great investments. So, they started buying up every possible apartment complex they could get their hands on.

Guess what happened? The market became glutted with units. A building with 300 apartments had 290 investors all looking to sell or rent their units at once. The market dropped.

Now you see advertisements where they are going to pay your closing costs, first year home owners association fees and give you a plasma screen television. So Mr. Money Man is sitting with a lot of unsold apartments that are tying up his money and wants to liquidate his investment.

Hold on, the story has a twist to it.

Bad For Them - Good For You

The current market is such that you can buy condo apartments for tens of thousands under appraisal.

What Type of Condo Investment Do I Want To Insure a Profit

You do NOT want a unit in a building with 300 apartments surrounded by additional apartment buildings in every direction. You would be competing with hundreds if not thousands of other unit owners. Here is what you want:

*	Apartments selling below appraisal
*	Easy to rent and maintain - in other words a strong rental market
*	New, never been lived in with all new appliances, utilities, etc. - you do not want an old building where you can get hit with a huge assessment.
*	In a proven location that is becoming more and more “upscale”
*	Superior appreciation potential
*	Free management for 12 months including help with rental - I threw this in because we do it for our clients
*	Very low number of rentals available in area - You do not want a glut of apartments for rent
*	Great location We have some units that are one mile from Downtown Fort Lauderdale and the Beach

The only location I know of that meets all of these criteria is Wilton Manor.

In Wilton Manor:

1.	You can buy an apartment for at least $30,000 below appraisal
2.	The buildings there typically have 15 to 60 apartments, not hundreds
3.	The rental market is exceptionally strong and you can usually rent your apartment in a week or so with little trouble.
4.	It is the trendiest area in the Fort Lauderdale area and new condo buildings get sold out quickly.
5.	There are new conversions where the entire buildings were gutted and rebuilt
6.	You are minutes from the beach
7.	Appreciation is unbelievable and you can make a substantial profit in a few years

For More Information, Click Here for Our Wilton Manor Page

Martin Unger
Real Estate Investments

- Pre-Construction
- Spec Homes
- Condos
- New Homes
- Land
- Relocation

954 - 255-5056 (office)
954 - 461-0319 (cell)
775-254-2881 (fax)

(an associate of London Realty Corp)

9000 Sheridan Street
Suite 90
Pembroke Pines, FL 33024

The information on this web site is provided as a guide for general informational purposes only and is not intended to be tax or legal advice. It is deemed reliable but not guaranteed. Please consult with your own attorney, tax advisor and/or accountant for specific advice. Martin Unger is a licensed sales associate in the state of Florida and works with London Realty Corp.