Got this forwarded to me. Sorry for not posting earlier. We were busy releasing a new version Redfin where we show all our agents deals & reviews.
With the completion of Rollin Street quickly approaching, we wanted to give you an update on the project’s status.
As you may know, new restrictions to pre-sale requirements being imposed by Fannie Mae and Freddie Mac are affecting condominium buyers and developers all over the country.
Specifically, regulatory changes being implemented on March 1st may require a condominium project to be 70% pre-sold before buyers are able to close with traditional financing. Rollin Street is not 70% pre-sold, nor will it be by our originally projected closing dates.
We are in the process of considering the full effect of these regulatory changes. Unfortunately, we have enough information to announce that closings at Rollin Street will be postponed until at least April 15, 2009.
We are working through the challenges posed by these regulatory changes and will be sending an update on our progress and a course of action in approximately 2-3 weeks.
Meanwhile, if you have any questions please feel free to contact Luke [removed], Residential Marketing Manager for Rollin Street at 206.xxx.xxxx, or via email at [removed]@vulcan.com.
You will be receiving a hard copy of this memo in the mail in the next few days.