Looking at a building in Haverhill, Ma

[Dawit Araia]

Hello BP community,

I have a question, I am looking at a building in Haverhill, Ma that is gutted. The current owners purchased it in 2005 to convert into condos but when the market crashed they stopped construction. Long story short, I am looking to wholesale it to someone that would like to do something with the property but not sure if the market there is good for condos. Does anyone know that market? I've been looking for articles or market reports for this info but am having trouble finding anything for condos.

[Shaun Reilly]

Yeah where in Haverhill?

Did they do any of the legal stuff to condoize them or just gut the building and not finish renovations?

How many units? Personally hate Condexes as they can be a PITA and they can be hard to finance sometimes. Anyone that would do it would most likely have a lender or two they know could make it happen, but still not going to be the easiest thing.

FWIW you see plenty of condos, and these condex type ones, in Haverhill. However I don't hear that much about people doing new ones. I assume they are an artifacts from when these guys originally wanted to do that.

Not saying to stay away from the deal, but make sure you are getting a good buy to account for some of the risks (even if there is really good upside).