At older condominium buildings in South Florida, it is extremely challenging for buyers to obtain financing. To make matters even more difficult, the Miami Herald is reporting that many older condos in the region are on a “secret quasi-governmental blacklist” created by Fannie Mae.
The Herald cites data leaks to two law firms in its report about Fannie Mae’s growing database of condo buildings that it will not back for mortgages due to maintenance or financial issues. About 800 Florida condo buildings – and about 250 in Miami-Dade and Broward counties alone – are in this database.
“The people who have lived in condominiums in last the 20 years have paid too little,” one lawyer told the Herald. “Now the next owners are going to pay too much. “Many associations aren’t prepared for it. There’s a black storm coming.”
This report helps explain why more and more older condos are appearing on the Multiple Listing Service (MLS) with disclaimers that the seller will only accept cash offers due to the unavailability of financing. No one should be in a position to purchase a condo without having multiple exit strategies.
None of this is a concern at Coral Gables condo building Merrick Manor, a newer building with a small handful of developer-owned one-bedrooms remaining. Purchase one of the last available units before the “black storm” arrives!
Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor is just steps away from the world-class Shops at Merrick Park and has a Zillow Walk Score of 77, making it “very walkable.”
Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor.
For more information about the residences at Merrick Manor, visit the Sales Gallery in Suite 117 on the ground floor of the building at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. The Sales Gallery is open from 10 a.m. to 6 p.m. on Monday through Friday and from 11 a.m. to 5 p.m. on Saturday and Sunday.