SOMETHING FOR THE WANNA HAVES.
It’s difficult to be a developer today and especially in Williamsburg where some have seen their precious buildings foreclosed on by the lenders. And according to Miller Samuel it’s not from lack of interest from buyers but the strict guidelines by Fannie Mae and soon to be by Freddie Mac expecting a building to be sold by 70% before they approve buyers for financing. So, what do you do if you’re a developer in 2010 and you’re building has to compete against an estimated almost 3000 units coming to market? I smell huge discounts in the future. Either that or lots of shiny, beautiful rentals hoping to attract a wave of renters that at this point in time is difficult to assess whether there will be any as job losses continue.
Good luck Williamsburg.