Don’t do it. The real estate market, including condo conversions, is almost at a stand-still. Real estate sales are coming to a stop, some even at loan closings. Some people are even willing to walk away even though they’ve put a good size deposit down. They know if they keep waiting, they’ll get a better deal. The risk is too high right now for condo conversions. Even more riskier if you don’t have any experience with this.

I say be careful! I live in DC. We’ve got a billion new condos for sale and they’re is sooo much on the market. People are being super picky and waiting for the prices to continue to drop. We’ve even got developers abandoning condo properties and selling them or turning them into rentals. It’s getting this bad. I don’t know too much about CA market. You didn’t say north or southern california. I know southern, california the market has definitely slowed down.

They’re will always be hot areas. Just be careful.