Physical Attributes and Transaction Premiums in Properties Earmarked for Conversion

Jonathan Wiley

Journal of Real Estate Practice and Education, 2009, vol. 12, issue 2, 137-155

Abstract: In previous discussions of condo conversions, data included either survey responses or macroeconomic sources limiting support for explanations related to market activity and property value. This study uses information gathered from individual apartment transactions identifying physical and locational attributes that are commonplace in properties selected for conversion. Similarities in attributes are consistent with previously discussed consumer profiles. A non-linear relationship exists between property age and conversion activity, with middle-age and historic properties more likely to be selected for conversion relative to new construction. Substantial premiums in the national sample are estimated for properties earmarked for conversion.

Date: 2009
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DOI: 10.1080/10835547.2009.12091658

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