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As President of the Chicago Association of Realtors and Managing Partner of Prudential SourceOne Realty, David Hanna is well-positioned to understand the impact of federal mortgage lending guidelines on condo sales in Chicago. In Hanna’s view, those guidelines fail to account for the realities of Chicago’s condo markets and are causing problems.
In this segment of a video interview with Hanna earlier today he outlines some of those problems – including the great difficulty in financing condo developments with ground-level retail. In an ironic twist, reports Hanna, the policies the city pursued to increae retail density and foot traffic along commercial corridors have resulted in condos that are ineligible for Fannie Mae, Freddie Mac or FHA financing.
Check back later for more from my interview with David Hanna.
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Very accurate conversation.It is going to be very interesting to see where we are headed in Chicago as more and more condo’s hit the market and less lenders to finance them.
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