With mortgages hard to come by, some developers are lending the money to buyers themselves in order to sell units.
“It just reflects the fact that it’s not easy to get financing for a condo unit,” said Guy Cecala, CEO and publisher of the Maryland-based Inside Mortgage Finance Publications, a group of industry newsletters. “They’re the black sheep of the mortgage market.”
That’s especially true in South Florida where it’s ground zero for the condo market crash, he said. Since the peak of the boom years in 2006, condo prices have dropped around 50 percent, according to real estate tracking company Zillow.com.
So condo projects like the Luxuria in Boca Raton, 1200 Hillsboro Mile, which is just south of Boca Raton in Hillsboro Beach, and the 1800 Club in Miami, a 42-story luxury condo in the Miami Performing Arts District, are finding alternatives to the traditional mortgage market. [more]

Developer Marrano/Marc Equity has released 18 planned oceanfront
units in its 1200 Hillsboro Mile condominium development. This is the only new
condominium construction that is currently going on in the area between Fort
Lauderdale and Boca Raton, said David DePaolo, Marrano executive vice
president. Pre-construction prices for 1200 Hillsboro Mile range from $1.3 million to
$2 million. All units have three bedrooms and more than 2,000 square feet; buyers can choose between two floor plans. The already-completed units in the development, which are available for immediate occupancy, are going for between $650,000 and $1.15 million. Amenities include an Intracoastal dock, a pool, fitness center, media room and beach access. TRD