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From Distress to Success: Repositioning Affordable Housing to Revitalize Communities
It is not surprising that given current market conditions, a greater share of local development has involved repositioning, reusing, and re-branding existing properties. With real estate prices depressed, it is often cheaper to purchase an existing structure than to buy a vacant or under-utilized property in order to build a new structure of comparable size. The market remains saturated, with new condominium developments that remain unsold, commercial properties left vacant by store closures, and apartment buildings purchased by over-extended developers who have failed in their goal of converting the buildings into condominiums. Continue reading Urban Landscape.