I’d thought condo conversions had subsided because of the time it takes to make the developments, but it appears we have one in the works in Central Austin. AUSTIN (Austin Business Journal):

– Local developer
Marshall Durrett, president of Grandview Street Partners Ltd., plans to turn an
aging multifamily development in Central Austin into a 16-unit, $10 million
condominium building at the intersection of 32nd and Grandview Streets between
Seton Medical Center, downtown, the University of Texas and the Tarrytown
neighborhood.

Grandview Street Condominiums will
be a single building with ten, two-story condos on the ground level topped by
six penthouse units. The condos will be finished-out to luxury specifications
with prices ranging from the mid-$500,000s to mid-$800,000s for floor plans
between 2,000 square feet and 3,000 square feet. The 1930s duplexes and fourplexes
currently on the nearly one-acre site will be demolished. Construction is slated
to begin in January.

Condo and office conversions can be a good way to get the maximum profit out of an aging property. Residential living spaces in the price ranges of $250-500k would sell very quickly in Central Austin. Investors looking into these opportunities should make sure they do enough research to understand the time
they need to dedicate to the project and value of the property after
the conversion.

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