methodology
How We Report Condominium Conversions
Properties operated initially as apartment communities – then later converted to other uses – are illustrated for purposes of defining an area’s potential rental inventory.
Conversions are illustrated by type of use as:
Condominium – partial conversion
Condominium – full conversion
Hotel
Timeshare
Senior Housing
Differentiation between partial conversions and full conversions defines as:
Condominiums – Partial Conversions
Partial conversion to condominiums ranges from properties which have been sold in part to individual owners for occupancy as primary or secondary residences, but emphasize ownership for investment in which units remain in a rental pool. Partially converted properties are principally owned for investment, incorporating blocks of units held by single individuals.
Condominiums – Full Conversions
When a property has been sold “for the most part”, to individuals, a community is listed as a Full Conversion, even though some units may be held by individual investors. The differentiation is in degree of personal use, as opposed to investment.
Information sources referenced in researching conversions incorporate County Assessor data, the commercial real estate brokerage community, appraisers, and developers.
Converted apartment communities illustrated in the Archive report are generally limited to properties of 50 units in size and larger, but may include smaller properties when that information is judged to have value in reporting conditions.