Failed condo conversions attractive to some investors

Published December 8, 2010

The “condo-conversion” craze may go down in infamy in Florida’s real estate history. Many of these apartments-turned-condos failed to sell and were turned back into apartments.

Now, some investors and developers are snapping them up at a fraction of their former prices. An Israeli investment firm, Gamla-Cedron Group, announced this week that it has purchased its fourth condo-conversion complex in the Tampa Bay area in 18 months.