Tenure choice and condominium conversion

In this paper, we examine the tenure choice decisions of households involved in the condominium conversion process. We apply a model of tenure choice selection to two separate samples; preconversion residents and postconversion residents. We find that the primary factors influencing homeownership in general, income and relative prices, are also strong influences in determining condominium ownership. However, the tenure choice decisions of preconversion residents, who are confronted with a forced choice, are more heavily influenced by income and expected mobility. Post conversion tenure choice varies more with demographic factors and is more price elastic in nature.