Sunday, January 25, 2015

The Latest "Hot Item" in the Real Estate Market

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.


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