Watch while this apartment changes before your very eyes

With occupancy rates and rents heading lower, what’s an apartment owner to do? Go condo. Many existing apartment properties are being converted and sold as condominiums, while some new apartment projects are being finished out as condos before the first unit is ever rented to a tenant. What is fueling this trend? Strong condominium sales. NAR stats show that 2002 was a record year for condominium and co-op sales, with 824,000 units sold.

For an account of one conversion, see the article about the Texas Association of REALTORS® Commercial Transaction of the Year.

Photo © Corbis Images.

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