While it may be a buyer's market, affordable housing developers are also looking to cash in on a line of newly constructed properties in Baychester.

If developers in the Baychester section of the Bronx could get their wish, they'd like to sell a block of three family houses on Ely Avenue for about $700,000. But in this economy, it's only a wish.

"Right now that market has dried up, because the lack of financing to buy them," said Bruce Dale of the Community Preservation Corporation.

The community preservation corporation or CPC which supplies loans to small developers says banks are not backing sizable mortgages anymore, which in this case would mean more than $600,000 for a three-family home. But in order to make a sale, developers have another option in which to market the 22 new properties in the northeast Bronx.

"Instead of selling 22 three-family homes, we now have 66 apartments which we can work with him to have him sell as condominiums to the extent that the market will carry," Dale said.

In the face of falling home prices, separate condo sales might be a more practical way for a developer to minimize loses. The asking price for the condos is expected to be between $200,000 and $250,000. One of the real estate brokers for the property says everything is on the table, with the goal to get the homes occupied.

"There are several ways that a property can be sold," said Jacquelin Motta of Motta's Real Estate Corporation. "It can be sold as they are as a three-family, they can be sold as condominiums, there are different options. It can be sold as a rental development."

For some who represent the area, they say they have fears that all of the homes will not be sold.

Community Board 12 Chairman Father Richard Gorman says there are plenty of existing houses already on the market.

"We probably have about 400 foreclosures at this point, which is one of the highest in the Bronx, even in the city," Gorman said.

Gorman is also concerned that the builder's original intention of an affordable family development could drastically change if the houses aren't sold as intended.

"Plan C may be rentals, Plan C may be the state coming in and asking that they ask that they become group homes and residences," Gorman said. "We may find people turning to section 8, there are all sorts of plans."

Everyone is hoping it's just not a dead-end plan, that leaves dozens of houses vacant and open targets for vandals.