Over the past several months, developers of condominium conversions have been changing their tunes — deciding to switch hundreds of units back to apartments becaues of slumping sales. But at least one major conversion project has found success in the face of a dramatic housing downturn.Chicago-based developer Robert Sheridan & Partners recently announced the sellout of a 299-unit condo conversion project in Chandler. Lakeshore at Andersen Springs — near the intersection of Dobson and Ray roads — opened for sales in October 2005, right when the real estate market was starting a dramatic slide. Sales took off initially but soon fell off like many conversion projects.Though the project eventually sold out, company President Robert Sheridan’s outlook of the conversion market remains bleak."I think in many areas of the country, including Phoenix, there’s a price correction yet to come to burn off excess inventory," Sheridan said in a statement Tuesday. "Many will hope I’m wrong, but I think we’ll see condominium prices decline rather than rise in the medium term. We’re not out of the woods yet."

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