The Great Recovery, following what the Asheville Citizen-Times likes to refer to as the Great Recession (the one single-handedly caused by former President Bush, that wasn’t announced until it was over, and that President Obama and the mass media have fixed on paper when it hasn’t slowed to a standstill in the masses’ perception of the real world – that one), is characterized by an increase in apartment rentals.
News stories of one or more large development investments sitting around all ugly and incomplete are not uncommon. Today, John Boyle wrote about a condominium complex reduced to apartments. At one point, the developer had collected 177 deposits for condominiums. The economy tanked, and now he boasts 66 apartment leases signed in forty days. Condos would have sold for between $210,000 and $650,000; but now rentals are going for $700 to $1500. The project requires HUD insurance.
