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Watts Realty Co., Inc.
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Ph: 205-251-1267
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Ph: 800-700-1267
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Fax: 205-252-7777
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P.O. Box 11425
Birmingham, AL 35202
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Click Here to send e-Mail
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Click Here to visit site
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Converting Apartments To Condominiums |
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Before the turndown in the economy, condominium sales soared in the past few years, stimulated by retirees seeking no-maintenance living. The $250,000 or $500,000 tax break on the sale of a home allows the homeowner to trade-down to a lower priced unit without the penalty of tax on the realized gain on the sale of the home.
The prices of condominiums have followed the prices of single family homes.
The owners of apartments, finding that rental prices are peaking after several years of increases, find that the condominium conversion may be the best way to cash out a large complex.
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Developing Land – A Look At The Professional |
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The acquisition and improvement of land is a large-scale operation and requires large amounts of capital. This has created methods of land acquisition that gives the developer access to and control over a large enough tract to make development economical without requiring an initial outlay of all of the capital necessary to acquire such a tract. From the point of view of the landowner, the disposal of a large tract at a good price may require a formula that will encourage the developer to commit improvement and development money for part of the tract that will build future value into the entire tract.
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Residential Condominiums Need Professional Management |
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Whether the condos are converted from apartments or built from the ground up, the builder-developer, the project lender and even the unit purchaser in a condominium project should all be concerned with the proper management of the project. Without good management, a project can quickly lose its value and begin a downturn.
The owners in a condo project are free of the day-to-day maintenance cares that beset homeowners. They can best enjoy that freedom when the project is operated and managed by trained and capable people. The fact is that condominium management requires the expertise of a sophisticated
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Bill Watts, CCIM, CPM
CRB, GRI
Chip Watts, CCIM, CPM
Preston Hawkins, CPM
Kristin Hallmark
J.Howad King, CCIM
David Watts
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Commercial Sales
Management
Leasing
Insurance
Res. Mgt.
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Ph: 800-700-1267
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Click Here to send e-Mail
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