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Help for Holders of Broken Condo Projects

JACKSONVILLE, FL-Two firms start divisions tailored to unsold, foreclosed or bankrupt projects.

By Sule Aygoren Carranza | Updated on April 11, 2008

[IMGCAP(1)]JACKSONVILLE, FL-A booming for-sale market has led many developers to embark on ambitious condominium projects across the country. Now that the for-sale market has slowed dramatically, however, the players that took part in the condo craze are now facing a crunch of their own.

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.

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