A Detroit company that thinks it has a proven way to help people who want to move into a bigger house, but feel trapped by the economic times the nation now faces, recently announced it expanded operations into Philadelphia.
While local housing prices recently fell to 2003 levels, the city fared better than others still reeling from the real-estate bubble burst. Still, Marketplace Homes managing partner Mike Kalis says there are many homeowners with growing families having a hard time selling their homes.
Marketplace works like this: A homeowner comes to the company, which looks into whether there “is any hope of selling the house.” Having partnered with homebuilders, the client can get into a newly built house in the suburbs while Marketplace sells or guarantees up to six years of rent at their old property.
“We’re the only national property management company of its kind,” said Kalis. “We help people in a really simple way. If you buy through our builders, we make sure you get rent and make sure the grass is cut.”
Kalis said most clients are 25-40 years old, making $75,000 to $200,000. Marketplace hopes to have 100 new homes locally.