Florida Luxury Condo Conversions Boast the High Life
By Jennifer Merritt

Condo conversions in Florida are reaching unprecedented levels in cities across the state: from Gainesville to Tampa and Orlando to Miami, developers are acquiring apartment complexes for condo conversion and buildings them into luxurious homes. In fact, Florida in 2005 was second only to New York City when it came to converting apartments into condos, according to Real Capital Analytics, a national real estate analysis firm in New York. The craze of condo conversions in Florida is the hottest in the Sunshine State, where property is being quickly snatched up by young educated professionals and second-home buyers flying south for the winter.

The draw of condo conversions in Florida is that the building structure is already there, so instead of taking several years to build condominiums from the ground up, conversions can be completed in as little as a few months and buying can begin even before the renter has moved out. Additionally, in heavily populated areas such as Miami and Fort Lauderdale, vacant ground simply doesn?t exist for new structures to be built so improving on existing structures makes sense to developers.

Once converters acquire an apartment property, they typically make upgrades to the landscaping and common areas, and add amenities such as granite counter tops, marble baths and wood floors to individual units. These seemingly small touches not only add value to the property, but give buyers a chance to individualize their new home that was originally built to be a one-size-fits-all community.

Condo conversions in Florida create affordable housing in areas with expensive single-family home prices, making it easy to live the high life without the high price in urban and in-demand areas. Plenty of buyers are anxious to buy condo conversions in Florida because the market is so robust, and with so many apartments undergoing condo conversions there?s no better time to buy. Prices for condo conversions in Florida begin around $150,000 and current interest rates at a 40-year low are helping to fuel the condo conversion craze in Florida. Generally, about 10 percent to 15 percent of renters buy their converted condominiums, usually at a discounted price from what outside buyers will pay. It?s clear whether you?re shopping for a full-time home or a part-time vacation getaway, it?s time to strike on your condo conversion in Florida before the market turns around and condo conversions in Florida hit their peak.