Buyers who would normally have difficult coming up with a 50 percent deposit for a new condominium can now take advantage of lower deposit requirements at three new developments in […]
Leandra English, the deputy director of the Consumer Financial Protection Bureau, has filed a complaint against President Donald Trump for appointing Mick Mulvaney as the acting director of the Bureau. […]
Buyers who would normally have difficult coming up with a 50 percent deposit for a new condominium can now take advantage of lower deposit requirements at three new developments in South Florida.
According to The Daily Business Review, three new developments are lowering their deposit requirements: Aria and Canvas in Miami and Riva in Ft. Lauderdale are all only requiring a 20 percent deposit to purchase a unit. Riva previously required a 35 percent deposit, while Aria and Canvas required 50 percent.
Some speculate that this is indicative of a supply-heavy market. Following the recession, the demand for luxury condos from wealthy, international buyers seeking to protect their assets in American real estate was high; however, that demand has cooled off, and now developers are courting domestic buyers with lower deposit requirements.
The developers cite different reasons for lower their deposits – in fact, NR Investments, the developer of Canvas, says that Canvas was originally geared toward domestic buyers looking for a primary or secondary home. Fannie Mae has also granted conditional approval to Canvas that gives domestic buyers access to home financing – up to 97 percent for a primary home and up to 75 percent on a second home.
At Aria, Cervera Real Estate is allowing buyers to put down 20 percent to buy, and then spacing out payments to equal a 50 deposit over two years while the building is completed. For many buyers, this is much more feasible than coming up with 50 percent upfront.
New developments are also offering extra amenities to attract buyers, including multiple pools, party and exercise areas, spas, restaurants, and bars.
Bill Sklar, a West Palm real estate attorney and University of Miami School of Law professor, says that while current demand is lower than previous years, it’s not comparable to the market crash in 2007 and 2008, and that offering extra incentives to buy is not out of the ordinary.
Picture Credit: {{Information |Description=AIMCO’s Flamingo South Beach Apartment Community buildings |Source={{own}} |Date=3/1/10 |Author= Architecturist |Permission={{all}} |other_versions= }}
Leandra English, the deputy director of the Consumer Financial Protection Bureau, has filed a complaint against President Donald Trump for appointing Mick Mulvaney as the acting director of the Bureau. English claims that the appointment of Mulvaney violates the 2010 Dodd-Frank Act, which bars current White House staffers from being assigned to the independent agency.
According to a report from The Hill, English was next in line for the position, having been nominated by former CFPB Director Richard Cordray. Just before resigning from his position, Cordray promoted English from Chief of Staff to Deputy Director. Trump also nominated Mulvaney shortly after Cordray’s resignation.
The White House has defended Trump’s actions, citing that his power under the Vacancies Act of 1998 overrules the line of succession outlined in the Dodd-Frank Act. Reuters has reported that General Counsel Mary McLeod, the head lawyer of the CFPB hired under Cordray, has sided with the White House and plans to challenge the suit.
The official complaint states, “An earlier version of the Dodd-Frank Act, which would have specifically allowed the President to use the Vacancies Act to temporarily fill the office, was eliminated and replaced with the current language designating the Deputy Director as the Acting Director. And the President’s attempt to appoint a still-serving White House staffer to displace the acting head of an independent agency is contrary to the overall statutory design and independence of the Bureau.”
English has asked that the court not only ban Trump from nominating Mulvaney, but also ban Trump from nominating another acting director, stating that the Dodd-Frank Act supersedes the Vacancies Act.
English would largely be expected to carry on the precedents set by Cordray, such as extensive regulations on lending and punishment for financial fraud. Mulvaney, on the other hand, has backed legislation to eliminate the Bureau entirely, and progressives worry that he would work to dismantle the Bureau if appointed.
Lower Deposit Requirements for New Condos in South Florida
UncategorizedBuyers who would normally have difficult coming up with a 50 percent deposit for a new condominium can now take advantage of lower deposit requirements at three new developments in […]
Trump Overrules Line of Succession at the CFPB
UncategorizedLeandra English, the deputy director of the Consumer Financial Protection Bureau, has filed a complaint against President Donald Trump for appointing Mick Mulvaney as the acting director of the Bureau. […]