Most condo conversion in the Portland area are done in 3 phases, and if you are in the first phase you can have great appreciation over the first year of ownership.
You see, when an owner does a condo conversion project, the owner does it in three stages to set up momentum for himself. The first phase is introductory phase and prices are designed to bring in the first owners and put cash back in the owners pocket from doing the first of the conversions
The second phase is a little higher priced now that the project has been established and is starting to show pride in ownership. The more rentals you have, the less they take care of the property versus being an owner.
The third and final stage is the highest priced phase. Almost 100% owner occupied now and if you don't hurry you won't get one. Supply and demand have driven prices up at this point. The owner is looking to make as much as he can for your procrastination, so he can make more and use it on a future project's estimated repairs.
So jump on a phase one condo conversion project and in less than a year your property maybe worth 10-15% more than when you bought it.
For more information on buying in a condo conversion project or to do a condo conversion, please feel free to contact me anytime for more information.
Comments(0)