Tuesday, March 22, 2005

Apartment Conversions

More and more Sarasota apartments are being converted to condominiums. The most recent is Admiral's Walk on Clark Road which is barely a year old. Also scheduled to convert are the Camden apartments in Palmer Ranch.

The starting prices for a 2 bedroom 2 bath will be about $200,000 compared to $175,000 just 2 months ago for a similar complex.

The result could be a heavy demand for rental properties. With appreciation settling in at about 6-10%, I look for the investors in apartment conversions to hold for at least 12 months. Meanwhile the rental income should be in the area of $1,000 - $1,200 per month.

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