Healthcare: Medical office condos take a hit from real estate slide

Healthcare: Medical office condos take a hit from real estate slide

By Victoria Stagg Elliott for amednews

Physicians who bought medical office condos during the real estate boom should sit tight. And those looking to buy this type of property definitely need to exercise due diligence in verifying the viability of a proposed project or even an established building.

The advice comes from those who work in this corner of real estate. “If you don’t have to sell, you can wait a little longer,” said Neil Shapiro, chair of the health care practice group at the law firm Herrick, Feinstein in New York. “Everybody is a lot more cautious than they were a couple years ago.”

Medical office condos first emerged in the 1970s but became more popular in some areas of the country, such as Arizona, Florida and Nevada, in the past decade. Anecdotal and statistical evidence, however, suggests that the value of these kinds of properties has gone down in the subsequent real estate bust, although not as much as that of general office condos and other commercial real estate.

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[ama-assn.org]

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