For the Real Estate enthusiast, finding the next best real estate investment is a hobby that never feels bored at any time. Either in terms of location, price, structure, land and asset, one is always looking for a great real estate opportunity.
This blog is about filling that need to find a great real estate opportunity, and one can find that great opportunity in turning departmental stores into condos. This is a superb idea which create a lot of value for both parties.
You can see the results of seizing this opportunity from the story of the Krauss Departmental Store’s in New Orleans where they occupied two city blocks for 94 years and later converted them into luxury condominiums and named it Krauss Condos. And the rest was good returns for the owners.
Now what is so special about converting departmental stores into condos or why should anyone think of finding and turning a departmental store into condominiums. From this point to the end of the blog, I will tell you why it’s such a great idea.
Firstly, turning departmental stores into condominiums like the Krauss Condos is a great idea because departmental stores are found in locations that are at the center of the city, which means it’s to business, offices, organizations, government agencies etc.
This makes a great location to live for executives, entrepreneurs, expatriates, governmental executives etc. due to the fact that they will be living close to their work or businesses. This will save them a lot of things, it will increase their productivity and they will be close to the people they serve.
Another thing is as stores close due to so many reasons, the property often sits idle and left unmanaged. This means that the stores can be converted into homes so as to put them into good use rather than left to decay. As a result it will beautify the streets of the city and the building structure.
The fact that most departmental stores are located in prime locations that is often very high in value makes a very good option for investors looking seeking for good returns from their investment. This is so because homes in such locations will attract high patronage.
The population of people is really growing at a stupendously high rate and the availability of land is on the low, departmental stores somehow is a way to solve this issue for lack of land. This is what developers are doing as seen in the story of Krauss Condos and RioCan REIT which is Canada’s largest property trust.
Already in countries like the United States of America and Canada, mall and departmental store owners are joining in and making good use of the structures and properties they own because they see the value it creates for them and also the owners who get to buy the condos after it’s built.
Finding the right departmental stores, owning them and converting them into condos is an opportunity that if one can go for it, will certainly enjoy the result.