Last November I was talking about the trend of some condo conversions to return to rental once it becomes clear that there are insufficient sales to make the conversion work. When it comes to pre-construction deals, then they just don’t get built. For example, Eola Place cleared ground in December 06, only to close its doors a month later.
It seems the Knightsbridge at Stoneybrook conversion may be just the latest in a long list of properties that sadly have been unable to weather the storm. I took a call from London a couple of days ago from a woman who had purchased there, only to find out that her investment was just a house (or condo) of cards. And so another condo goes back to the rental market – and she’s starting her search again from scratch.
This is where having a condo specialist working for you can save you a huge headache. Good agents keep their ears to the ground and have a pretty good idea which condos are likely to be built (or successfully convert). Personally, I’d be pretty cautious about purchasing a conversion in the absence of a pretty clear indication that closings were already taking place or were imminent. Don’t get me wrong, there are some great conversions out there (I live in one) and right now there are some very sweet incentives on offer. But you need to know where they are. Keep checking in with Condo Metropolis and we’ll be sure to keep you in the Orlando condo loop!