Condo conversions are an undisputedly hot sector of the real estate industry. Last year the market seemed to come of age, after JPMorgan Securities managed the first condo conversion securitization in May 2005. Credit Suisse First Boston Mortgage Securities Corp. followed with a $1.99 billion transaction that financed the Manhattan House. This deal was considered the largest single building condo conversion.

Despite the handful of deals that followed, and continued intense activity in the sector, securitization professionals are not counting on condo conversions to become a steady, long-term asset class.

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