Understanding Condominium Conversions in DC
The height limit in DC, coupled with only 62 square miles of space, means that land in the District is finite. One smart solution; condo conversions. This is the process by which existing single-home properties are converted into condominiums, which can be a fantastic opportunity for developers and homebuyers alike.
Why convert a home?
Condominium conversions allow real estate developers to increase the density of a property, which helps provide new home-ownership opportunities to the population. They often occur in older, neglected homes - which gives them new life. It is important to note that the District has different zoning laws, which limit the amount of development that can be undertaken per property.
Why convert a home?
Condominium conversions allow real estate developers to increase the density of a property, which helps provide new home-ownership opportunities to the population. They often occur in older, neglected homes - which gives them new life. It is important to note that the District has different zoning laws, which limit the amount of development that can be undertaken per property.
The Process in Brief:
- Submit an "eligibility to convert" application to the Department of Housing and Community Development (DCHD). If approved, the DCHD will provide a Certificate of Eligibility to Convert.
- Next, a Public Offering Statement (POS) must be submitted to the DCHD, explaining the features of the condominiums. This document must comply with Chapter 9 of the Code of the District of Columbia.
- The next step involves the recordation with the Department of Consumer and Regulatory Affairs (DCRA), which records the documents for public record.
It is easier to undergo this entire process with an agent who is knowledgable in the process, and who can market these condominiums for you.
The Thrive Team has expertise working with developers to create new housing opportunities for homebuyers through condo conversions, in many neighborhoods - such as Glover Park, Columbia Heights, Petworth, Brightwood and more! With an acute knowledge of the entire process, the Thrive Team can help guide you.
If you'd like to talk about some of the Thrive Team's developments, get in touch!