Fannie’s to Save Florida Condo Market
January 18th, 2010 by daphne reyes
Fannie Mae has designed a new policy to provide more mortgage money to stimulate condo sales in Florida. They will be providing special approvals for loans for condo units that usually don’t qualify for financing. This includes more than 51 buildings in the hard-hit Miami area with about 17,000 units. They will have a dispatching team to check the buildings to see if they can give an exception.
Fannie official said that they have come up with this to save the condo sales. To provide liquidity to the currently depressed condo market caused by speculative overbuilding, walkaways by earlier buyers abandoning sales contracts, tanking prices and financially-troubled condo associations.
Majority of realtors reacted positively to Fannie Mae’s new policies. They say that it will create a real opportunity to move condo units that were sitting unsold. Investors who have purchased multiple blocks have ended renting it out longer before actually selling it. “No question this will be great news to investors who managed to get in low,” said Jack McCabe of McCabe Research Associates of Deerfield Beach, a condo market feasibility expert.
Florida Estates and the Big wigs who live in them
December 31st, 2009 by msj484Florida is home to US main land’s most spectacular beaches. For some bit of history, the state is the 27th admitted to the United States and is known to be the “Sunshine State” for it’s generally warm climate. Because of the tropical climate and the scenic beaches, the state of Florida is also a favorite of a lot of big celebrities. Others who can’t forget the charms of this state, eventually decides to purchase a piece of property on this state alien to snow.
Below are just some famous personalities who live in their posh Florida homes and estates.
John Travolta – Living in Jumbolair, next to Ocala Florida
Tennis legend Maria Sharapova lives in Bradenton, Florida
P Diddy lives in Miami Beach, Florida
Horror fiction writer, Stephen King, lives in Sarasota, Florida.
There are of course so many other celebrities who live in the Sunshine State. And obviously, they all know that purchasing a property and building their estates in Florida is a valuable investment, regardless of the hurricanes.