We took over 40 requests for units in a 2-day period simply because of the long-term growth prospects in the Tampa market.
Niceville, FL (PRWEB) February 22, 2006
For an investment group that concentrates mostly on preconstruction investments, today’s announcement that real estate investors at GetPreconstructionDeals.com will acquire over $10 million in condo conversion units has surprised many industry insiders. The group’s investors will be purchasing units in two condo conversion projects located in the Tampa Florida and the Las Vegas markets.
When asked about their diversion from preconstruction investments into condo conversions, group founder Dr. Chris Anderson responded “In major growth markets, like Tampa and Las Vegas, we find that many developers are being forced to develop high-end properties due to the land costs becoming very expensive. But with this expensive development trend going on, some of the best opportunities for real estate investors are in the affordable housing arena. As a consequence, we have a lot of real estate investors that are considering more and more opportunities in existing structures via condo conversions.”
A condo conversion is a process whereby existing rental properties (i.e. apartments, townhouses, or offices) are converted into condos which are then sold individually. Depending upon the age of the property, some physical upgrades like carpet, paint, and new appliances may be made to the individual units. For newer properties, like Traverse Point in the Las Vegas market and the Tampa condo conversion, frequently only minor changes are made prior to selling the condo to homeowners or investors.
When asked why these condo conversions were so popular with their investors, Dr. Anderson replied “because they are quality projects, priced in the affordable end of the housing market, and most already have renters in place. For the Tampa project for example, our investors have an option where they can get guaranteed rents for up to 18 months”
When asked about the demand for these units from their investors, group co-founder Michael Zari mentioned that the demand is there as indicated from the serious requests that have been rolling in. “We took over 40 requests for units in a 2-day period simply because of the long-term growth prospects in the Tampa market.”
Anyone who is interested in real estate investing and would like to join their 15,000+ members at no cost can sign up at http://www.GetPreconstructionDeals.com.
About GetPreconstructionDeals.com: GetPreconstructionDeals.com is a web based investment group with over 15,000 members. Their real estate investing philosophy is to use the buying power of thousands to locate excellent opportunities in any market. For more the media, contact Dr. Anderson at 850-897-7278. Interested investors can signup at no cost at http://www.GetPreconstructionDeals.com.
Chris Anderson, Ph.D.
122 Bermuda Circle
Niceville, FL 32578
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