The Los Angeles region has a shortage of hundreds of thousands of housing units. In a City running out of land and comprised of mostly renters, most new housing consists of leased apartments. When the economics shift though, we see condo conversions come in big waves.
Land Use Developers has successfully converted more than a dozen apartment buildings to condominiums, guiding our clients through the process from concept to entitlement (subdivision), to permitting and finally to compliance with the California Bureau of Real Estate (BRE). Our A to Z approach is ideal for private individual owners and our strategic experience with high-rise conversions benefits development firms and institutional owners that need our intimate local knowledge of City departments, political leaders, community organizations and procedural requirements to get the job done seamlessly.
In real estate, a condominium conversion or condo conversion is the process of entitling an income property or other lands currently held under one title to convert from sole ownership of the entire property (which often already is a multi unit property) into individually sold units as condominiums. Such entitlement is generally derived from approvals granted by state/provincial and/or local municipal authorities (and often other relevant agencies, such as conservation authorities).
Indeed, though, virtually every condominium project could be characterized as a conversion of property that is held generally under one title, to property that is severed into portions so that the title to most such portions (i.e., units) can be held separately. However, the term “conversion” is usually reserved for just those projects which involve changing the title (and sometimes also the use) of an existing structure, such as a multi-dwelling apartment building, row dwellings (town homes) or a commercial multi-unit rental site.