A "conversion" is a building that was originally built for a particular purpose, later converted to a different purpose. In the case of condominiums, it may have been an industrial building or old textile mill converted into loft condominiums. In other cases, it may be an apartment building that was converted from leased residences with a single owner into condominiums. We've seen factories, train stations, libraries, schools, churchs, and even concrete grain silos converted into condominium buildings. Conversions transform real estate and allow buildings to be adopted for changing economic, social, and cultural realities.
Sometimes conversions involve a "full gut-rehab" where the building interior is stripped to its structural framework and all new walls, floors, and systems (plumbing, electric, HVAC) are put in place along with new finishes. Sometimes no physical work is performed on the building and a condominium conversion is no more than a legal process. More often than not, its somewhere in between. Some assets are updated and some legacy elements remain. A reserve study can be an extremely important tool for converted buildings. Moreover, due to the complexity of these buildings, a reserve professional with experience on these kinds of properties is essential. Consider a pre-war factory that was converted into condominiums. The interior may have been "gut rehabed" and the association itself is "new" but the building facade is over 75 years old! This makes proper reserve analysis and planning essential.
You can be confident that our vast experience with conversions allows us to deliver a superior study.