Several are finding themselves with partially sold projects while others have seen their properties move into the hands of banks, which aren't necessarily in the business of real estate. All of this has led to an increase in the number of firms offering services to help owners deal with these projects.
Among those companies is locally based Montecito Residential LLC, which recently launched Montecito Asset Recovery Services. The new firm provides third-party services to holders of distressed rental or failed condominium conversion properties to help keep the asset afloat in the multifamily market.
According to Barry Gillingwater, Austin, TX-based head of the division, the firm decided to enter the arena because that's where the activity was. Montecito had been active on the condo side for some time with quite a bit of success, he says.
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