Has anybody out there started from 1 apartment and bought up an entire (old) apartment building, taken over the bodycorp with the aim of renovating the entire building. Surely this can be done and there appears to be benefits because new apartments often sell for twise old similar apartments????????????????????
I’ve been trying to do this for a block where I own a unit. It’s harder said than done, I’ve found, since everyone wants top dollar for their unit. I think it’s much easier for smaller blocks. But I’ve seen it done for fairly big blocks before. And yes, the selling prices are substantially more, and people actually buy it.
One idea you might want to consider is to buy up an old motel and redo it as an apartment block.
Cheers
M
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