The apartment complex we've been living in for the past 5 years may be in the process of being sold. I've heard rumors of it being sold for condos. We're not looking to buy a condo, so we may have to move. It's kind of a shame because this place is walking distance to many places for us and takes cats.
This area has been having a bit of a real estate boom, so I guess people are trying to cash in. There is a butt-ugly condo complex being built nearby and they are going for $150k.
What I was wondering was how feasable it is to turn these apartments into condos. There are three buildings in the complex with 4-20 units in each building. My building has 4 units. All the units in my building share a large water heater and (I think) a furnace. Can condos share like that? If not, it seems like it would be a lot of trouble to outfit each unit with their own. These units also share a washer/dryer in the garage. Each unit has it's own electric meter. Utilities are included except the electric. Most of these apartments are around 800sq ft., 1 or two bedrooms.
Also, most of the windows need to be replaced, they are single pane and drafty. The roof and swamp coolers were replaced within the last few years.
I don't know anything about building codes or condos, but I'm just curious as to why a buyer for the complex might be thinking condos.