WHITE TIGER CONDO CONVERSION
Win-Win "Neglected Niche" Investment Opportunities
The key to entry-level homes has always been affordability. In recent years there has been a dramatic increase in demand for smaller, less expensive housing in both urban and suburban areas. This growing demand for market affordable housing is being driven by several factors, including the skyrocketing cost of housing and other living expenses, stagnating income growth, and changing lifestyle choices by Millennials and other age groups.
There are several types of small-to medium-sized multi-family buildings — sometimes referred to as “middle housing” — that are candidates for condo conversion. These include but are not limited to:
Duplex stacked — A small-to medium-sized structure that consists of two stacked dwelling units, one on top of the other, both of which face, and are entered from, the street.
Duplex side by side — A small-to medium-sized structure consisting of two dwelling units, one next to the other, both of which face, and are entered from, the street.
Triplex/Fourplex — A medium-sized structure that consists of three or four units, typically one or two on the ground floor and one or two on the second floor, with a shared entry.
Multiplex (low rise) — A medium-sized structure that consists of five to fifteen side-by-side and/or stacked dwelling units, typically with one shared entry or individual entries along the front.
Carriage House — An accessory structure typically located at the rear of a lot for service use. The unit could be above a garage or at ground level.
Townhouse — A small-to medium-sized structure, usually consisting of two to eight attached single-family homes placed side by side.
Live/Work — A small-to medium-sized attached or detached structure consisting of one dwelling unit above or behind a flexible ground floor space for residential, service, or retail uses. Both the primary ground-floor flex space and the second unit are owned by one entity.
Courtyard Apartments — A medium-to large-sized structure consisting of multiple side-by-side and/or stacked dwelling units accessed from a courtyard or series of courtyards (some may have garden style around them). Each unit may have its own individual entry, or up to three units may share a common entry.
Bungalow Court — A series of small, detached structures with multiple units arranged to define a shared court that is typically perpendicular to the street. The shared court takes the place of a private rear yard and is an important community-enhancing element.
Housing cooperative or "co-op" — A legal entity, usually a cooperative, or a corporation which owns real estate. Co-ops are not considered “real property” (personal property), but co-op owners are entitled to exclusive use of a housing unit in the property, similar to the rights of a shareholder in a corporation.
** Although, mid-rise, high-rise, mixed-use, and commercial buildings are not considered “middle housing,” they may be eligible for condo conversion if located in a jurisdiction that allows it. **
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