20 Pine - 50% (!!!) off sale

Buying condos wholesale. Hmmm.

Oh, and if someone buys all the units, new buyers will not be able to get mortgages because if more than 10% of the units have the same owner, Fannie Mae will NOT give you a mortgage. So if you already own at 20 Pine, you are FRUCKED! You will NEVER be able to sell (unless you get a cash buyer).

alpine, I'm confused about the rules. That's for conforming loans? But, lending credence to your post, I thought I read somewhere that all banks utilize the revised underwriting standards for any given building once they are revised and become effective for that building, so does that mean that banks won't write jumbo morgages for the building as well? This is becoming a cluster of major proportions.

I don't even want to think about what the effect of mortgage cramdowns in bankruptcy proceedings would do to underwriting standards for Jumbo loans. Seems like it would be the nail in NYC's jumbo mortgage coffin.

maybe someone should offer 70% off
(i know it states they wont take it - but who knows...)

If I was a buyer only looking to buy 1 unit at 20 Pine, I would demmand the same 50% off deal.

"So if you already own at 20 Pine, you are FRUCKED!"

Alpine - I agree. Those Fruckers are COMPLETELY Frucked.

Say Hi to Chris Rock for me. Doesn't he live in Alpine?