Some reports on the questionable condo craze. "As the condo market cools, year-over-year sales of existing condos and co-ops were down 2% in March, some developers are trying a new tactic to entice buyers. Taking a cue from the boom in hotel condos, where developers combine residential units with hotel rooms, they are signing on big-name restaurants and chefs, opening trendy bars and building clubs on the property."

"Putting nightclubs and restaurants in condos could have some drawbacks. Diners and clubgoers won't be able to access the residential floors, but crowds and rowdy drinkers could get in the way of a good night's sleep."

"Ownership doesn't always have its privileges. Vegas 888 plans to offer residents full access to its clubs, but some properties are reserving the right to enforce a tight velvet rope. Condo owners may pay $4 million, but letting them all into the club could hurt the rep. 'We have disclaimers saying there's no guarantee that you're going to be able to get in,' co-owner Kevin Venger says."

"While all eyes have been focused on the downtown Chicago condominium market, condo construction has been booming in the suburbs as well. For the year ended March 31, there were 19,000 permits for multifamily homes issued in the 14-county area, compared with 11,500 permits in the year ended March 31, 2005."

"The Metrostudy survey indicates there are 55,000 condominium units in planning and zoning stages in the 14-county region. The proposed units represent a four-year supply. Analysts have expressed fears that builders are putting up too many homes, and that orders are not keeping up."

"About 5,400 people now live in downtown Austin, about one-third of them in seven new condominium and apartment projects built in the past five years. There are at least 16 more residential projects in the pipeline, which are expected to add about 7,400 more residents to downtown."

"There also are a growing number of transplants from the East and West coasts, especially California. Buyers from California account for about 15 percent of residential sales in and around downtown, said Kevin Burns."

"In 2002, Glynn and Renata Turquand sold their house in Clarksville with a yard and garden and moved with their 6-month-old daughter to a 10th floor unit in the Nokonah, which was one of downtown Austin's first condominium towers. Yet as much as the couple likes downtown living, the lifestyle may be temporary, he said. When their daughter reaches kindergarten age, his wife will push for a traditional house. 'Five years from now, she'll get what she wants,' he said."

"Despite all the downtown projects in the pipeline, Todd Camp said he isn't worried about a glut causing his condominium to lose value. 'So many people are coming to Austin that I'm not concerned at all about depreciation,' said Camp."

"Not everyone, though, is happy about the changes taking place downtown. 'It was hidden and tucked away when I moved here, quaint and peaceful,' said Susan Speyer. But now, with a 22-story condominium tower and a hotel slated to rise next door, she says it's time to sell. 'That's not why I moved here,' she said. 'It's not quaint seclusion anymore.'"

From Tucson, Arizona. "Still deciding whether to buy (a condo conversion) is 12-year resident Herb Michaelson. He said he’s satisfied with his ground-floor unit, 'but when I think of condo, I think of something with amenities, like a doorman. You get the advantage of a good location, but it’s still more an apartment than a condo.'"

"Location may be crucial to the survival of a conversion product, said housing industry analyst John Strobeck. With an abundance of homes on the market, he said only the Catalina Foothills is sustaining buyer interest. 'The others are falling flat on their face, right now,' he said. 'Selling conversions in this market is going to be tough.'"

"(Commercial broker) Art Wadlund said the purchase and conversion of apartments is, more or less, over in Tucson. 'This was a one-year phenomenon,' Wadlund said. 'Everything that was going to be purchased for conversion has already been bought.'"

"With 10,000 to 11,000 new homes sold in Tucson in a year, Wadlund said it will take two or three years to sell all of the condo units that are now available. 'This is a cyclical business, so whether it’s two year, five years or 20 years, the time for this kind of thing will come around again, eventually.'"