Plus the latest list of FHA-Approved Manhattan Condominiums
We’re not in Kansas, anymore. Translated to the NY real estate market, we’re not where we were 6 months ago. The market has most definitely shifted and buyers looking to take advantage of FHA loans need to move quickly. FHA approved buildings now limit the number of FHA loans in those respective buildings to 30%. That’s right: after that 30% limit is reached, no mas. This limit has come down from 100%, to 50% and now to 30%. This has corresponded to the loosening FHA pre-sale limits: previously, a building had to be 50%+ sold to qualify, whereas now it’s only 30%.
Who does this affect most? First time home-buyers, to be sure. They have taken advantage of putting only 3.5%-5% down to purchase a new home and still benefit from historically low interest rates at the same time. In addition, many buyers who could otherwise afford to put 20%+ down have nonetheless chosen the FHA route to avoid locking up their assets and gain maximum leverage.
Overall, these trends are important, as a vast majority of the pick-up in sales volume over the last 6-8 months has come from lower priced properties whose loans fall within conforming limits. The 30% threshold may mean that the attractive window of opportunity that has spurred these sales is quickly narrowing. Therefore, while prices may not be spiking any time soon, the opportunity of cheap financing with minimal money down may be coming to an end.
If you’re waiting for an extra 5% drop in prices or that $10k difference between your purchasing a property or not, it may benefit you to look at the other side of the equation and ask yourself: how much are liquidity and low cost of capital worth to me?
As of today, there are 32 Manhattan Condos on the approved list, 105 for Brooklyn, 16 in the Bronx, 11 in Staten Island, 8 in Long Island City, and 2 in Queens, as per the US Department of Housing and Urban Development. Lastly, for those of you dying to know just which Manhattan condos are FHA approved as of now, here is the latest and greatest list :
|145 WEST 150TH ST CONDOMINIUM|
|2280 FDB CONDOMINIUM|
|239 WEST 135TH STREET CONDO|
|453-455 W. 143RD STREET|
|99 JOHN DECO LOFTS CONDO|
|ACADEMY TWINS CONDOMINIUM|
|CENTRAL PARK PLAZA CONDOMINIUM|
|FIFTH ON THE PARK CONDOMINIUM|
|GRIFFIN COURT CONDOMINIUM|
|MANHATTAN VALLEY CONDOMIMIUM|
|OBSERVATORY PLACE CONDOMINIUM|
|PARC STANDARD CONDOMINIUM|
|RIVERWALK COURT CONDOMINIUM|
|THE 100 WEST 93 CONDOMINIUM|
|THE 117 EDGECOMBE AVENUE CONDO|
|THE 121 EDGECOMBE AVENUE CONDO|
|THE 161 W 133RD STREET CONDO|
|303 WEST 149TH STREET|
|THE CONRAD CONDOMINIUM|
|THE DOVER CONDOMINIUMS|
|THE NICHOLAS CONDOMINIUM|
|THE RUPPERT YORKVILLE TOWERS|
|THE SAVOY WEST CONDOMINIUM|
|THE SEDONA CONDOMINIUM|
|WILTON HOUSE CONDOMINIUM|