Buyers stymied by tough rules on condos – Business –


Complex federal rules that make it extremely tough for buyers to qualify for loans in many South Florida projects, unless they pony up steep down payments.

Those rules, recently made even more rigid, could undermine any recovery in the region’s depressed condo market — and drive unit prices even lower — just as demand seems to be on the upswing.

”There is this tide of demand out there,” said Grant Stern, a Bay Harbor Island mortgage consultant. “But the access to capital has been stalled on thousands upon thousands of units at a time when all of the real-estate market is extremely fragile.”