What is a Condo Conversion in the LBI Real Estate Market
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Long Beach Island Real Estate Condominium Conversion 
Long Beach Island Real Estate Condominium Conversion 
Long Beach Island Real Estate Condominium Conversion
Long Beach Island Real Estate
A Long Beach Island real estate condominium conversion occurs when a property, usually a duplex or a motel, is turned into individual condominiums. When this happens, the prior zoning is surrendered. A new set of by-laws will be established to clarify things like common areas, monthly association fees, and the association’s overall management. When a property is converted into a condo, paperwork will be filed, usually by an attorney, to formalize the conversion. How a condo conversion occurs and the by-laws that govern the conversion can significantly impact a condo’s value in the Long Beach Island real estate market.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Long Beach Island Real Estate Condominium Conversion
A condo conversion in the LBI real estate market is a relatively straightforward and surprisingly common occurrence. There have been a few recent condo conversions of considerable size, for example, Victoria Rose in Bech Haven and The Arlington Beach Club in Ship Bottom. The most common type of conversion occurs when a duplex or hotel change their stats to a condominium. A duplex or multi-family home can apply for a condo conversion through some simple paperwork and then transfer ownership to a condo. Likewise, a hotel can perform a condo conversion and become a condo association with the ability to sell out each unit. For the average buyer in the LBI real estate market, it is not common to encounter the need to understand a condo conversion; however, it does have a place. Being a second home market, many buyers purchase a property with a family member’s friend. When this occurs, there is great merit in buying a duplex and converting it into a condo when this kind of transaction happens. Should one party decide to sell or there is a disagreement between the owners, each owner has their property making it far easier to dissolve. It should be mentioned that a condo will usually have a higher cost of ownership than a duplex, meaning the taxes on two condos will likely be higher than it was on a duplex. Still, a condo conversion can make a lot of sense under the right circumstances.
What is a Condo Conversion in the LBI Real Estate Market
Long Beach Island real estate condominium conversions should be understood by someone looking to buy a condo on LBI. This is especially true if the condo association is somewhat new. A new conversion may have special conditions that will fade with time, for example, a tax abatement. For someone who currently owns a duplex on LBI and is considering selling, it is helpful to understand the options available for a condo conversion and if this is a way to net a higher sales price. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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