Condo Conversion
2400 McCue is a condo conversion, meaning that the building was built as rental apartments, and then resold as condos. It ranks as one of my favorites in the Galleria area. It is of recent construction, so there should not be a lot of deferred maintenance issues. That said, I would advise buyers to investigate the financial status of the Condo Association, and also the percentage of renters vs owner occupied units that exist in the building. If there are too many renters, certain mortgage financing is unavailable, which makes buying and reselling difficult.
The property itself is gorgeous and if you can get one of the upgraded units, the finishes are superb. The developer charged about $15k for the upgrade package, so if you see big price variations for the same size units, upgrades might explain it. Quite a few of the units at 2400 McCue were sold to investors, which might explain the high foreclosure rate in the building.
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