First Quarter Review

We have certainly had an interesting first quarter in the "residential redevlopment" market with all of the changing market conditions.

Of the properties we rehabbed and put up for sale, we have had two fall out at the underwriting stage, several extensions on the others, and a couple scheduled to finally close this week.

Of the two that have fallen out (twice), we are now entering into a seller financing/rent to own option to avoid having any more non-income-producing down time.

Our plan is to structure the seller financed notes to be able to cash out of a first and stay holding a second - stay tuned to see how it works out!

There has definitely been a shift in our market this quarter.

We have noticed the usual last minute rush to get the $8k tax credit.
We have noticed an increased number of rehabbed listings for sale, thereby shifting the supply/demand balance.
We have noticed an increased number of listings of the bigger houses (1600 sq ft and up)
Definite increase in strategic walkaways.

Curious to see what unfolds this next quarter!