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Condo Financing is Non-Existant

Posted by Tim Shepards on Thursday, May 14th, 2009 at 5:44am.

Demand for condos in Destin and along the Emerald Coast has picked up dramatically in the past 4 months.  This was to be expected with the precipitous decline in prices experienced in the past few years.

As a realtor, you would think I would be ecstatic. However, there's one major problem.  Fannie Mae, who provides financing for the bulk of residential properties in the country is now  refusing to finance condos.  Ok, that's not entirely true.  They will still finance condos that fit a very specific criteria.  The problem is that very few, if any, condos along the Emerald Coast of Florida, meet the criteria.  These are the same folks that Fannie Mae was literally throwing money at back in 2004 and 2005 to fund their condo purchases.  This is further depressing prices in an already down market.

The good news is that many condo buyers in Destin have decided to purchase homes instead.  That's the primary driver in the 22% increase we have seen in transactions closed for the first 4 months of 2009 as compared to 2008.

If you have cash, there are some great deals on condos for sale in Destin right now.


Listing Updates

 

Logo for Destin Real Estate, LLC

Tim Shepard, Broker/Owner
Destin Real Estate, LLC
Cell: (850) 259-4133
Toll Free: (866) 678-SOLD

https://www.browsedestin.com

 

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