Consumers who purchase a regular condominium pay property taxes, insurance and maintenance fees, but typically don't have access to hotel-type amenities.
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The rental revenue that owners receive helps defray these expenses and, in some cases, provides additional income.
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Condo Conversions The past few years has seen a boom in condo conversions, which allows buyers to generate cash-on-cash returns within a short period of time. This, in turn, allows prior apartment owners to cash out at the top of the market. The condo conversion craze began with the low interest rate affliction that was crippling apartment fundamentals. Condo developers were willing to pay a premium to buy and turn rental properties into condos. The cash-on-cash returns that successful condo sales can generate are between 15% and 30% or more in a matter of months. Another benefit seen from condo conversions is the creation of more affordable housing in areas famous for steep single-family home prices.
