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Resident 2004 - 2007 Not Recommended
Reviewed 01/12/2007
So these apartments were sold to speculators? That's why they installed new appliances.<br><br>In the housing bubble the economics proved especially attractive for apartment operators. Say in 2004 you were the owner of a South Florida rental complex with 200 units that generated about $5,000 in annual net operating income per unit. If you sold your apartments as a single complex you could receive $65,000 per unit for a total sales price of $13 million. <br><br>But if you "improved" the property and sold your 200 apartments as 650-square-foot condos you could have commanded $130,500 per unit and received $26 million for the same complex. <br><br>$26 million versus $13 million. We know who had the brains here. It ain't the current owners.<br><br>Some investors who financed the purchase of costly apartment conversions units with adjustable rate loans may need to renegotiate with their lender if their project's projected rental income won't pay off the loan, taxes, insurance and maintenance. And that's only if the units haven't depreciated in price!<br><br>The real estate seminar get rich quick dupes who bought into Clear Lake Colony are stuck! <br>
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