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Condo Conversions Coming Back, But Not At Crazy 2007 Levels

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During the housing boom home prices skyrocketed and condo conversions were a dime a dozen. Now that we're in a full-on recovery, prices are again skyrocketing, but converting apartment buildings to condos hasn't kept pace. But while the LA Times says that's starting to turn around, the experts they talked to weren't so sure we're going to see anything like 2007's crazy 208 conversions. Not any time soon, anyway. One, who works for a real estate marketing firm, says to look out for newer developments planned as condos but that opened as apartments during the recession to make the switch, but not much more. Another, who helped refinance a recent conversion, says things will only take off "if someone can start selling condos in the city successfully." And while there's concern that more conversions will force out renters who can't afford to buy, some just don't think the asking prices are worth it. One renter at Universal Lofts in Studio City live/work space told the paper "I like living here, and I would love to stay. I just don't know about the purchase. It's not worth a million dollars, that's for sure."
· Condo conversions inch up in Los Angeles [LAT]