Community Redevelopment (OTCMKTS:CRDV) Stock Falls After Recent Development
Community Redevelopment (OTCMKTS:CRDV) fell 4% after the community-focused real estate developer for suburban and urban markets announced plans to identify, upgrade and sell assets through its Mosaic Development andRedRock Real Estate Investment LLC subsidiaries.
Traders Corner
On Tuesday, CRDV stock fell 4.05% to $2.84 with more than 1.12K shares traded, compared to its average volume of 3.93K shares. The stock moved within a range of $2.0000 – 2.8400 after opening trading at $2.54.
Community Redevelopment Targets Rapid Growth Through Its RedRock and Mosaic Subsidiaries
The Company’s only concentration will be on buying mid-to-high-end multifamily and residential buildings which can be extended, infilled, or accommodate an Accessory Dwelling Unit (ADU). Notably, the Company will initially begin by focusing on the rapidly expanding South Florida market, an area experiencing a housing crisis with a plethora of redevelopment opportunities.
RedRock Real Estate Investment LLC president Brent Coetzee stated that with demand outstripping supply, RedRock and Mosaic have teamed up to capitalize on the marketing trends. Several old neighborhoods with excellent schools and amenities and convenient access to entertainment, shopping, and significant job hubs offer wide lots with small houses that can be significantly expanded. So in the coming weeks, CRDV is worth keeping an eye on.
Key Quote
Myron Jones, Head of Development for Community Redevelopment, said, “Developers are seeing significant opportunity when it comes to acquiring and repurposing sustainable, moderate to high-end residential and multifamily assets that can be expanded as a means of increasing the intrinsic value of the property. Community Redevelopment essentially has two opportunities for revenue. The first opportunity is by forcing appreciation and increasing equity in the property. The second opportunity would be through the generation of revenue if, or when, RedRock Real Estate Investment LLC should decide to sell the property.”
Technical Data
CRDV stock is trading above the 20-Day and 50-Day Moving averages of $2.75 and $2.74 respectively. Moreover, the stock is above the 200-Day moving average of $2.73.
