1) What is exactly is a Deconversion?
A deconversion is when all the owners in a condo association sell their units in bulk to a single buyer. Thus, the entire building becomes bought out by one entity.
2) What are the advantage of Deconversions?
This answer depends on who you are within this transaction. If you own your unit and also live in it, then you accept a purchase amount and can also lock in a lower rent rate as part of the negotiation process. The lower rent rate usually applies for up to 18 months. After that a new rent price may be negotiated, according to the new owner. If you own your unit but rent it out, the deconverter is required to abide by the current rental contract. Once the contract expires the deconverter can set a new…