TheHousingBubbleBlog.com
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The Housing Bubble Blog
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‘Repartments’ Trend Hits Sacramento Area
The Sacramento Bee reports the conversion bust has arrived in California. “A national housing trend called ‘repartments’ has hit the Sacramento area, leaving people like Violet Vernon wondering if she’ll ever be able to sell her home. The 1,100-square-foot Folsom condominium she bought in January for $318,000 is surrounded by what the Wall Street Journal dubbed repartments.”
“The owner of the 324-unit Waterford Place, on Natoma Station Drive, sold about 40 units as condominiums and then reverted the rest back to rentals. ‘The prices in Folsom were out of my range and this represented an opportunity for me to gain home ownership,’ Vernon said. ‘My concern now is that I may not be able to sell or refinance. I don’t know that I can find a buyer.’”
“Waterford Place is one of the first complexes in the Sacramento region to repartment, but the practice is more common in Florida, Las Vegas and Southern California, real estate experts say.”
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