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That’s simply what developers like Devin Overly of Metaview Development have banked on. Metaview has undertaken a brand new growth in Salt Lake’s Marmalade neighborhood. Early in 2009 they decided they might market the brand new high-end growth’s urban lofts as apartments rather than condos. According to Overly, the project dubbed Flats at Capitol Hill was a lot simpler to acquire financing for as an condo complex. Metaview isn’t the only developer to transform its new apartment project to rentable apartments.
The Manor on downtown Salt Lake’s South Temple was originally an apartment to rental conversion; it’s now an house-to-rental-again-to-condo project. The developers had been unable to acquire FHA approval for the building.
For one thing, households are smaller than they had been previously. As Mark Obrinsky, chief economist for the National Multi Housing Council in Washington, D.C. Dowell Myers, housing demographer at USC, provides that …