Condo Conversions Can Be Great Investments

See Our Current Condo Conversion Investment Opportunities

Is Purchasing A Condo Conversion A Good Investment?

With the South Florida real estate market getting pricier by the day, the burgeoning condo-conversion market is answering a lot problems for prospective homeowners and real estate investors hungry to enter the hot real estate market. Most of the apartment buildings being converted are substantially less expensive than new construction communities and offer excellent alternatives to buyers. Paramount Companies of Florida, a premier condo-converter with over 20 successful conversions under their belt, recently entered the Palm Beach County market with their Palm Beach Grande community in West Palm Beach with price points between $145,000 for one-bedrooms and $185,000 for two-bedrooms, well below the average price range for other communities. Jack McCabe, of Deerfield Beach-based McCabe Research & Consulting noted recently that “conversion is not a fad and it will continue until prices rival new construction costs”. Many South Florida real estate investors are finding the conversion market an excellent investment because they are able to rent the units quickly and cash flow is attainable thanks to low interest rates and minimal down payments. Also many primary residents are finding this market the solution to their affordability issues with many tenants buying the units that they currently lease. With an estimated 150 new families moving to South Florida daily the condo-conversion market appears a particularly strong part of the market.

Florida Leads The Nation Again in Job Creation

Florida’s exploding population growth at what the University of Florida’s Bureau of Business and Economic Research says will likely be the greatest rate in history between 2000 and 2010. February was the 41st consecutive month in which Florida created more jobs than any other state in the nation, the state Agency for Workforce Innovation reported Thursday. Florida’s jobs creation rate has now led the nation since October of 2002 and continues to hold that lead by creating 295,400 more jobs in February than in February of 2005. This employment figure grew by 3.8 percent in that year compared with the national job growth rate of 1.5 percent. The leading job-creation sector is professional and business services, in which 67,000 new jobs have been generated in the past year.

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