While creating great deals for buyers, the decline in the real estate market has caused frustration for new developments. Increased inventory has forced many new developments to decrease prices drastically to help sell units in buildings on the verge of being taken over by banks. Great time to buy and flip condos right? How about buying and flipping a note on a building?!
Crain’s reported that the lender on the project at the Odyssey Lofts sold the loan to the unsold condos located at 775 W. Jackson in the West Loop. The investment group that recently obtained the note for the Odyssey Lofts has sold it to another investment group. Deals like these are showing how banks are looking more and more to cut their losses and sell to investors. Could flipping notes become a trend like flipping condos during the peak of the real estate boom?
Full story at ChicagoRealEstateDaily.