Time Is Short for Buyers in the Luxury Market

Starting October 1, Fannie Mae and Freddie Mac will cut the size of loans they buy from lenders. What does this mean to you if you are purchasing homes in the luxury market? Loan limits will drop (to $625,000) and it may end up costing buyers more to purchase the home you want, especially if you are already under contract to purchase. The reality is future borrowers may be pushed into the more expensive, hard to get jumbo loans.

Our condo market inventory is shrinking. Many condo buildings (Luxe, Viewpoint, Paramount, Twelve Centennial Park, Terminus, Serano and Gallery) are either completely sold out or nearly sold out. Other projects like Aqua, The Ritz-Carlton, Sovereign, 1010 Midtown and The Atlantic are closing condos at a brisk pace. At Luxe, they only have two units left to sell and both are priced above $700,000.

You can check out the article in USA Today here.

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