Air Space Condominium: The CT Supreme Court Made it Legal, Video Makes it Understandable!
by Geomatrix Productions in Legal Video
The creation of an Air Space Condominium in Connecticut is a legal structure that gives developers, investors, banks and property owners a way to maximize return on property investment, offer future liquidity and flexibility and, where banks and lenders are concerned, can help with restructuring and modifications of loans supported by distressed real estate assets. It’s easily financeable and insurable, and lets owners raise cash by selling only parts of the property while maintaining ownership and long term cash flow of the retained real estate. It sounds great right?
The problem is that converting multi-use buildings into one air space condominium is not as widely known or utilized in the real estate industry. It is unique and difficult to explain verbally, making developers, investors, banks and property owners reluctant to engage law firms to do this work which, in some cases, may result in lost opportunity.
Patrick Hanna, Partner at Carmody Torrance Sandak Hennessey, said, “I used to roll a survey map out on a conference table and have clients or potential clients gather round while I used colored markers and my limited drawings to attempt to explain how air space condominiums work.” He thought that there might be a better way to explain the concept.
“I thought that a video using animation and aerials would help me to communicate exactly how the concept works for an audience of people in the Real Estate world like bankers, developers, investors and owners, but there would be other benefits too.”
The video he created with Geomatrix Productions works beyond its role as a creative means of marketing. It is used as an in-house training tool for associates and attorneys that do not focus their practice on real estate to help those attorneys get up to speed and confident in discussing and recommending the approach or at least having a working knowledge of the subject in the event the topic arises.
“It also makes clear to attorneys outside the Real Estate and Land Use practice that we have a unique offering. It opens the door to easier marketing conversations when the opportunity arises.” Thus, the video provides an opportunity for cross-training and cross-marketing.
“The video was a challenge for us to produce,” said Cathie Reese, producer. “It took us some time to fully understand the process so that we could boil it down into something that made it look simple.”
The legal process is not so simple. It’s a niche offering and Carmody was part of the Connecticut Supreme court case that validated the concept.
The video resides on the landing page of the firm’s Real Estate | Land Use practice, and has been pushed out on social media. According to Hanna, “I will use it at presentations and seminars; much more interesting for the audience than listening to me!”
Video helps market, sell, train and more. Give Geomatrix a call; we’d like to discuss your ideas and ways we can help you.