Morning Briefing: Senate passes bill to ease condo FHA financing

by Steve Randall18 Jul 2016
Senate passes bill to ease condo FHA financing
The US Senate has passed new legislation which aims to ease the burden on condo financing.

The “Housing Opportunity Through Modernization Act” (H.R. 3700) will, among other things, reform Federal Housing Administration restrictions on condominium financing.

The act is supported by the National Association of Realtors and its president Tom Salomone says it is a significant step towards eliminating barriers to safe, affordable mortgage credit for condos.

 "Condominiums often represent an affordable option that's just right for first-time and low-to-moderate income homebuyers. Unfortunately, overly-burdensome restrictions on condo financing have for too long put that option out of reach for many creditworthy borrowers,” said Mr Salomone.

He added that the act helps those well-qualified buyers who are battling against increasing home prices, low supply and tight mortgage lending conditions.
Pokemon Go craze infiltrates real estate
On-trend realtors are tapping into the latest gaming craze in order to attract potential buyers to their listings.

Pokemon Go has become a massive phenomenon and a CNBC report reveals that it could be a good marketing trick to lure buyers, especially hard-to-reach millennials.

New York realtor Jay Glazer advertised a recent open house in Manhattan with the line "I'm fairly certain there is a Pikachu at this open house, don't miss it."

While he admits that only one of the potential buyers at the event knew what Pikachu is (it’s a species of Pokemon!) he is not alone in believing that connecting listings to the craze is worthwhile; a number of listings on Zillow reference elements of the game too.

There are also two listings which could see benefit from gamers without even trying; a 2-bedroom, 1-bathroom single-family home at 96 Pokemon Drive, Burnsville, NC; and a 3-bedroom, 2-bathroom single family home at 64 Pokemon Road, Mount Vernon, ME.
People are literally dying to live in this Malibu celeb neighborhood
It seems that even the rich and famous are not immune from the potential for undesirable planning decisions in their neighborhood.

Malibu’s “Queen’s Necklace” coast is home to Ellen DeGeneres, director James Cameron and Barbra Streisand, but one 28-acre land parcel is set to become home to even more exclusive residents.

Originally planned as the location for a luxury hotel, the land will become a cemetery!

Now, this is Malibu so the cemetery is something special. The New York Post reports that it’s rumored that the Malibu Memorial Park, set to open in 2018, will be the priciest cemetery in the world with just 40 mausoleums and 30,000 small plots. The mausoleums will be priced at around $5 million.


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