However, the term "conversion" is usually reserved for just those projects which involve changing the title (and sometimes also the use) of an existing structure, such as a multi-dwelling apartment building, row dwellings (townhomes) or a commercial multi-unit rental site.
The market for residential condominium conversions typically arises when the price of single family homes increases beyond the reach of the first time buyer.
A condo community is governed by a form of homeowners association which, in some jurisdictions, such as Ontario, Canada, is actually a condominium corporation that is managed by a board of directors.
Another powerful marketing tool, one that should be taken into consideration going into the conversion, is an attractive financing package that can be made available to potential purchasers of the condos.
The low interest rate affliction that has crippled apartment fundamentals for several quarters is driving the biggest condominium conversion boom in two decades.