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December 29, 2007

Condo Conversions- Gaining Steam Again

Filed under: Condo Conversions — FISH @ 8:50 am

Condo Conversions have been big in California for the last 5 years and they are starting to make their way into more of California’s cities. Temecula is the latest town to face a large condo conversions and there are mixed feelings about it. See below a recent article on pe.com.

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source: www.pe.com TEMECULA – Two hundred apartments off Rancho California Road will become condominiums after the Temecula Planning Commission unanimously approved the city’s second-ever condo conversion plan Wednesday night.

The conversion of the Morning Ridge Apartments means tenants will have to decide whether to purchase their units or leave. Tenants will have the first opportunity to buy the condos, which are expected to cost $225,000 to $285,000 based on the current market.

Morning Ridge owner Rich Battaglia said tenants will get an additional discount off the sales price. He said it will take at least a year before the conversion can start.

No members of the public spoke for or against the conversion.

Built in 1989, Morning Ridge consists of 48 one-bedroom and 152 two-bedroom apartments.

The complex is in good condition overall, according to a city planning report. Each unit will be renovated before it is sold, and a children’s play area will be among the amenities added.

Condo conversions are seen by supporters as a way to provide homeownership opportunities in a region where new-home prices are often $500,000 or more. About 1,500 Inland apartments were converted to condos in 2005, according to a report by real estate research firm Hendricks and Partners.

Critics, however, say condo conversions reduce the number of apartments available for families who can’t afford to own a home.

Although they did not have a problem with the Morning Ridge conversion itself, several commission members expressed concern about a wave of conversions depleting Temecula’s rental stock.

“I am concerned we could see a set of dominoes falling unless we get some guidance” from the City Council, said commission co-Chairman John Telesio.

Battaglia said homeownership has a number of benefits. He said he “assumed a good portion” of tenants would be able to buy their units.


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