Apartments to Condos Draws Look From Palm Desert Planning Commission
The Desert Sun
May 15, 2007
Planning group has many things it must weigh
The Palm Desert Planning Commission is set to vote today on a new ordinance that would set regulations for converting rental apartments to condominiums.
The law seeks a middle ground between the financial interests of developers and the city's interests in protecting tenants and buyers, and ensuring adequate levels of rental housing, said Lauri Aylaian, director of community development.
If the commission approves the law, it will then go to the City Council probably in June, Aylaian said.
The proposed law would create the following requirements for condo conversion projects:
Vacancy rates in the city would have to be more than 5 percent for two years in a row before a conversion is allowed.
Newly built apartments would have to remain as rental units for a year before they could be converted to condominiums.
Apartment inspections would be required before a conversion. They would have to be performed by a licensed architect or structural engineer, rather than a certified home inspector.
Tenants would have a 90-day option to agree to purchase their units, and they would be provided with relocation referrals and financial assistance if they decide not to buy.
Apartment buildings with four units or less would be exempt from the requirements.
Aylaian estimated the city's current vacancy rate at about 10 percent. No applications have been made for condo conversions, she said.
