Monday, July 11, 2011

More Rental Information

The Rental Market continues to be hot. Previous articles have documented the increased activity both from a traditional rental building as well as condo owners looking to generate some revenue from their properties.

I have a friend who was looking for a short term furnished property to rent.  My advice to him was to try the Catalyst.  That building was born as a condo development by Novare.  As they also built The Avenue, they did not want to interfere with the closing of The Avenue, they did not do presales.  Unfortunately for Novare, the recession had hit when they finally started marketing. 

Too late!

After frantically trying to sell the building, they hoped to convert it to half rental half condo, an interesting plan, but it failed to materialize.  They finally decided to turn the entire building into rentals.

As of this writing, they are 98% leased!

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