The frenzied real estate market of the 1980's hit the Fenway particularly hard: over 3000 apartments were converted from affordable rental units into condominiums; most were sold to absentee investors. Mnay conversions displaced residents while leaving the building physically unchanged, more costly to live in, and harder to manage. After the speculative bubble burst in 1989-1990, values fell and many investors simply abandoned properties that were losing money - further destabilizing the neighborhood.
Today, we're working to expand the pool of resident owners by teaching tenants how to buy the condo units they live in or others in the neighborhood, and then helping them win pre-approval for mortgages that make a purchase possible. In one stiking example we're training a group of potential home owners who plan to bid on condos along the Queensberry Street at an FDIC auction of 25 foreclosed units.