Comments on: Manhattan Real Estate Lawyer Daniel Gershburg discusses the potential bust from FHA loans in New York City http://www.danielgershburg.com/blog/manhattan-real-estate-lawyer-daniel-gershburg-discusses-the-potential-bust-from-fha-loans-in-new-york-city/ Legal Services - Personalized Attention - A Commitment to Excellence Mon, 06 Feb 2012 17:42:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Mitchelljhall http://www.danielgershburg.com/blog/manhattan-real-estate-lawyer-daniel-gershburg-discusses-the-potential-bust-from-fha-loans-in-new-york-city/comment-page-1/#comment-1421 Mitchelljhall Wed, 04 Aug 2010 06:31:34 +0000 http://www.danielgershburg.com/?p=593#comment-1421 Interesting blog. I agree with you about sub-prime and FHA abuse but not in Manhattan.<br>I've been a Manhattan real estate broker for 10 years. I've never had a buyer that didn't have any money to put down for an apartment or have a good income. 75% of the buildings in Manhattan are still rentals. Of the remaining approx: 25% for ownership are 70% are coops. FHA does not give loans to coops. Most condos in Manhattan have "first right of refusal" a restrictive covenant. No FHA loans in buildings with restrictive covenants. Where are all these buildings in the West Village that people with no income or assets were purchasing? Park Slope perhaps. There are a lot of houses in Brooklyn. Manhattan only a few new construction projects in fringe neighborhoods that couldn't sell so they got approved for FHA loans. I just wrote a blog about FHA and Manhattan.<br><br><a href="http://nycblogestate.com/2010/08/fha-loans-no-big-deal-in-manhattan.html" rel="nofollow">http://nycblogestate.com/2010/08/fha-loans-no-b...</a><br><br>Mitchell Hall, Associate Broker<br>The Corcoran Group Real Estate Interesting blog. I agree with you about sub-prime and FHA abuse but not in Manhattan.
I've been a Manhattan real estate broker for 10 years. I've never had a buyer that didn't have any money to put down for an apartment or have a good income. 75% of the buildings in Manhattan are still rentals. Of the remaining approx: 25% for ownership are 70% are coops. FHA does not give loans to coops. Most condos in Manhattan have “first right of refusal” a restrictive covenant. No FHA loans in buildings with restrictive covenants. Where are all these buildings in the West Village that people with no income or assets were purchasing? Park Slope perhaps. There are a lot of houses in Brooklyn. Manhattan only a few new construction projects in fringe neighborhoods that couldn't sell so they got approved for FHA loans. I just wrote a blog about FHA and Manhattan.

http://nycblogestate.com/2010/08/fha-loans-no-b…

Mitchell Hall, Associate Broker
The Corcoran Group Real Estate

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