New construction (2008) ten (10) unit condominium in New Haven with only two (2) units sold by the 3rd quarter of 2008. Developer/Builder defaulted in December 2008. The Housing Development Fund (HDF) as the investor to the Developer sought legal remedy and was granted a Strict Foreclosure in June 2009.
What did we do?
We assumed the roles of Receiver, Property Manager and Broker to work hand-in-hand with the only two (2) on-site owners and HDF to formulate a working budget, collection of common charges, vendor selection and payables. This enabled us to create a property viable to market. Conducted and implemented assessment of tasks needed of unsold/unfinished units to be able to conduct successful sales.
On The Mark was able to effectively manage the Association and successfully market the remaining units to 100% owner occupied. With our guidance and direction, we enabled the Association to become solvent and whole, in order to transition from Developer to unit owner control.