Archive for June 13th, 2007

Condo Conversions are great for First Time Buyers

Posted on June 13, 2007. Filed under: First Time Buyer help, Orange County Real Estate |

Today I thought it would be a good idea to blog for our first time buyers about condo conversions.  There are quite a few of them around Orange County, and they offer unique incentives to buyers.  What the heck is a condo conversion?  In the most simplistic layman’s terms, its basically when an apartment building upgrades the units, and sells them off as condos. 

 Why would you want one?  Because a lot of times condo conversions offer the best deals around.  In order to “convert” from apartments, many major upgrades need to be made.  Then, in order to sell quickly, the owner/builder offers incentives like thousands of dollars off, closing costs paid, or a really attractive loan program.  

 Better yet, if you find conversions early, and like the neighborhood, you get to “cherry pick” your favorite unit.  For many first time buyers, things like upgrades, location in the complex, decor, parking, amenities are all things they WANT to factor in…. but price gets in the way.  Condo conversions are a way of getting a good price, good upgrades, good location, and good amenities.  Win win! 

 If you’re interested in touring some of the Condo Conversions out there simply give us a call at 877-230-3211 and we would be happy to take you for a tour.   I’ve uploaded pics for the Monterey Villas, which is the one I showed today:

Sorry for the quality but you get the point 🙂  Its nicer than most other condos less than 400K, huh?  Monterey Villas had nice tennis courts, pool, grounds and clubhouse.  The downside was size of the units, no washer and dryers in the units (this is NOT true of all CC’s), and I forsee guest parking being a problem.  Still a very good buy with all things considered!