Conversion of Garden Apts to Condos- one case study: Reserve at James Island
Converting current residential rental property to condos is an active and apparently profitable business model for owners of garden apartments, and apartment buildings. Some of these conversions have worked out extremely well for the new condo owners. However, there are some horror stories out there where unscrupulous owners have used some creative marketing techniques to dupe unsuspecting prospective buyers. I would love to hear from you about those that were great buying opportunities. I would also appreciate reports of the horror stories.
I did extensive research when I wrote this article but did not include negative or positive comments made by owners and renters. However, all comments are welcome on this community and any other condo conversion community- we need to learn from others experiences.
Recently I published a long article in the local news area section of my website on such a conversion. I did not try to do this article as an investigative reporter. However, if anyone wishes to add comments, they will be welcome. Condo conversion of the Reserve at James Island follows.
A Summary of the article follows:
Villas at Reserve at James Island - Jacksonville Fl
Jacksonville Fl Southside's The Reserve at James Island
The Reserve at James Island offers luxury Jacksonville Fl condo living conveniently located in flourishing Southside Jacksonville Florida. The Reserve at James Island offers amenities that at one time only the privileged would demand and receive. Resort living at its finest is embodied in the life style available to those living in this luxury estate styled condominium. The private gates at the entrance, opulent granite fountains, lakes, lush landscaping are the first images you have as you approach The Reserve at James Island. This could be a premier hotel or upscale resort.
The homes at The Reserve at James Island are priced from the $150s. The community offers floorplans that range from 900 square feet to 1,420 square feet. The homes range from one bedroom, one bath to three bedroom and two bathrooms units. Residents are enthusiastic about the luxury details included in their homes as well as the amenities available in this resort/country club community.
Each home features nine to eleven foot ceilings. These homes have an expansive feel highlighted with painted colonial trim and crown molding in every room. Homeowners love the open, gourmet kitchens with modern appliances. Included is a built-in microwave, and artisan designed maple cabinets. Adjacent to the kitchen is the utility room with a washer and dryer.
Master bedrooms feature oversized walk-in closets. The master suites are havens that beacon you to relax. The bedrooms luxurious baths provide a spa-like retreat. They feature large garden-style tubs, designer faucets, and oversized mirrors. A linen closet is included in the bathrooms for extra efficiency and storage. Designer ceramic tile is in the foyers and bathrooms to create an opulent milieu. Fashionable plush carpet is installed over six-pound padding for that lush feeling. The home's design provides abundant natural light. You will enjoy the nature vistas and lake views afforded by the architectural design. Homes feature patios and balconies.
The country club atmosphere at The Reserve at James Island is created by the landscaping and amenities offered. There is a community pool with sundecks and a separate secluded wading pool. The cabana adjacent to the community pool has a gas grill that residents can use when entertaining. The community clubhouse has a social room and kitchen that are available for private events. The clubhouse features a 15-foot tall Italian marble waterfall. Residents are also welcome to lounge in the clubhouse and enjoy the large screen plasma television. The fully equipped community fitness center is state-of-the-art. You will enjoy the indoor volleyball court and basketball court. Imagine a strenuous game of volleyball or basketball followed by a luxurious massage in the on-site massage room with its private bath and shower.
The community business center is one of the crown jewels that set The Reserve at James Island above its competition. The amenities offered at the business center are available to all residents. They include a conference room as well as computers with high-speed Internet connections, faxes and printers.
to continue this article- please visit - http://www.locatehomesflorida.com/news-article.asp?Id=3050707&blogPostID=263&label=&link=&relatedId=
At present, condos in this community are priced from about $140-210k.
I am looking forward to your comments as this is a thriving industry and buyers should be aware of the pitfalls as well as the advantages of buying into communities that have been converted from rental property.
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