Condo Conversions....

[SoccerDee]

Hello Alan and Denise - well you two got me through our wedding, and through gear shopping for our son (Tyler born Nov 2004).

Now I'm looking to buy your book for homebuying. Since the market is insane here in San Diego County (home prices have literally doubled in 4 years and you can barely buy a house for less than $485,000 - and that is your standard 2 bedroom 1500 sq. ft., tiny yard, kitchen, livingroom, and garage type of house). Prices are so high that people are starting to leave the state. We may have to leave if we want to own - my younger cousins and brothers (teenagers) most likely will never own here either.

At any rate - since house prices have doubled and salaries have not the latest rage are condo conversions..... (newly built condos are going for $485,000 too - no joking). Builders are taking apartments, revamping them with cabinets, windows, carpets, lighting, counter tops, tile, etc. etc. and selling them off.

Some cities here have caps on the conversions and some are banning them outright. A couple cities are going wild with them (causing an uproar from the apt renting community). At any rate - we are now in the process of trying to qualify for a 2 br, 2 ba w/ a loft, 1200 sq. ft. condo conversion for $351,050. There is a 2 br, 2ba 800 sq. ft. condo conversion complex down the street from my office that are starting from $280,000 (the 1 br's started at $190,000).

The catch for me is - each city is regulating the building codes that these condos need to be brought up to - do they have to follow the year built codes or current remodeling codes. I've seen a big difference between the conversion quality in Oceanside v. Escondido (Escondido seems to be more strict). I've emailed the cities themselves asking for their guidelines of what to look for in condo conversions (as far as following proper building codes) only to get a sort of run around and no direct answer. I don't know where to go, so ready or not once again here I come, to get your book. I need help with what to watch out for while they are revamping these "condos". I agree with what another poster asked for - a checklist that can be reviewed or cautionary tales or something in the area of buying a condo/condo conversion.

So please please please, Alan and Denise.... time for a Condo Buyer's guide... I know it will be too late for us (unless we decide not to buy afterall). But others could benefit from it - especially those in California.

possible topics - HOA Fees & Rules, building codes, buyer beware, things to consider, financing (we may do a 5 year interest only loan and then sell it between now and then just so we can start building equity), school districts, shopping centers, all the things that make it a "good" neighborhood to buy in.... CCR's.... what else... who knows. just help.

Thank you for your time and I'm sorry I was so long winded -

Deirdre (w/ Frank, and baby Tyler)
Vista, CA

[alandenisefields]

Hi Deirdre: Thanks for those suggestion! Good points. We agree---that Calif market has gone crazy.

We will look into that. Best wishes and best of luck with your search,
Alan & Denise
authors