Buyers and Developers Prefer Converted Naples Condominiums
Many Naples renters are upset that so many local condo developers are targeting apartment buildings for condo conversions instead of building the complexes from scratch, but the simple truth of the matter is that "it´s a lot faster and easier to convert existing rental complexes" into Naples condominiums.
Building Naples condominiums from the ground up means that developers would "have to buy land, go through permitting, pre-selling" and much more. With a conversion, developers skip many of those initial steps and, as an added bonus, are able to collect rent throughout the conversion process.
The ideal complex for a Naples condominium conversion "has at least 150 to 175 units and is in a good enough neighborhood to be attractive to buyers."
Converted Naples condominiums also tend to be more attractive to buyers because they are in established and easily accessible locations and are "priced lower than new condos."
Building Naples condominiums from the ground up means that developers would "have to buy land, go through permitting, pre-selling" and much more. With a conversion, developers skip many of those initial steps and, as an added bonus, are able to collect rent throughout the conversion process.
The ideal complex for a Naples condominium conversion "has at least 150 to 175 units and is in a good enough neighborhood to be attractive to buyers."
Converted Naples condominiums also tend to be more attractive to buyers because they are in established and easily accessible locations and are "priced lower than new condos."
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