Oro Gets FHA Approval
Everybody wants in on this FHA thing! And who can blame ’em: It’s a heck of a lot easier to sell condos when you only need to require buyers to put down 3.5% of the purchase price. Already this week, we’ve had news of The Edge getting approved by the FHA and The Toren getting…
Everybody wants in on this FHA thing! And who can blame ’em: It’s a heck of a lot easier to sell condos when you only need to require buyers to put down 3.5% of the purchase price. Already this week, we’ve had news of The Edge getting approved by the FHA and The Toren getting in its application. Then yesterday the flacks for The Oro sent out a press release heralding the Downtown Brooklyn tower’s admission to the club. With buildings going into foreclosure recently, buyers are reluctant to commit, said Robert Scaglion, Senior Managing Director of Residential Marketing for Rose Associates. The FHA approval is very reassuring to the marketplace. Well, to buyers at least. The rest of us haven’t forgotten the downside to low down payments and easy money.
Oro Now Approved to Throw Money at Buyers [Curbed]
The Toren Holds First Closing, Wants in on FHA Program [Brownstoner]
The Edge Gets FHA Approval [Brownstoner]
Thanks Antidope…the link works without subscription.
http://online.wsj.com/article/SB126040517376983621.html?mod=WSJ_hps_sections_realestate
but you probably need a subscription…
benson–that link you put up about Gallopin Gertie yesterday was amazing. My dad had told me that story but I had no idea that there was such great footage of it.
I’m sure hundreds of flippers just waiting to jump in here, buy a place with little assets through the FHA scheme and flog it off in 4 months time for a huge profit in todays unprecedented skyrocketing housing market. Then I expect a crash and everyone incredulously licking their wounds in 5 months time when the market crashes.
Snappy;
Sorry, no. I saw it in the old-fashioned print version!
Agree with benson and am tired/saddened by the continued spread of these loans.
This will end badly.
Except for sellers cashing in on what may be the final last gasp of the housing bubble in NYC.
Benson, do you have a link to that article?
“it’s a heck of a lot easier to sell condos when you only need to require buyers to put down 3.5% of the purchase price.”
Wasn’t allowing people with no assets to leverage themselves to the hilt part of what caused this mess to begin with? I agree that the healthier thing would be to stop trying to reinflate the real estate bubble, and let prices naturally fall to a level where more people can afford both the downpayment and the monthly costs.
This whole FHA situation is sickening. Call them what you will, but these loans are akin to what got us into this mess in the first place: subprime mortgages. How long will the government insist on trying to prop up the housing market?? Why not just let the market find its correct pricing level?
Did anyone see yesterday’s front-page WSJ profiling the folks in an upscale California development who are consciously defaulting on their mortgage, so as to take advantage of lower rental rates in the same development? Made me sick, especailly how one woman was pleased that the extra money in her pocket has allowed her to book a cruise, and buy a season’s pass to Disneyland.