Hope For Those Priced Out Of The Market

The Condominium Conversion Market

Converting apartments to condos is one way that people who cannot afford a single family home are getting into the housing market. The Valley's steady population growth and rising home prices are driving the conversion trend.

Last year, 1,580 apartments in Metro Phoenix were converted to condos, according to CB Richard Ellis. They predict that number will triple this year to round 4,500. Only Florida and Southern California will lead Phoenix this year in condo conversions. The conversion of apartments to condos is also helping the apartment market by taking inventory off the market and improving vacancy rates.