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From the Source


 

Why Financing is Still Tough in Luxury Condo Market

Why Financing is Still Tough in Luxury Condo Market

  Why Financing is Still Tough in Luxury Condo Market Prior to the recession, anyone with a pulse could get financing for a condominium purchase. It didn’t matter where the purchaser wanted to buy because the lender most likely would sell the loan off anyway. Fast forward five years later and there’s a different extreme. Today, buyers who are extremely qualified with a high credit score, substantial down payment and solid income can’t obtain financing simply because of where they want to buy. What gives? After the recession, the government implemented guidelines that would prevent lenders from providing financing on any condominium project that did not meet certain guidelines. Most of the guidelines, put in place by the Federal Housing Administration (FHA), made sense. However, there’s one rule that has done more harm than good. It states condo projects cannot contain more than 25 percent commercial space, such as office space, retail or even a hotel. What segment does this guideline most affect? Luxury condo projects located above office towers and hotels in buildings that offer five-star hotel amenities and unbelievable top floor views. In other words, the ultra luxury market where condos start at $1 million and above. It doesn’t even matter if a development is almost sold out or is located in a hot real estate market, if it has more than 25 percent retail, office or commercial space located in the same building, it is deemed “a non-warrantable condo.” This is actually extremely common in today’s luxury condo market with most of Atlanta’s top-selling projects falling into this category. For buyers seeking financing, most local big-name...
Did You Know?  Size Does Matter

Did You Know? Size Does Matter

Did You Know?  All Mandarin Oriental Residences Include HUGE Covered Terraces? Yes every Residence for sale at the Mandarin Oriental in Atlanta, include outdoor terraces of almost 300 Square Feet!  AND ever better, they even include a large gas Wolf or Viking grill and gas fireplace with marble surround!  Here are a couple of recent pics from one of 2br Residences. Pretty sweet right?   Want more info on this building?  Check out www.MOResidencesAtlanta.com or email me at KarenRodriguez@DorseyAlston.com  ...

Press


 

Viewpoints: Luxury Atlanta Condo Broker, Karen Rodriguez

Atlanta Agent Magazine
October 2014

The Mandarin Oriental Atlanta Helps Surge Istar’s Financial Success

UniqueHomes: The World of Luxury Real Estate
September 2014

The Rodriguez Report


 

The Rodriguez Report: Top 5 Atlanta Buckhead Condo Sales for November 2014

The Rodriguez Report: Top 5 Atlanta Buckhead Condo Sales for November 2014

  Top Five Buckhead Condominium Sales for November 2014   1) The Mandarin Oriental Residences, #39B 3BR/4BA Closed on 11/07/2014 $2,475,000.00 2) Terminus, #602 3BR/3BA Closed on 11/21/2014 $2,250,000.00 3) Sovereign #4103  2BR/2.5BA Closed on 11/21/2014 $1,300,000.00 4) Metropolitan at Phipps, #7  3BR/3.5BA Closed on 11/20/2014 $1,100,000.00 5) Metropolitan at Phipps, #1  3BR/3.5BA Closed on 11/19/2014 $1,100,000.00 Mandarin tops the list again with the highest sale in...
The Rodriguez Report: Top Five Atlanta Buckhead Condo Sales October 2014

The Rodriguez Report: Top Five Atlanta Buckhead Condo Sales October 2014

  Top Five Buckhead Condominium Sales for October 2014 Wow huge sale at the Wakefield!  This may take the place of highest condo sale in Atlanta for 2014.  Two weeks left in the year….we shall see. 1) Wakefield 3BR/4BA Closed on 10/29/2014 $4,500,000.00 2) Terminus 3BR/3BA Closed on 10/17/2014 $1,800,000.00 3) Sovereign  2BR/2.5BA Closed on 10/29/2014 $1,600,000.00 4) Sovereign  2BR/2.5BA Closed on 10/31/2014 $1,425,000.00 5) Park Place  3BR/4.5BA Closed on 10/01/2014 $1,275,000.00...

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