Condos get pimp slapped...I see the effects here in DC.
http://www.newsmax.com/money/archives/a...100933.cfm?MN=1&promo_code=2C2A-1&s=al
Side anecdotal evidence. My MIL's apartment complex went condo last year, sold 20 units (out of 300), then reversed in Q3 back to apartments, refunding money.
Another piece of anecdotal evidence. When I lived in Orlando in 2005, the apartment -> condo craze was getting stupid-crazy. They even went as far as starting to convert a 30+yo HoJo to condos. I know there was some drug deals and hooker busts there so it was definitely prime RE.
http://www.newsmax.com/money/archives/a...100933.cfm?MN=1&promo_code=2C2A-1&s=al
Side anecdotal evidence. My MIL's apartment complex went condo last year, sold 20 units (out of 300), then reversed in Q3 back to apartments, refunding money.
Another piece of anecdotal evidence. When I lived in Orlando in 2005, the apartment -> condo craze was getting stupid-crazy. They even went as far as starting to convert a 30+yo HoJo to condos. I know there was some drug deals and hooker busts there so it was definitely prime RE.