Crains: These big condo towers could be rentals once again
Condo deconversions are in the news again. The article discusses how deconversions are attractive for buildings of all sizes.
Some highlights from the article:
"Many owners are willing to sell out because developers typically pay a premium over current market prices in their building. They can afford to pay more because units in many buildings are worth more as apartments than as condos.
Based on recent sales at Kennelly Square, Theobald estimates his unit is worth about $125,000. But he reckons he could receive $147,000-plus from a developer, based on an estimated price for the entire building of $70 million or more."