Fixing your "broken" condo building
It has become a common scenario. At the height of the real estate market years ago, zealous real estate developers converted hundreds of dated and neglected apartment buildings into condominium developments. Real estate investors, both experienced and newbies alike, were attracted to promises of heathy investment returns and ease of resale. The recession hits and the developer can no longer complete the originally intended construction, much less continue to sell the remaining units in the building. What’s left is the classic busted condominium project and the investors who already closed on their units are left holding the bag.
Fast forward to the present time and those investors who still own their units in these projects and didn’t already lose them in foreclosure are starting to see a way out of this investment gone wrong.
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