More Apartment Conversions

A surge of nearly 3,500 condo conversions in Scottsdale last year has city housing officials worried about maintaining affordable housing options for apartment dwellers.

Scottsdale began tracking conversions in 2005 as owners of 18 apartment complexes sought approval for turning their rental units to condos and selling them for prices, in some cases, of more than $300,000 each.

Condos and TimesharesApartment dwellers, who choose not to or cannot afford to buy their units, are being displaced, said Molly Edwards, Scottsdale housing development manager. "They’re being moved out of their units to wherever they’re moving," she said. "It’s creating a significant shortage for our residents" in finding affordable housing.

The red-hot real estate market is driving the Scottsdale condos conversion trend, and the city is limited in regulating how owners choose to operate their properties.

Condos in Scottsdale (resale prices) were up by a third in November over the prior year to $245,700, according to the Arizona Real Estate Center at ASU. The ASU article gives a list of several of the condo conversion projects in Scottsdale Arizona.

Comments are closed.