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Proceeds of Condemnation
A condominium conversion occurs when the title of a building is converted from a single owner to individual owners for each unit. During the housing boom, when there was an increased demand for homes, many condominium conversions took place. During the conversions, many individual units were renovated and stocked with upgraded appliances and amenities. The units were then sold individually. Before investors begin a condominium conversion, they usually obtain a market analysis, which involves conducting a study of various factors in order to determine if a legitimate sales potential exists. This study involves evaluating the neighborhood, uncovering possible competitors in the vicinity, obtaining thorough inspections of the exterior building as well as each individual unit. They also evaluate the amenities available to residents, such as swimming pools, spas and gyms. Once the market analysis is complete and sales potential is determined, investors can proceed with planning the conversion.