Tentative Condo Map

Does anyone have any information regarding what is involved in obtaining a condo map on an existing apartment property? The ability to condo-convert during the 2005-2007 bubble really drove down cap rates. And while converting in the current market is not an exit strategy, it would seem that if you could buy and hold for 3-5 years, once residential recovers it will become a legitimate exit strategy.
So I am wondering, does a temporary map have to be used within a certain # of years before it expires? What are the steps and costs associated with it, and is it ever possible that an apartment property would NOT be granted the map due to physical characteristics? I.e. What does the building need to have in order to qualify?
In Buying Property - Asked by David T. - Aug 7, 2009
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Answer(s)

Commercial A.
Appraiser
Los Angeles, CA

Maps are approved by the California Department of Real Estate: www.dre.ca.gov/pdf_docs/forms/re624I.pdf -

Aug 7, 2009
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Paul S.
Broker/Agent
Glendora, CA

Once a tentative map is approved it remains approved for a long time with the ability to extend it (Calif). You should hire someone that does tentatve maps and is experienced with conversions. Many cities zoning and building codes may prevent such a conversion or make is too expensive to comply with the requirements. Know what you are getting into before you buy something with this plan. You might get stuck with it.

Aug 12, 2009
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Gregory G.
Broker/Agent
San Francisco, CA

What county are you in?

Aug 13, 2009
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