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In recent years there has been a renewed interest in creative responses to the increasing demand within the urban-housing market causing it to become increasingly competitive. This area of real estate was once dominated by starving artists, and social activists but has now been attracting influential real-estate developers.

Adaptive reuse continues to appeal to adventurous types. Adaptive reuse is where a building or facility not originally intended to be used as a residence is legally converted to one. As exciting as the prospective projects in the urban-residential market may be, these projects can be exhaustive undertakings, even for the most experienced in the real estate game. Those who attempt to undertake a sizable project in this arena must proceed with caution, be patient, persistent, detail oriented, and comfortable with risk.

When taking on a project in the urban-housing market, just knowing where the lot lines are is not enough to get by. You must be prepared to provide information on the past, present and future of the property with regard to a wide range of issues. The zoning history of a property can become a factor to influence the success or failure of a project. If it is a new construction project, there must be an examination of estimates on how the new residence will affect traffic flow and congestion on the adjacent streets. Another issue that may be of concern in the development of a project is to determine if the municipality is concerned with tangible benefits to the surrounding community. Can-or must-the building be made compliant with current energy standards? Are there any historic-preservation requirements that need to be met? These are just a few of the areas that must be addressed and resolved.

Once the plans pass muster, construction-and all its attendant surprises-may begin. You may find a buried oil tank not noted on the original blueprints or electrical wiring dating from the gaslight era. By anticipating encounters with obstacles like these you wont be completely derailed when they occur.

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Source by Samantha F Johnson