{"id":18,"date":"2005-12-02T10:03:31","date_gmt":"2005-12-02T17:03:31","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=18"},"modified":"2005-12-02T10:03:31","modified_gmt":"2005-12-02T17:03:31","slug":"here-come-the-condo-conversions","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18\/here-come-the-condo-conversions\/","title":{"rendered":"Here come the condo conversions…"},"content":{"rendered":"

The West Valley sections of the Arizona Republic<\/i> ran this story<\/a> on the expected surge in apartment-to-condominium conversions on the same day they ran my column<\/a> predicting just that outcome.<\/p>\n

They said:<\/p>\n

Condominium conversions are happening all over the Valley, with new projects in Glendale, Phoenix, Chandler and Scottsdale.<\/p>\n

Real-estate brokerage firm CB Richard Ellis predicts about 6,000 apartments in the Phoenix metro area will be converted to condos by the end of the year.<\/p>\n

What makes them appealing to potential homeowners is that they are relatively cheaper than single-family homes and a better investment than renting an apartment, experts say.<\/p>\n

October figures for home sales in the Glendale and West Valley areas list the median condo sales price at $159,900, compared with $299,900 for a single-family home, according to the Arizona Regional Multiple Listing Service.<\/p>\n

“It will offer an affordable alternative to someone who can’t qualify for a new home,” said Greg Burger of RL Brown Housing Reports. “It’s a much better alternative than renting.”<\/p><\/blockquote>\n

I said:<\/p>\n

If there are suddenly a great number of qualified home buyers with no homes to buy, it’s not difficult to figure out what will happen over the coming months. Here’s the prognosis:<\/p>\n

We will see more apartment-to-condominium conversions, especially at the low end of the price scale. There are qualified buyers with zero available inventory at the same time that older apartment communities suffer huge vacancies. This is an entrepreneurial opportunity.<\/p><\/blockquote>\n

My columns are written well in advance, so the two articles running on the same day is purely serendipity. But I think the conclusion I draw stands as a stout rejoinder to all the Chicken Little rhetoric we hear from allegedly-informed sources:<\/p>\n

Finally, expect the unforeseen. Where there is increased unmet demand, there will be increasingly creative solutions to meeting that demand.<\/p>\n

This is the dynamism of the free market, and this is why the sky so rarely falls, despite persistent predictions to the contrary.<\/p><\/blockquote>\n

For every ten people wailing, “What will we dooooo?!?”,<\/i> there is one entrepreneur wondering, “How can I make this work to my advantage?” Chicken Little grabs the headlines, but it is the entrepreneurs who have given us all the wealth Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The West Valley sections of the Arizona Republic ran this story on the expected surge in apartment-to-condominium conversions on the same day they ran my column predicting just that outcome. They said: Condominium conversions are happening all over the Valley, with new projects in Glendale, Phoenix, Chandler and Scottsdale. Real-estate brokerage firm CB Richard Ellis […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-18","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-general","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":15,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/15\/rising-rents-keep-sky-from-falling\/","url_meta":{"origin":18,"position":0},"title":"Rising rents keep sky from falling?","author":"Odysseus","date":"November 20, 2005","format":false,"excerpt":"In the midst of the appreciation boom in Phoenix, one of the regular Chicken Little complaints was that investors would cause a glut of rental housing, which would then sit vacant until they sold the homes in desperation. This is the static-market fallacy: This change will cause a problem, after\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/115\/apartment-rental-rates-in-valley-surge\/","url_meta":{"origin":18,"position":1},"title":"Apartment-rental rates in Valley surge","author":"Greg Swann","date":"July 21, 2006","format":false,"excerpt":"I was wrong. The Republic did cover the increase in apartment rents corresponding to a drop in vacancy rates. And only two days later than the Las Vegas Review-Journal. Technorati Tags: arizona, arizona real estate, phoenix, phoenix real estate, real estate","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3324,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3324\/musical-chairs-you-can-buy-a-home-on-leased-land-for-a-bargain-price-but-you-must-be-prepared-to-sell-before-the-music-stops\/","url_meta":{"origin":18,"position":2},"title":"Musical chairs: You can buy a home on leased land for a bargain price, but you must be prepared to sell before the music stops","author":"Greg Swann","date":"July 5, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0Musical chairs: You can buy a home on leased land for a bargain price, but you must be prepared to sell before the music stops We're preparing to list a condominium that sits on leased land. Land\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":489,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/489\/want-to-know-where-real-estate-corruption-comes-from-whatever-you-do-dont-look-in-the-newspaper\/","url_meta":{"origin":18,"position":3},"title":"Want to know where real estate corruption comes from? Whatever you do, don’t look in the newspaper . . .","author":"Greg Swann","date":"September 30, 2006","format":false,"excerpt":"I have a bunch of Phoenix-area real estate news piling up in browser tabs, so I want to reference it now, before it blows away in the autumnal desert breezes. First, more fake good news downtown: \"Phoenix is putting in place the final building block in its plan to construct\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":46,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/46\/corporate-welfare-in-glendale\/","url_meta":{"origin":18,"position":4},"title":"Corporate welfare in Glendale","author":"Odysseus","date":"January 25, 2006","format":false,"excerpt":"From the Republic:The AAA travel and financial services club will locate up to 1,100 new jobs over the next three years in Glendale as it creates a regional customer service and information technology center in the West Valley. Roughly 500 of the jobs are considered \"high-wage\" positions, paying more than\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":537,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/537\/valley-of-the-rubes-theres-always-a-new-boondoggle-to-rob-the-taxpayers\/","url_meta":{"origin":18,"position":5},"title":"Valley of the Rubes: There’s always a new boondoggle to rob the taxpayers . . .","author":"Greg Swann","date":"October 14, 2006","format":false,"excerpt":"I love Metropolitan Phoenix. I understand that some people don't, but for me it is the perfect paradise on Earth. So do please understand that the withering critique I am about to offer is directed only at the gullibility of some of the people who live here and not at\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/18","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=18"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/18\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=18"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=18"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=18"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}