Las Vegas Condo Conversion?

Question

What's up everyone! So a partner and I are planning to purchase in Vegas and I've been looking into different possibilities for us. One idea that came to mind is condo conversion. I am a Realtor here in the Bay Area, CA and I know condo conversion is HUGE here, turning a 2-4 unit property into individual condos and selling them off to individuals, typically at a more affordable price than the typical high rise condo. I've been searching the internet to see if condo conversion is a thing in Vegas and what it takes to convert. Anybody have any insights for me? Thank you!

Bill B. · Answer

You’d be converting very old low end units if you’re talk about 4plexes. I don’t think any have been built in the last 10 years and most are more than 30 years old. (That may sound new/young to many markets but we have a very young housing stock here.) They tend to be in c or d class neighborhoods where you’ll have a hard time finding people wanting to buy so they can be surrounded by renters.

That’s just the downside before You look in to if it’s affordable/legal/done. I’ve never heard of it here but that doesn’t mean much/anything. I’d be interested if you find any positive items in the process as I considered doing it on lake front small multi I saw for sale once in MN. And thought the same for Florida or Hawaii.