The Flexner Report

New Lending Requirements on Condos

Lending giant Fannie Mae is slapping tough new requirements on mortgages for Florida condos, moves that analysts believe will make it even more difficult to sell units in buildings already starved for residents and struggling financially.

The standards, which took effect last week and apply across the country but will affect Florida particularly hard , include requiring that no more than 15 percent of a building's unit owners be delinquent on association fees as a condition of funding home loans to new buyers.

Fannie Mae buys the majority of home loans from lenders, so it wields significant power in the making of mortgages. Fannie-backed loans generally offer the best rates and lowest down payments for borrowers.

The company, wracked with financial problems of its own and in conservatorship with the federal government, said it singled out Florida for closer scrutiny of its condo buildings after a review of its mortgage loans revealed record-high default and foreclosure rates among condo owners. It also cited the excessive number of condos listed for sale, which has driven down prices.

In Florida alone, Fannie itself will have to review condo buildings to make sure they meet the new requirements -- at the lender's expense. Before, Fannie relied on the lenders to perform these reviews, and will continue to do so in other states.

The new rules come at a time when condo buyers already face difficulties getting mortgages. Many banks over the past two years have dramatically pulled back on condo lending, requiring down payments of up to 40 percent in new buildings.  Some lenders even have blacklisted condo buildings, citing a high risk of price declines and defaults.

Fannie Mae's timing ''couldn't be worse,'' said Jack McCabe, a South Florida real estate consultant who believes the region is mired in a housing depression. ``This is effectively going to make it much more difficult to qualify.''

Erik Flexner, Top Agent at Innovative Realtors in September 2008

Erik Flexner was recognized for being the prestigious top agent at Innovative Realtors for September of 2008.  Flexner attributes his success to a keen ability to understand and listen to his clients as well as being able to adapt to the ever-changing market. He is an avid believer in continual training to keep on top of the business of real estate. He currently employs three business and personal advisors to keep tabs on the status of his business and the market as a whole. Erik is also an active member in the community, volunteering for such organizations as the Big Brother program and the Japan Referral Network.  Flexner can be reached at 310-754-8144.

Erik Flexner announces record attendance at Open House Event for Japan Referral Network

Erik Flexner, a top real estate agent at Innovative Realtors and former President of the Japan Referral Network, proudly announces record breaking open house attendance numbers.  Over 110 people attended the annual event designed to increase membership.  Flexner passed on his position of President to Glen Michel and presented Keifer Himi with the Spirit Award.  The Japan Referral Network was formed to bring local Japanese business people together.  You can learn more about this organization by visiting our website at www.jrnla.org.  Flexner believes strongly in networking and community. He comes from an international background and is fluent in four languages.   Flexner can be reached at The Flexner Group, Marina del Rey office (310) 754-8144.

Flexner Announced as a Top Producer at Innovative Realtors for First Half 2008

Steve Aguilar, President & CEO of Innovative Realty proudly acknowledges Erik Flexner as a Top Producing agent company wide for the first half of 2008. Flexner, who specializes primarily in sellers, comes from an international background.  Erik is fluent in four languages, making him a natural fit within the diverse communities of Los Angeles.  He is a seasoned negotiator and attributes his accomplishments to an acute ability to value and market property productively. Erik is an avid believer in continual training to keep on top of the business of real estate. He currently employs three business and personal advisors to keep tabs on the status of his business, as well as the market. He believes strongly in networking and community. Presently he is the Membership Chairman of Westside Referral Network and President of the Japan Referral Network. Erik also volunteers as a “Big Brother” in Central LA.  Erik Flexner can be reached at 310-754-8144.

Erik Flexner Announces Annual Open House Event for Japan Referral Network

Erik Flexner, a top agent at Innovative Realtors and President of the Japan Referral Network, proudly announces the 2008 mid-year income totals. The group netted $625,000 in combined income among 25 members.  This is an average of $25,000 per member so far this year.  Erik would like to invite all Japanese speaking members of the community to our annual open house from 7 a.m. – 8:30 a.m. on Friday, September 19, 2008 at the Marina del Rey Hotel 13534 Bali Way, Marina del Rey, CA 90292.  Free breakfast will be served! You can also visit our website at www.jrnla.org.  Flexner believes strongly in networking and community. He comes from an international background and is trilingual. Erik is an active member of the community as a Big Brother for a young teenager in South Central Los Angeles.  Flexner can be reached at The Flexner Group, Marina del Rey office (310) 754-8144.