New Condo Conversions on the Horizon

In a continuing trend that just never seems to tire investors, three more apartments are being converted to condos. Village West in Bradenton was purchased for $2.5 million- or $92,500 per unit for the 27 unit complex. Sugartree Village Apartments in Sarasota will also be converted. This property was purchased for $15.6 million- or $77,600 per unit for the 201 unit complex. Saddle Creek apartments off of 26th Street in Bradenton will also be converted, giving the nudge to the residents of the 272 unit complex if they choose not to buy. As affordable housing becomes more and more scarce, we can expect these condo conversions continue until investors start losing money. However, based on the prices above, it is not hard to see how the conversion business is extremely lucrative. Buyers of the large complexes are filling a need in Sarasota right now- giving housing and ownership to lower earning families.