According to new Fannie Mae guidelines that have banks veering in a new direction, real estate developers in the USA are no longer going to get project-approval for FNMA-backed buyer financing on suites in so-called condo-hotels.
This seems to me to be a huge shift in the real estate development arena, as the opportunity to build and sell homes to people who are interested in the amenities offered by a luxury hotel in the same building has been a big part of the real estate pre-sale market in recent years.
Here’s an article from the New York Times that talks about this issue.
