Condo Conversion Projects  

Have a building you are thinking of converting to condos?  
Contact us to discuss your property and situation now.... 


Objective:

The objective and opportunity provided by this type of project is to get the property owner a significantly increased net equity out of their building. This is possible by offering market competitive, renovated, clean, and correctly priced condos for sale. It is important that the building’s common area components are addressed for the reserve fund and that the condo association is properly financially prepared in order to successfully sell units to today’s educated buyers. The target market is for either retail buyers and/or a mix of investor rental units.

There are many alternative options about how to go about a project such as this. The cash situation, the type of building and what it offers, and the area all play key rolls in deciding how to proceed. I am happy to offer an initial meeting to view and discuss your particular building and situation to see what is the best plan of action. Feel free to call me with any other questions you may have, I look forward to doing business with you soon.

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What our past clients are saying:

"Platinum Properties Group has worked with John and the Preferred Real Estate Group on a
number of conversion projects to a successful conclusion. John’s team was a big part of the overall success of our projects. Platinum’s standard’s are high and we are diligent about whom we associate ourselves with. We carefully screen and chose our team of professionals in order to ensure the success of our projects.

Everyone on our team is chosen based on two main criteria. The basic criteria are that they must be honest AND competent, if they don’t possess both, Platinum as a rule will not deal with them under any circumstances. John’s team fits this category perfectly in that they are extremely trust worthy, John will always tell you the straight goods, and his team can deliver the results. Give this we don’t have any hesitation in recommending him to our clients."

- Chance Lee

   

Resume of past successful projects:

1. 11046 – 130 Street, Edmonton
2. 3219 - 82 Street, Edmonton
3. 10136 – 160 Street, Edmonton
4. 15940 – 109 Avenue, Edmonton
5. 15930 – 109 Avenue, Edmonton
6. 4617 - 41 Avenue, Wetaskiwin
7. 10917 – 109 Street, Edmonton
8. 10326 - 117 Street, Edmonton
9. 10415 – 93 Street, Edmonton
10. 11916 - 104 Street, Edmonton
11. 9725 - 82 Avenue, Edmonton
12. and more currently underway, including many in Edmonton, and one in Edson Alberta...

See all the current projects we are selling by clicking here: current Preferred Projects

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Why Us?

Because of our results... we, on average, achieve over $20,000/unit more than the comparable individual condo sales in a given area on our past projects. This combined with our detailed knowledge and past experience can cut costs and maximize the effective return on your asset. The best example is on a building with a current value of $2,000,000 we have many times achieved an increased NET value of over $3,000,000!!!!!
There are many alternative options about how to go about a project such as this. The cash situation, the type of building and what it offers, and location all play key rolls in deciding how to proceed. Our team has successfully sold out many past projects, plus has first hand experience in the start to finish of such projects that we have done for ourselves and for clients. I am happy to offer an initial meeting to view and discuss your particular building and situation to see what is the best plan of action for you. Feel free to contact me with any other questions you may have.

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What does it cost?
Below is an estimate of some of the costs involved in converting a rental apartment building into individually salable condo units:

 

Costs:                   Avg./Unit         20 Units         Timeline

Survey/sub-division                                         $300                $ 6,000           4-6 Weeks

Reserve fund study                                         $300                $ 6,000           2-4 Weeks

Condo Plan/disclosure package                       $200                $ 4,000           2-4 Weeks

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TOTAL                                                             $800               $ 18,000        2-4 MONTHS

Conduct Renovations during this time:
Discuss with Reserve Fund Planner in regards to minimizing condo fees do to common area replacement costs. (estimate)
                                                                         $25,000            $500,000         Variable

Starting the reserve fund (estimate)                 $2,500             $50,000           Variable

Legal on sales of units                                      $800 per unit

Commissions on sales of units: Rate is negotiable with size of project.
(Also note that we achieve an average of over $10,000 / unit more than the average for any given area on our past projects at the time).

There are many strategies about how to creatively finance these costs, many of which can result in no up front cash investment by the owner. I can discuss these based on your situation.

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See our Investment Links page about changes to the Landlord and Tenant Act as of April 24, 2007 that may effect your plans with converting to condos. We have many options that all comply with the changes and still allow you to maximize your return on your asset. Feel free to contact me with any specific questions or situation and I can answer for you.