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Condo Deconversions | MAF Property

CONDO DECONVERSATIONS

We take condo buildings and de-convert them into apartments. This is partly due to the rental market gaining a significant amount of strength over the last few years. Because rents are high, we pay a premium for every condo in the building. In many cases, the value of the building as a rental building per unit is drastically higher than an individual condo unit. Condo buildings with a high percentage of renters and minimal reserves make selling an individual condo unit a tougher hurdle. This is because the buyer pool is drastically lower due to financing restrictions.

The Association is in a position of power to command a better price on a bulk sale than if the unit owner sold their unit individually. For these reasons, many owners are interested in selling the whole building to a buyer. M.A.F. Properties is looking for potential condo deconversion buildings that may have:

  • Rising costs/monthly assessments
  • Around 50% or more rented and/or investor-owned units
  • Location in attractive rental areas; and/or
  • Facing current, pending or past litigation