Condominium Conversion List

Overview

The Condominium Conversions List is an Excel file containing basic information for more than 400 apartment properties that have converted to condominium since the beginning of 2000. The list covers conversions we are aware of for 5-unit and larger properties in King, Pierce, and Snohomish counties.

The list is published, at the very least, each April and October. However, we have published the list every month for at least the past year because there were enough changes to justify more frequent updates.

What you get if you subscribe today

Immediate online access to the current report plus updates through January 31, 2011.

(Note: First time subscribers usually do not get a full year's access online. That's due to the timing of our publication dates. However, timely renewals do get a full year of online access.)

Cost

The Condominium Conversion List costs $125.00 (plus sales tax where applicable).

Content

The Condominium Conversion List takes a detailed, property-by-property look at sales activity to see which properties are actually selling as condominiums in this market. It shows the number of units sold to condominium buyers and the average price they paid.

This information lets subscribers see which properties have been successful conversions, which ones have sold a substantial percentage of their units, which ones have sold few or no units yet, and which ones have reconverted to apartments or their lack of sales indicates they either have reconverted or will reconvert soon. (Note: some of this information is not yet provided for Pierce or Snohomish counties. See the "new data" section below for more information.)

The Condominium Conversion List also lets you look at the gross spread between the price per unit the converter paid to buy the apartment property and the average unit price the converter sold the units for to consumers.

Source of condominium sales to home buyers

We collected this new information about the condominium sales to home buyers from the condominium unit sales reported on the Assessor's website. It is not based on reports from the properties, which can include transactions from deals that are pending that may close. We believe our approach provides a valuable view of actual sales activity. And it appears the Assessor sales data is up to date, at least within the past few weeks. Let us know what we're missing and we will revise the list.

New data added in September 2008

The number of condominium units sold in each property.
The percent of the total units that have sold as condominiums.
The average sale price of the condominium units sold. (Note: This is useful to analyze the "gross spread" between the original apartment purchase price paid by the converter and the final condominium prices paid by consumers. The number of unsold units at each property.
A "notes" field indicating whether or not the Assessor records show the property has converted to condominium, along with other notes.

Note: This new information is currently shown for King County properties that either converted or were scheduled to convert to condominium since the beginning of 2006. We will add this additional information for Pierce and Snohomish counties soon. However, all of the other information shown below is reported for Pierce, Snohomish, and King counties, for properties going back to the beginning of 2000.

What else the report includes

The Condominium Conversion List contains the following information for each property:

Three columns showing the market area of each property so users can easily sort and organize the data in the report: County, SubMarket, Neighborhood. We also list the address, city, and zip code for each property.
Three date fields: Date of Conversion, Sale Date, and Date Added. The conversion date is when the property was planned to begin selling as condominiums. The sale date is the date the apartment property sold to a condominium converter. The Date added is the date we added the property to the list.
We show the name of the property as it was known as an apartment property. When we have information, we also show the new name of the property when it was converted to a condominium. (Note: If we show only one name, then we believe the property did not change its name. If we show one name and "( )" then the name listed is the condominium name and the property either did not have a name as an apartment or we did not know the name.
The spreadsheet shows the number of units in each property and when it was built.
We list the average unit size for each property, the price per unit and the price per net rentable square foot each property sold for when it sold as an apartment property to a converter.
We also list the tax account number so that you can easily do additional research using assessor websites. Note: When properties convert to condominium their tax account numbers usually change. We show the new tax account number for those properties in King County and will add Pierce and Snohomish counties soon.