Florida Condo Conversions and Condo-Hotels
( Condotels )

One of the fastest growing trends in the Florida condominium market is condo conversion.  A condo conversion can be one of several different types; apartment to condo, hotel to condo (condotel), or old condo to new condo conversions.  Of course, there are many reasons why developers started updating pre-existing structures, the most important of which being profit.  Investors can get into many developments at a cost that will be nearly equivalent to the going rate of each individual unit when the job is done.  Above all, as some buildings have historical significance, many people would prefer them to become condo conversions (condotels) than to see them torn down.  Revamping an old hotel or apartment to a condo conversion helps preserve some of the area’s original history and ambiance.

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Location, Location, Location:

In real estate, everyone understands the issue of needing a good location.  Setting often makes or breaks a business and it’s no different with condo conversions. Everyone has passed one such establishment that has hosted three different businesses in the past two years with no prevail.  This is typically in direct correlation to the location of the building.  Often, even a successful business cannot succeed where walking through traffic is necessary.  As far as condo conversions are concerned, location is just as important.  A condo may not require walking in traffic per say, but the area in which the condo is located can make or break the development.  In places such as Orlando, Tampa, Ft. Lauderdale, St. Petersburg, Miami, it doesn’t matter how dense the condos or condotels are populated, since there are so many people who want to move into the area that simply can’t afford single family homes or upscale units. In a city like Pittsburgh, condos would need an extremely strategic location to succeed regardless of what there was to offer within the condo.

No New Construction Hassles:

Before construction, the real estate developer often needs to jump through hoops to get the project off the ground, including a never-ending paperwork trial.  There are zoning laws, building permits, politics, local and state building regulations, and much, much more.  All of these impediments take time and money to pass and, unless the developer has friends in the government, this process could delay the development’s start date by months or even years. Depending on the area, the building inspector may be extremely difficult to deal with.  Also, unhappy neighbors may object to the building at a borough meeting as they may not want a billion dollar condo complex outside their quaint community.  A condo conversion bypasses most of these obstacles because it will not vary greatly from what’s already there.  Of course, there are still certain things that must be passed by the respectable authorities, but they are nowhere near as problematic as the issues that come with trying to build from scratch.  In most places, refurbishing what already exists requires only minor permits, so most of the work is hassle-free, thus saving time and money in the long run.

There are many reasons why condo conversions are becoming more popular as an investment opportunity, but profit is always going to be the main driving factor for any real estate developer.  Investors are seeing extreme profits in Florida cities like Orlando, Ft. Lauderdale, Miami, St. Petersburg, Shores of Panama, Jacksonville, and Tampa.  As resort towns grow, people will see more rundown hotels and apartments turn into luxury condos.  Condo conversions are an attempt for investors to turn profit, but underlying everything is the gro-wing market of consumers looking for condos and multi-family dwellings that demands new properties.

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Building on Existing Structures:

Buildings take manpower and money to construct and the more developers build, the higher construction costs skyrocket.  The ease of the conversion depends highly on the condition of the existing location.  Often, the logistics of getting machinery and equipment onto a plot of land pose a problem when they aren’t fully thought out.  Then, the logistics of removing earth from the site are another issue (especially in places like Orlando, Miami, Ft. Lauderdale, etc).  These are all steps that can be easily be bypassed by condo conversion.  Many times, the building simply needs to be updated (i.e. carpet and paint) to be resold in a competitive market. As long as the existing foundation and structure do not need extensive repairs, anything that stands on a property provides an advantage.  There are situations in which the necessary repairs can equal the expenses of starting from scratch, and under such circumstances, constructing an entirely new building would be the obvious route.

Low Cost and Affordable:

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