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Bank Owned Rental Homes Challenge Condo and Rental Housing Market

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By : John Cutts    99 or more times read
The number of bank owned rental homes has increased in several areas of North Carolina in the past few years. This has tightened competition within the rental property market and even in the condominium market. Despite the challenges posed by these lower-priced rental structures, most of the state's condo properties are doing relatively well.

Foreclosures and bank owned properties in Raleigh might not be as high as in other metro areas of the country, but the cheap properties still made their impact felt in the overall residential property market. Several condominium owners have stepped up efforts to make sure that their share of the market remains strong despite the presence of these low-priced properties.

Recently, owners of the downtown Quorum Center property hired a specialist auction company to help in selling the 14 luxury condo units in the building that have yet to be sold. Although luxury condos belong to a different market level from North Carolina bank owned properties, majority of condo investors and owners in the area know that more efforts are needed now to sell their properties.

With bank owned rental homes increasing in number in various areas of the state, Quorum owners saw the need to get the services of an auction company with a strong reputation in the property auction business. The auction for the remaining condominium units will be held on March and bids will reportedly have starting rates ranging between $120,000 and $325,000.

These units are said to have previous prices ranging from $336,000 to a little over $1 million. Although Quorum and most of the condominium properties in Raleigh have done relatively well even during the foreclosure crisis, the high supply of bank owned homes for sale still has an impact on the luxury condo business, particularly in terms of the prices.

Quorum was opened during the latter part of 2006, when bank owned rental homes and foreclosures are starting to appear in higher numbers in various areas of North Carolina. Despite the real estate crisis, the condo property did well to sell more than half of its 37 units within a span of two years.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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