Write 9 pages with APA style on Should Eliot Conviser Buy the Brimmer Street Garage and Convert It to a Garage Condominium.

Write 9 pages with APA style on Should Eliot Conviser Buy the Brimmer Street Garage and Convert It to a Garage Condominium. The decision to convert the garage into a garage condominium depends on the preferences of the market, that is, the preferences of the tenants and other prospective tenants. If the market needs a parking space, and they want to own it, then the garage condominium concept is possible. If the market does not want it, what happened with the previous owner's failed venture will only repeat in Eliot Conviser's.

For Eliot Conviser to make a good decision, he must survey the market again as regards the feasibility of the idea. If the markets' preference changes, say if parking space within the area has been scarcer than ever before, and ownership would definitely be a great substitute to renting the space, then the project can pursue. With the sentiment of the market to back up the idea of ownership of parking space, then the garage condominium concept would prove to be successful. However, as there is no evidence to any of these as stated in the case, it cannot be assumed that market sentiments and preferences have already changed to support the idea of garage condominium. With this, Eliot Conviser's decision should be not to go ahead with the garage condominium.

He, however has another option in order to make the business profitable. If he cannot sell the condominiums because the market decides that parking space should remain for rent, he can continue to rent the property, however, he could increase the price in order to increase his profits and cover the costs of renovations, in order for him to recover his capital faster. This increase in price is possible because of the factors that support the strong demand for the parking space. For one, the demand for the parking space is strong because of the scarcity of parking space within the area. Also, the garage has been a historic site that increases its market value. Lastly, the perception of exclusivity that garage offers to its tenant because of the very low supply, the higher rental price can be increased.&nbsp.