Sunday, January 25, 2015
The latest economic downturn has created an expanded market of dispossessed home owners. Many people with otherwise good credit can no longer afford owning a home. As a consequence, affordable rental options such as apartments and condos are in short supply. Overly cautious developers are slowly starting to "smell the coffee" and nibble at available land zoned for multi-unit housing. Lenders are, also, gradually loosening the purse stings on construction loans for apartment/condo development. Prices being offered seem to range between $10,000 and $15,000 per unit, depending on infrastructure and utilities available. For instance, we are offering a wooded site zoned for 16 units in Somers, WI where the owners have reduced their price to $13,000 per unit. It is located on a quiet cul-de-sac with 5 other apartment buildings. Based on the increasing demand for modern apartments, it shouldn't last long.