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Ed Villeda used to dream of being a lawyer, and studied criminal law in order to prepare for his future. But none of the lawyers he met seemed to enjoy their job, so he figured hed try something completely different. Real estate.
Ed moved to Stamford from Guatemala with his parents and eight siblings when he was 15. I finished high school here and then went to college, he says. Then, he worked part time for one of the top producers at William Pitt, and really liked it. He began overseeing rentals. As soon as he made enough money he quit his other job managing a parking facility. He now he lives in the South End of Stamford, near the ongoing urban development project, Harbor Point.
Ed has found a niche in the short-sale and bank-owned property market. The bulk of these properties is in Stamford, Norwalk and Bridgeport. Many are multi-family homes bought in more prosperous times as investments and retail stores. But many of these properties need a lot of work by the time they are vacant. It can take a long time to get the tenants or owners out of a property, and during that time no maintenance is done, Ed says, adding that several banks have what they call a cash for keys program. The bank offers owners a cash incentive and 30 days to move out, hoping this will discourage vandalism.
With prices as low as $175,000 for a two-family house in Stamford, Ed finds that buyers with cash are starting to invest again. "The houses are selling quickly," he says, adding that the retail property market is still slow.
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