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Conversions are always attractive in real estate because they are nearly always luxury. When I was active in that business, the main problem my bosses had Was r
by bilbo0s 3y ago
Conversions are always attractive in real estate because they are nearly always luxury. When I was active in that business, the main problem my bosses had Was rezoning. If they got over that hurdle, they always made a killing.
Even before my time, conversions were enormously profitable. In NYC, long ago, converting warehouses and factory spaces to luxury lofts was enormous business. I don't think people should dismiss the amount of money to be made on conversions. The main drawback is that the areas the conversions are in become even less affordable. Which may be more than offset by affordability increases elsewhere in the city.
- f1yght 3y agoIt's much easier to convert older buildings than newer ones, just due to them being designed differently. You lay out structures different if you're designing a small building for PI style offices than you do if it's a huge open floor plan. It's just more difficult to break out those big spaces into smaller apartments while making sure people have enough light.
- bsder 3y ago> converting warehouses and factory spaces Maybe not a warehouse, but a factory is a very different conversion than a gigantic open-floor office--especially if the building is old enough that it existed prior to electricity.