From the June issue: Stung by a wave of condominium defaults and
the collapse of the credit market for jumbo loans, some real estate
brokers are channeling their energies into a different area: affordable
housing developments with government-backed financing for first-time
buyers. For some brokers these offer a stable alternative to
market-rate condominiums and co-ops. In recent years, firms like
Halstead Property and Fillmore Real Estate have expanded their presence
in affordable housing or mixed-income projects. And, in recent months,
as the recession has made market-rate sales more difficult, competition
among brokers has intensified because more buyers are turning to
affordable units. “We are seeing people who will come to our sales
showrooms now who can’t quite afford the market-rate units,” said
Stephen Kliegerman, executive director of development marketing at
Halstead Property. “These are affordable housing [units] but they are
open to free-market [buyers] under restricted income [guidelines].” [more]