Earlier this year, Fannie Mae stopped guaranteeing mortgages in new or newly converted condo developments in which fewer than 70 percent of units have been sold or are under contract.
Fannie's previous rules set the cutoff at 51 percent. Freddie Mac recently sent a bulletin to sellers and servicers announcing plans to adopt similar restrictions beginning July 1.
The restrictions essentially raise mortgage rates for otherwise conforming mortgages (i.e. under $417,000 in Texas) where the condo development is effected...
Development Update: The other 13 Buildings Rising Downtown
Austin Towers focuses on downtown Austin condo development, tracking the top projects currently under construction in the downtown area. As any observer can tell, there are many other...
The Central Austin Condo Conversion Boom
Last year, 824 Austin apartments were converted to condos. This year, that number is expected to grow to 1,167. As downtown condo prices have skyrocketed to $400 / SF or more (sometimes much...
Condo conversions
One argument frequently trotted out against zoning for greater density is that it encourages the redevelopment of low-income rental. But it is silly to believe that zoning can maintain the...
Romney rolls to easy win in Nevada GOP caucuses
Republican presidential front-runner Mitt Romney has cruised to victory in the Nevada caucuses, notching a second straight triumph over a field of rivals suddenly struggling to keep pace.His...
Ft. Hood solider dies in car crash
A Fort Hood soldier was killed in a single vehicle accident in Williamson County early Saturday morning.According to the Texas Department of Public Safety, a 4-door Nissan was traveling...
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