Putting A Condo on Layaway

There are a lot of reasons that condo units are going unsold in today’s market: a glut of inventory, tightening lending standards and economic uncertainty giving buyers cold feet. One solution has been for new developments to convert into rental buildings, but many of these condos gone rental (aka “nondos”) boast doormen and high end finishes and as rentals they command high prices. Just as there is a limited number of people who can afford expensive condos, there’s also a similarly limited number of people willing to throw down on a luxury rental these days. The newest trend is based on the realization that there is some overlap of these populations–fairly affluent first-time buyers are now looking to rent the very same units that they were previously interested in buying, so it’s only logical that rent-to-own schemes would start to pop up in the city. According to the Real Deal, this is happening primarily in the outer Boroughs, particularly Brooklyn. To read more about how you can get in on the rent-to-own action, read the full article here.

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About Me

Michelle Erfer is a licensed Real Estate Salesperson in New York City.
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