Condo Conversion In Oregon
Im looking for some information on condominium conversion in the Portland OR area. Can anyone suggest how to learn more about how a codo association is set up in that area? Any good books I should be reading?
ruffstuff
Go to the city, and ask if they are allowing it. Then you should find an apartment building that has white papers (condo maps) You then can convert them making minor adjustments to the units. You also need to find out how much condos are selling for, so that you can analyze if its worth it. It takes about 180 days to do a conversion.
6 months is not a standard - we got a conversion done in 3, including having an approval for financing through a major bank to avoid presale requirements.
I wish it would take 3 months to do a condo conversion here.
For condo conversions in the Los Angeles area, for 5+ units, it takes about 3-6 months to get thru the city, then another 4-8 months to go thru the state. If it's 4 units and under, you don't need to go to the state.
Regulations differ from city to city and from county to county within the state. So find out who has jurisdiction over the property. Visit their planning department and ask about their subdivision regulations and also if they have any condo conversion projects in the works. If they do, find out what rules you have to follow.
PM me and I'll send you some links to get more info for Portland and Oregon.