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Atlanta Condo Financing is it Hard to Get?

I just read an interesting story in the Atlanta Journal Constitiution Onlineabout condo financing. It seems that Condo financing is pretty hard to obtain, and a lot of projects that were slated to be sold as higher or upper end condos, are nos being switched to rental units instead. In other parts of Atlanta I noticed the ground work on some major mixed use development projects has totally stopped! It seems the banks have pulled out from funding them further. First of all I cannot understand how anyone can be proceeding with any condo projects right now because the saturation of the market is unbelievable. I have also heard that for the individual, it is next to impossible to get financing for a condo conversion. It does seem that everyday in real estate the status quo is changing. Financing continues to be evolving and so does real estate as we know it.

I would love to hear from anyone on the topic!

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Posted by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO on 06/11/2008 07:12 AM

Comments (4)

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Originally posted at: Atlanta Real Estate | Atlanta Housing News for Real Estate: Atlanta Condo Financing is it Hard to Get?

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4 Comments on Atlanta Condo Financing is it Hard to Get?

JUN

2008

Jim...

I think the trend towards rental vs. condo will increase over the next year or two. It's a more practical option for those that feat real estate depreciation.

Jim, it is a nightmare in Ann Arbor too. Now the lenders want the profit and loss statements of the association. If it is a new condo community, so many have to be sold and it turned over to the residents. My lender found a work around for an FHA loan, she was able to use the fact that Phase 1 was completed and got the loan through.

Why are they doing this? I hope a lender reads this post and responds. It doesn't make sense to me, why pick on condo's?

Richard Weisser, Associate Broker, E-Pro ERA United Realty, Auctioneer, CE Author (Coweta Fayette Real Estate, Inc. ERA United Realty) I agree, the developers are betting they can cover their costs, and when the market comes back they can pull it off the. It still is a gamble.

Missy Caulk Ann Arbor Real Estate (Keller Williams Ann Arbor, Michigan) Well condos are in a bigger bubble than real estate as a whole. It is not the excess capacity that is on-line now, in many markets it is what is coming on the market soon. Most markets cannot absorb the inventory. and prices are plummeting in new upscale communities. IN some of the higher end touted projects in the Atlanta area, some have dropped 100K in price since they were "SOLD OUT" just a few years ago.

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