It was just a few weeks ago that the owners of The Brookwood in the Brookwood Hills / south Buckhead area announced they had reached the 70% sold threshold. Now we have word that 1010 Midtown, one of the highest profile condominium projects developed during the boom, has also sold 7/10th's of its units, which must be an enormous relief to Selig Enterprises and Daniel Corp., who have patiently carried the building for the past 4 years as they've attempted to keep momentum going with the rest of the large 12th & Midtown project.
Why the focus on the 70% sold number? It's the mortgages, silly! After all of the condo crash hullabaloo, Fannie Mae and Freddie Mac- those quasi-governmental mortgage giants politicians like use as cudgels to bash each other about the heads- got wise, and decreed they'd no longer buy condo loans from banks written in projects with less than 70% of units sold. Obviously, this proved a hindrance for condominium developers, as it was quite difficult to sell 70% of one's units if there were no conventional mortgages available for the first 69%. But market forces prevailed- players willing to make loans in lesser-sold buildings stepped into the void. And now it's gravy time.
· 1010 Midtown [official site]