So one of us has had a heck of a week at work so we haven't been posting much. Today however, we checked the real estate blogs and discovered this frankly weird Crain's article regarding Fannie Mae's apparent suspension of mortgage purchases for loans on condos in Battery Park. Obviously, given the huge inventory right now in BPC (with more coming in the way of the two Milstein buildings), this is very, very bad news for both buyers and sellers as Fannie Mae is pretty much the only game in town right now if you want to get a mortgage.
One thing that we thought was strange about the article is that it seems fairly anecdotal to us - all Fannie Mae was willing to say publicly is that they are "reviewing" ground lease agreements in the area. And even if Fannie stops purchasing mortgages in BPC in the near-term, once the mortgage market thaws out fully, it may not matter in the long run. All that this really means is that if you are a cash buyer and can somehow find that handful of sellers that need to sell RIGHT NOW, you will probably be given a phenomenal deal.
As we've said many times before though, buying in this neighborhood has so little economic justification that we don't really understand why anyone does. After all, you can rent almost any apartment that you would buy, renting is much, much cheaper even in the long run, so....
Posts
46 minutes ago
5 comments:
One thing that we thought was strange about the article is that it seems fairly anecdotal to us - all Fannie Mae was willing to say publicly is that they are "reviewing" ground lease agreements in the area. And even if Fannie stops purchasing mortgages in BPC in the near-term, once the mortgage market thaws out fully, it may not matter in the long run. All that this really means is that if you are a cash buyer and can somehow find that handful of sellers that need to sell RIGHT NOW, you will probably be given a phenomenal deal.
One thing that we thought was strange about the article is that it seems fairly anecdotal to us - all Fannie Mae was willing to say publicly is that they are "reviewing" ground lease agreements in the area. And even if Fannie stops purchasing mortgages in BPC in the near-term, once the mortgage market thaws out fully
One thing that we thought was strange about the article is that it seems fairly anecdotal to us - all Fannie Mae was willing to say publicly is that they are "reviewing" ground lease agreements in the area.
One thing that we thought was strange about the article is that it seems fairly anecdotal to us - all Fannie Mae was willing to say publicly is that they are "reviewing" ground lease agreements in the area.
thank you
Post a Comment