Up until the 1960’s the San Francisco Bay area had only two housing options – eitherown a house or rent an apartment.There was a demand in thehousing market for a product that would give an opportunity for working people to own their own living space — the creation of condo living and ownership was then born.
Inthe current Bay Area economic environment we are seeing history repeat itself – with a twist.Working people, once home owners, are being forced back out into rental living.These peoplemay besingle, or couples, or even families with children, who used to live in residential neighborhoods.Now they have little choice but to pay high rents to live in those neighborhoods, or rent living space in mid- to high-rises that arelocatedon busy street corners or incongested and dense areas.
Rents are now almost equal to paying a home mortgage loan, yet for working people the loan requirements have tightened and many of their salaries cannot qualify for the loans to purchase a house in neighborhoods.Whatcan working people do?Keep paying rent forever? No!
HOPE is on the way!
Many residential neighborhoods in the surrounding Bay Area, for example the East Bay and the South Bay, have many multi-unit residential income properties that are available or have current owners.By transforming and developing these types of properties to individual residential condo ownership we will meet the new product and price demands of this market– creatingthe new buzz word “New Affordability.” This is an emerging market that promises to reenergize the current housing marketcreating a win/win situation for both the owner and buyer. The time to seize and create new opportunities is NOW!