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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
We Don't Need More Condos for Sale
Posted on 10/17/2006 10:17 AM | Link | Post Comment
Scottsdale to consider stricter condo rules, from the East Valley Tribune,
reports that the city of Scottsdale is considering more regulations on condominium conversions, but some say its too late. Last year, during the go-go days of home selling, Scottsdale received conversion applications from 19 apartment complexes totaling 3,426 units. Scottsdale is considering raising the application fee, imposing stricter health and safety codes and requiring condo conversion projects to go through a public notice process. Scottsdale stands to lose nearly $800,000 in rental tax revenue if condo conversions continue.
The article today focuses on condo conversions in Scottsdale. It is important to understand that the statistics given in today's article reflects the number of applications for conversions, not the number of actual conversions. The property owner can choose to delay or forego conversion after submitting the application up until the time of recordation. The conversion is only considered final once the transaction has been recorded with the Maricopa County Recorder.
Below I have compiled a list of recorded condo conversions in Scottsdale:
Project Name......... Address................Units
Rancho Antigua................8787 E. Mountain View Rd....220
Somerset Condos...........11375 E. Sahuaro Drive....246
Casa Santa Fee Condos....1105 N. 115th Street......264
Aventura Condos.............9450 E. Becker Lane.......316
Fountain Villas Condos......7325 E. Bellview Street....20
New Palm Villas Condos....7002 E. Palm Lane.........106
And according to the Scottsdale City and Planning website, "There are situations where an apartment complex has an existing condominium plat that has functioned as apartments and now, due to market demand, are selling them as condominiums. There is no city conversion application since the site already has a condo plat. A good example of this would be the Sunscape Apartments located at the Northwest corner of Osborn/Hayden."
reports that the city of Scottsdale is considering more regulations on condominium conversions, but some say its too late. Last year, during the go-go days of home selling, Scottsdale received conversion applications from 19 apartment complexes totaling 3,426 units. Scottsdale is considering raising the application fee, imposing stricter health and safety codes and requiring condo conversion projects to go through a public notice process. Scottsdale stands to lose nearly $800,000 in rental tax revenue if condo conversions continue.
The article today focuses on condo conversions in Scottsdale. It is important to understand that the statistics given in today's article reflects the number of applications for conversions, not the number of actual conversions. The property owner can choose to delay or forego conversion after submitting the application up until the time of recordation. The conversion is only considered final once the transaction has been recorded with the Maricopa County Recorder.
Below I have compiled a list of recorded condo conversions in Scottsdale:
Project Name......... Address................Units
Rancho Antigua................8787 E. Mountain View Rd....220
Somerset Condos...........11375 E. Sahuaro Drive....246
Casa Santa Fee Condos....1105 N. 115th Street......264
Aventura Condos.............9450 E. Becker Lane.......316
Fountain Villas Condos......7325 E. Bellview Street....20
New Palm Villas Condos....7002 E. Palm Lane.........106
And according to the Scottsdale City and Planning website, "There are situations where an apartment complex has an existing condominium plat that has functioned as apartments and now, due to market demand, are selling them as condominiums. There is no city conversion application since the site already has a condo plat. A good example of this would be the Sunscape Apartments located at the Northwest corner of Osborn/Hayden."
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