The building across the street from has converted to condominiums. The 1 bedroom condos range from $70K - $120K. Calculating 100% of the cost of the condo at a 5.75% interest rate I arrive at a monthly payment of $408 - $700. The association dues on this building run a little over $100 month. That seems pretty affordable to me. Way cheaper than paying rent for a one bedroom apartment. What does concern me about Condo Conversions is that for the mostpart the mechanicals in the building are not updated. People buying these condos may realize sooner than later that the furnace needs to be replaced or the roof leaks and needs replacement etc. In that case, the owner is generally required to produce the cash out of pocket for replacement either fully burdened or partially burdened. (a good condo manager knows about deferred maintenance and plans it in their association fee structure. Barb Lickness
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