In real estate, a condominium conversion or condo conversion is the process of entitling an income property or other lands currently held under one title to convert from sole ownership of the entire property into individually sold units as condominiumsAs the market for real estate has slowed so has the conversion trend. Now we started to see the reverse trend - converting condos into apartments building. Two years ago 121 condominiums in Skyline At Tamien Station development went to the market as rental condos for up to five years. The current rent for condo in Skyline At Tamien starts from $1,600 to $4,200.

And now another San Jose downtown high-rise condo development failed to attract the buyer interest that developers had hoped. The brand new condos in 360 Residences are available for rent and most likely will seriously affect rental prices in downtown San Jose. Three Sixty Residences conversion does not necessarily mean the other high rise projects like Axis or Plant 51 will convert to rental apartment complexes, but it definitely leaves a bad impression for potential homebuyers in San Jose downtown.
6 comments:
I'm so glad that I haven't bought a condo in 360 :)
I also wanted to buy, but was scared by ridiculous HOA fees in 360
How big was HOA in 360 Residences?
360 Residences HOA was around $650 to $700
Ouch, that is pretty high. I wonder what the rent would be in this apartment
rent started at $1855 for a 1 bed/1 bath 815 square feet (May 2011 price)
Post a Comment