From Realtor Magazine Online, Daily Real Estate News August 12, 2008
Builders of apartments say the time is right for new construction.
Condo developers are no longer competing for land or construction services, fewer people can qualify for mortgages, and in many areas there is a shortage of apartments for rent, pushing up rents.
Jay Jacobson, the development partner in charge of Wood Partners' South Florida division, says his company, based in Marietta, Ga., sat out the condo craze. Now with people needing a place to live, he says it’s time to jump in.
But Jacobson says the challenge is finding financing. Banks are reluctant to lend, interest rates are higher, and lenders want borrowers to put down more money.
Wood Partners has 996 units under construction in Miami-Dade and Broward counties, and has plans to start an additional 1,500 within the next 18 months.
Evan Kristol, a vice president of investments at Marcus & Millichap's Fort Lauderdale office, says Wood Partners probably has the right idea. ''With location, location, location and quality construction, I think they've got a recipe for making money,'' Kristol said.
Source: The Miami Herald (08/11/08)
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