Friday, August 13, 2010

Government Motors meet Government Luxury Condos

Don't you feel good that we will be using our tax dollars to insure the luxury condos?

I know I don't.  When will the stupidity end?

Manhattan Luxury Condos try FHA backing in sales 'game changer'
By Oshrat Carmiel - Bloomberg

Whitney Gollinger, marketing chief for a Manhattan condo building with an outdoor movie theater and panoramic city views, is highlighting a different amenity to spur sales: the financial backing of the federal government.

The Federal Housing Administration agreed in March to insure mortgages for apartments at the 98-unit Gramercy Park development, known as Tempo. That enables buyers to make a down payment of as little as 3.5 percent in a building where apartments range from $820,000 to $3 million.

“It’s a government seal of approval,” said Gollinger, a director at the Developments Group of New York-based brokerage Prudential Douglas Elliman Real Estate. “We need as many sales tools as we can have these days, and it’s one more tool.”

The rest of the story: