Last year in a series of emails, we discussed solutions to the slow down in condo sales. To review:
- According to Harvard University’s Joint Center for Housing Studies, 14 million new households will be created in the next 10 years, and 6-7 million of these will be renters. In the past 10 years only one million net units have been added to inventory over the last 10 years, so there is going to be a “significant need” for more units.
- The need for housing will continue even in these slow economic times for all of the normal reasons such as family formation, job relocation, increase in population, downsizing by senior citizens, and older housing units going out of service.
- Many partially sold condo projects have come to us for assistance in conversion to rentals. We have successfully found investment sources to handle this situation, and we anticipate an increasing need as the housing market demands more rental units
We have joined with a FHA, Fannie Mae, and Freddie Mac lender and the leader in the New Senior LEAN Processing. We have also forged relationships with large General Contractors to work on unfinished condo projects and convert them to rentals. Together we handle the debt as well as the ownership exit.
We are always looking for more projects. If you think we could help you, please call Chuck Kendall at 773-259-7074 or Scott Kendall at 847-903-7578, or email us at Chuck - ckendall@
