Could Fannie Mae Program Save Condo Markets?
Before the widespread economic downturn took across nearly all sectors of the commercial property industry, the condo market acted as something of the canary in the proverbial coal mine, especially in overbuilt markets in the West and Southeast. Several years before the industry ground to its current near-halt, condo developers in those areas were having trouble selling units, and many projects wound up getting converted to rentals, or stalled entirely. And the current economic malaise has only made matters worse. Now though, a new Fannie Mae program aimed at aiding condo buyers in those sagging market could give developers a leg up in trying to offload units. DYL Group recently received approval by Fannie for its new 52-story Infinity at Brickell condo project in Miami. By opening up funding options and providing more security to buyers, DYL is hoping that the approval will grease the wheels in finding buyers. It remains to be seen, though, if the Fannie program will be a panacea for
