Commercial Condos

by Coldwell Banker Evergreen Olympic Realty, Inc. on November 16, 2010

No where in the market are properties flying off the shelf, but one area that has expanded appeal is the commercial condo market. We continue to see interest from buyers in owning their own spaces. With many properties too large for most small businesses in town to buy, the idea of breaking space down through the condo process has opened more opportunity for buyers and sellers alike.

The sellers get an expanded market, with larger and smaller scale buyers looking at the properties. As a bonus, a condo project gives the owner an incremental exit strategy. Often times we find sellers are caught between wanting to hold and wanting to sell. Owning a large project makes it an all or none proposition when considering a sale. Having condo units means an owner can sell portions over time.

The buyers get the opportunity to own a space that is a comfortable size for their operations. And with the owner-occupied loan programs mentioned above, the chances for commercial loan approval are greatly enhanced.

Converting an existing property to condos is not always the right thing to do. Market and legal conditions may suggest a different approach, but an owner considering this strategy will find the process relatively easy. If you are interested in discussing this approach, we’d be happy to talk over the pros and cons.

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