Oct
07
Restrictions on Condominium Conversions
ByNetwork with the nation’s top CRE dealmakers at RealShare APARTMENTS in Los Angeles on Oct 21-22,RealShare INDUSTRIAL in Atlanta on Nov 3-4, RealShare NEW LEASE WEST in Los Angeles on Nov 11-12 andRealShare HEALTHCARE REAL ESTATE in Scottsdale, AZ on Dec 2-3.
Aside from the product demand, attractive economic incentives are also driving land owner and developer-converters towards the condo conversion market, says Polentz.PALO ALTO, CA—With the recession beginning to become a memory of the past, the demand for housing is on the rise, and with it is the explosive interest in the multifamily market. That is according to Michael C. Polentz, co-chair of the real estate and land use practice group at Manatt, Phelps & Phillips LLP, located in the Palo Alto office. And according to Payvand Abghari, an associate in the real estate and land use practice group at Manatt, Phelps & Phillips LLP, located in the Orange County, CA office, “as more and more Americans are choosing to marry later and postponing having children, the market has seen a significant increase in one- and two-person households and a resulting decline in the demand for the higher square footage single family residence among Millennials.”…
