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Condo Boom's Ripple Effects

Published Friday, July 01, 2005

Love 'em or hate 'em, it's clear that condo converters and developers are making waves in the apartment industry. On the upside, condo converters are gobbling up existing apartments, and in turn driving up sale prices and reducing the supply of available rental housing. The downside is that condo developers also are making it difficult for apartment developers to compete for building sites by their willingness to pay up to three times more for land. “The condo craze has taken from our supply and demand base, and made all of us change our business models,” says Jeff Franzen, ...

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