“A condo deconversion is a real estate transaction in which a savvy investor acquires an entire condo building through a bulk sale to turn into rentals. This investment trend has been seen in Florida and California for a number of years and is picking up steam in other coastal metros and even in the Midwest.” Forbes, July 22, 2019
It is startling for someone like me, who has never been a part of a for-profit business, to see the word “savvy” used to describe a real estate investor who buys a condominium complex with the sole purpose to change the structure from home ownership to rental, so the investor can make oodles of money. While the basic idea of investment is to earn a high return, this particular scheme can throw people out of homes they own again their will. A savvy investment, indeed.
