From left: Doug Steiner, Don Capoccia, and Daniel Brodsky
From the April issue: Fifty-one — as in 51 percent sold — has been the magic number for new condos lately.
Reaching the halfway mark has been a key goal for developers since
the beginning of the downturn, when mortgages became elusive in
projects with few sales. But it’s an especially important threshold now
that more buildings are getting a special Fannie Mae waiver that gives
buyers better mortgage rates once 51 percent of the units have been
sold. And many buyers, now savvy to these issues, won’t go near a
project with a low sales percentage (click here to see sales chart). [more]
