Has anyone every gotten approval to convert a commercial condo into a residential condo? What was the process? Hire a lawyer and begin fighting through local condo board, PUD's HOA, county commissioners?
The property I'm looking at is in a ski resort area. It's a very nice office with a full bath and a kitchenette. All it needs is mattresses and a kitchen table and it could rent out very profitably as a short-term vacation rental. As an office, with higher tax rates and more expensive mortgage terms, it does not make sense but it's lower expenses and much greater potential revenue as a residential rental.
Ryan: I have experience converting older commercial buildings to Industrial " Condo's " But not converting Commercial Condo's to Residential Condo's . I suppose the short answer is contacting the local Planning and Zoning Commission to get an understanding on What mixed useage is allowed in the complex .
What is your Cost Conversion per square foot if the town allows this to happen ?
" All it needs is a Mattress and a Kitchen Table " as a short term vacation rental ? i would want a few more details above and beyond that to consider .
Thanks Bob. The cost to convert would be FF&E (king frame and mattress, 2 to 4 stacks of bunkbeds or another king, kitchen table, couches, TV, etc.); albeit, high-end to match the area and client expectations. In high season (Dec-Mar), $1000/nt isn't out of the question. It also includes more than enough parking spaces, which is huge (parking spaces sell for $70k at Beaver Creek, $250 up the road in Vail where there is less free parking).