When considering a Condominium Conversion task, there are several important questions our clients have
Q: How do I know there’s a market for my project?
A: We'll assist you with area research and a market study that will provide you with up to date information on sales data, absorption rates,
competitive properties and more. You'll be armed with all of the information necessary to make fully informed decisions.
Q: What are the legal processes involved?
A: Every conversion project has some things in common. For example, in Arizona, it is a requirement of the Arizona Department of Real Estate that each conversion community first obtain a Public Subdivision Report. We can help you with this process. We can also refer you to the very best legal teams available, experienced with developments like yours, to assist with condo docs, CCR's, Bylaws, purchase and sale contracts and more.
Q: What does the general profit-picture look like?
A: Many apartment communities are limited in value because of it's Cap Rate. With a prospective conversion, a rental community may sell for far more than it would as a rental community. But aside from general acquisition costs, we'll assist you in determining your repositioning expenses, sales and disposition fees. You'll always have a clear profit picture in view for your property proforma.
Q: What are the procedures for conversions?
A: The answer can vary depending on the municipality in which the prospective conversion is located. We'll meet with you and outline all of the important steps in a conversion process. We can refer experienced, trusted experts for condo-mapping, engineering, legal, and renovations.
Q: Where do I find reliable construction assistance?
A: We are glad to make top quality referrals to licensed General Contractors that are experienced in the local building and development markets.
Q: How do we handle the existing tenants and a Tenant-Conversion program?
A: We'll provide a detailed TC program designed for maximum tenant retention. Our experience will make this transition much easier.
Q: Exactly how long does all this take?
A: Time lines can vary widely, but once we become familiar with your project, we can give you a clear picture of the time requirements.
Q: Will you sign a Non-Disclosure Agreement?
A: Yes. We are glad to provide an NDA. We will always guard your confidentiality until you instruct us otherwise. Since we do not participate in the acquisition of property, we easily avoid any conflict of interest.
These and other vital questions must all be expertly explored. At
TheCondoPros, we have the answers to these questions, based on real market experience and know-how--- the local market experience that you'll want on your side in your next conversion community.