FHA has delayed the changes to the requirements for financing condos out to November 2, 2009. The date was October 1, 2009.
This will still likely have a negative effect on the value of Salt Lake City Condos, but some condo projects will be effected more than others.
I recently put a value on a condomimium in an upscale condo project where units are selling for $250,000 to $325,000 and noticed that all of the units that sold in that complex this year were purchased with conventional financing. It seems like a unit in that complex would be effected less by these changes.
Time will tell how the value of Salt Lake City condos are effected by these changes. Some projects will be effected more than others.
