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THE DEVELOPMENT ADVISOR 2009 ANNUAL ATLANTA MARKET REVIEW

THE DEVELOPMENT ADVISOR 2009 ANNUAL ATLANTA MARKET REVIEW. ABSORPTION. ABSORPTION. SALES PRICE. SALES PRICE. SALES PRICE. FORECLOSURES – NEW CONSTRUCTION. FORECLOSURES – RESALE. CURRENT INVENTORY. CURRENT INVENTORY. PERMITS – SINGLE FAMILY. SINGLE FAMILY PERMITS – 2006 – 4Q09.

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THE DEVELOPMENT ADVISOR 2009 ANNUAL ATLANTA MARKET REVIEW

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  1. THE DEVELOPMENT ADVISOR 2009 ANNUAL ATLANTA MARKET REVIEW

  2. ABSORPTION

  3. ABSORPTION

  4. SALES PRICE

  5. SALES PRICE

  6. SALES PRICE

  7. FORECLOSURES – NEW CONSTRUCTION

  8. FORECLOSURES – RESALE

  9. CURRENT INVENTORY

  10. CURRENT INVENTORY

  11. PERMITS – SINGLE FAMILY SINGLE FAMILY PERMITS – 2006 – 4Q09

  12. PERMITS – MULTI-FAMILY MULTI-FAMILY PERMITS – 2006 – 4Q09

  13. THE DEVELOPMENT ADVISOR 2009 ANNUAL ATLANTA MARKET REVIEW

  14. Condominium Approval and Consumer Financing in a Changing Environment Dave Nielsen National Condominium Sales Manager City Club Buckhead February 25, 2010

  15. Condominium Project Approval Standards • Governing Factors • GSE Policy • MI Policy • Lender Policy • Government Sponsored Enterprises • FNMA • FHLMC • FHA • VA • Mortgage Insurance Companies

  16. Fannie Mae • Policy - Highlights • Presale • Budget Review • HOA delinquency & 10% reserves • Owner occupancy • Single Entity Ownership • Exceptions/Variances • Sub phasing & presale • Budget & Reserves • Commercial space allowance • Developer rentals – 10% entity & owner occupancy

  17. FHA • New Policy – Effective 12/7/09 • All projects “Existing & New Construction” require approval • For 2010 – 30% presale • For 2010 – 50% exposure with some allowance to 60% • 10 year structural warranty not required • 2+ unit projects allowed • Detached no longer requires approval • Right of refusal can be allowed • 25% commercial space allowance • 10% line item required for reserves • 10% single entity ownership • 15% maximum HOA delinquency • Few if any exceptions allowed

  18. FHA • Approval Processes • DELRAP • Lender Delegated Review & Approval Process • HRAP • HUD Review & Approval Process

  19. VA • Policy • 70% Presale Requirement • Will allow new construction project in Flood Zone • Will NOT accept any Right of Refusal language • Will not reciprocate with FHA approvals unless the FHA approval was approved prior to 12/7/09

  20. Reciprocity • FNMA will no longer accept FHA approvals • FHA never did accept FNMA • VA will not accept FHA • Three separate and distinct “GSE” approvals may now be required for single project.

  21. MI Companies • Starting to see some enhancements – slowly • Probably lender/portfolio specific? • 95% LTV availability • Credit overlays • Agency project approval requirements

  22. What does it all mean? • Maintain an understanding of requirements • Understand your local market • Variances require careful analysis and a plan • Be ready & willing to make amendments/changes • Be very proactive and pre-emptive

  23. Questions? Contact: Dave Nielson David.Nielsen@wellsfargo.com Joe Reynolds Joe.Reynolds@wellsfargo.com Shane Spink Shane.Spink@wellsfargo.com 23

  24. THE DEVELOPMENT ADVISOR 2009 ANNUAL ATLANTA MARKET REVIEW For more information, visit www.NRTDevelopmentAdvisors.com and www.CBVirtualViews.com.

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