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Success Stories

Bordeaux

Synopsis:

A 104-unit condo conversion: 45 units were sold, 59 were unsold and in various states of rehabilitation.

Challenges:

  •  No property management was in place.
  • No marketing or advertising in place.
  • Condo Association in turmoil.
  • The debtor wasn’t collecting enough HOA dues to cover the expenses for common area maintenance.  Since the debtor had possession of 59 units, he had a majority seat on the HOA board.
  • Health and Safety issues that had not been addressed.

Resolutions:

  • Hired property management to oversee the onsite issues and prepare the units to be marketed.
  • Developed and implemented a marketing strategy for the property.
  • Protected and improved the value of the asset, secured it against vandalism, and addressed health and safety issues neglected by the HOA.
  • Increased value with new leases, reduced operating expenses by 5%