Updated almost 6 years ago on . Most recent reply
Condo Conversion
What is involved in buying apt building then selling off units as condos? Rezoned??
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It's going to vary from location to location. In broad concepts a creating a condo is a form of subdivision just like subdividing land and selling the parcels. The difference is you are subdividing and selling air space rights. Often the process/requirements for condos are controlled at a State level by your states subdivision map act (or the equivalent) and then at the local level they implement the requirements of the subdivision map act and physically approve your project. Legally the condo is then 'created' privately by the formation of a COA/HOA and the filing of documents on title dictating the CC&Rs ect.which is done by a land use attorney.
So generally the place to start is the local municipality as far as what they state the requirements are for a condo approval. Here there is no change of zoning needed even SFR zoning can create 'condos' through the PUD process. The City dictates where you can have attached vs detached condos, and the criteria they are subject to. Condo conversions (locally) have different rules in some cases to ease up on things that have changed over the years and an older building may not be able to comply with.
If you want someone to talk to about the process there I would suggest a good land use Civil....they should know the process and be able to tell you sticking points if any. The City will tell you the 'book' answer and are often wrong if something doesn't fit nicely into their understanding of the code.