In Las Vegas the condominium market bottomed out so condos were turned into rentals (apartments). Now, with a resurgence of the market, those same apartments are being turned back into condominiums.Citing pressure from construction defect lawsuits many developers in Colorado have stopped building condominiums. Instead we have seen a surge of high-end, luxury apartment buildings built in the last 5 years. It is likely we will see these apartments converted to condominiums as our real estate market continues its rebound and statutes of limitation expire. Conversions offer their own set of unique challenges for the associations post-conversion especially related to reserves, deferred maintenance, etc. If you are asked to manage, or are elected to a board of a converted apartment community, make sure you seek legal advice regarding the difference in a conversion versus new construction.
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