Costs of Converting
The costs associated with converting to a condominium are far more than the $150 condo lottery entry fee. Costs include:
City Fees - The city of San Francisco charges an inspection fee ranging from $511 for two units to $852 for six units, an application fee starting at $7700, a recording fee of approximately $110, and of course the condo lottery fee of $150.
State Fees - The State of California requires an application for conversion of 5 or more units. The application fee is approximately $1700. The State also requires a formal budget which can cost a few thousand dollars if prepared by a professional.
Surveyor Fees - Surveyors are used to prepare the parcel maps. They start at approximately $4500 and increase as the building size increases.
Other fees often associated with conversion are attorney fees, repairs if the building inspection requires them, title fees, and lender fees for signing the land survey.
More fee info at SF Department of Public Works Subdivision Mapping and Fee Schedule (as of April 12, 2006).