The price of real estate in SO-CAL has definitely leveled off some (signs of a peak???). Prices are still extremely high, but are not going down yet and i do not see them going down in the near future. Property (condos and homes) are staying on the market a lot longer than they use to, but are still selling for the asking price or just under the asking price. The increasing interest rates has probably caused this slow down but rates are not high enough to stop it or start to reverse the market (lower real estate prices). Remember that if you buy now you are buying at the peak of the market and in a few years your condo may not be worth what you paid for it. I would only buy now if you are prepared in the future to sell your condo before the value drops and you may loose money (Think of it as an investment). If you have good credit you can still get an excellent interest rate and if you plan on selling in a few years, you shouldn't care so much about it. Condo conversions ??? do you mean apartments turned into condos, I have never suggested these to any of my clients because they are the first to loose value and are difficult to sell at a profit...
5 years as real estate and loan agent in LA