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The Margate units seemed to totally collapse after "bubbling" up to around 2 million. Also, those advertised now generally include furniture; that adds up for a 4 bedroom unit. It's unfortunate but natural that NBP would suffer as well...just a by-product of timing. I think that getting financing for a vacation condo will be impossible for the majority of would-be purchasers, now that most people's net worth is substantially less than when they signed contracts. It just is what it is; I'm sure those purchasers would love to have their net worth back up to where it was and a condo at NBP.
Last edited by mayhurst; 09-25-2009 at 01:12 PM..
Reason: edit
BTW - all of these units are appraising for the discounted prices and its Fannie Mae approved, which means no problems with financing....
Appraisals are only part of the equation...people have to still have the high income to make payments on a second home. Economics have changed. BTW, there are comparable Margate units much lower than you are quoting (although Margate 4 bedrooms are about 400 sq. ft. larger than the NBP 4 bedroom). Grand Dunes units are also undergoing a "fire sale." I get frequent emails about units being offered SUBSTANTIALLY below their initial prices at the various Grande Dunes properties.
Last edited by mayhurst; 09-25-2009 at 01:55 PM..
Reason: edit
Oh sunnyday...relax...you need to change your name to sunny real estate market....lol. Let me tell you honey that Fannie Mae has nothing to do with it. You have to remember that every bank that finances these units requires an independent appraisal of the property. The appraiser can consider your big screen tv and your fabulous view. But the appraiser must also consider such things as comparable sales, number of units currently available on the market, number of days on the market, the ability of the market to absorb those units in a reasonable time frame, and the prospects for maintaining value in the future. And not just forced private sales like the ones occurring now but actual market based activity. I'm sure yall would agree with me that none of these factors look good.
Sunnyday67, your postings are not helpful. People want real answers. No one wants to stay on a floor by themselves. I know a family that experienced this and their wife and children were not happy. Many developments have gone to auction with more units closed than NBP. People are searching for real answers. I don't think Fannie Mae approves projects.
Look at MLS sales in margate oceanfront 4 bedroom sold three weeks ago for $799,900. That's $50K more than NBP 4 bd. rm. I said listed for over a million not sold.
You got me wonderin if the banks that finance these units will have to keep these on their books because nobody else would want the loans due to the risk. Seems like they would only take on the risk with conservative appraisals, big down payments, or both. Yall gettin me excited with talk of an auction. Maybe they auction off a whole floor?
Keep my deposit, I guess you have it all figured out. I know facts you know rumors...
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