The market for single-family houses in New Jersey is hot, a fact well-documented in media reports and real estate data. But does that strength extend to multifamily residential developments — specifically condominiums? The answer, according to Michael Mendillo, is yes.
Mendillo is the president of FirstService Residential which manages condo properties and works with homeowners’ associations. In the latest edition of NJBIZ Conversations, Editor Jeff Kanige spoke with Mendillo about how resilient the market would be and what has been driving it. “What I think was unexpected was the quick reaction from the city folks, if you will, from either New York or Philadelphia who felt this need that now is the time to maybe get out and move into more of the suburban areas,” he said. “So we definitely saw that from a sales perspective.” Watch the full interview here: