With the condominium market in Chicago plateauing somewhat due to market saturation, Condo owners who have befallen hard times trying to get renters or buyers have a new option: CRS.

“At this point in the market, what we really are is more of a safety valve or a way for people to weather the current situation,” Michael Zink, one of CRS’ developers, says. “We can mitigate loss in this period of recovery.” Recovery?
The idea behind CRS is to provide some sort of insurance for condominium owners in Chicago: the owner of the unit pays 10% of the value of the monthly lease transaction in exchange for a guaranteed rent check every month - even if the unit is unoccupied. CRS also provides services that find tentants for the condo or collect rent. The success of CRS is allowing them to expand their business currently. As they grow, more options for condo owners will most likely be available. It’s an interesting idea.

Technorati Tags: Chicago Condominiums, Condo Lease, CRS

This entry was posted on Wednesday, September 27th, 2006 at 5:50 pm and is filed under Market Update(t) , Luxury Condos(t) . You can leave a response.