Home Buying in 33401>Question Details

Brian, Renter in Louisville, KY

Which buildings in downtown West Palm Beach can I get financing for if I put 25% down?

Asked by Brian, Louisville, KY Mon Sep 13, 2010

Help the community by answering this question:


I am an active realtor in Downtown West Palm Beach.
I have closed financed sales with 25% down in Two City Plaza, One City Plaza, The Edge, and The Slade.

Downtown West Palm Beach is my specialty and I have great lending partners with very competititve rates.

At your service.

Marsha Montoya Mayer- Realtor
Paradise Properties of Florida, Inc.
Cell: 561-329-0428
Email: marsha@mypalmbeachrealty.com
1 vote Thank Flag Link Wed Sep 22, 2010
Here are links to look up which condo buildings are FHA or Fannie Mae approved:


Conventional loan will be much better for you if you plan to put 25% down, so look at the last link.

Elena Ollick
Amerivest Realty
Faith Home Loans
0 votes Thank Flag Link Wed Sep 15, 2010
CityPlace South Tower which in my opinion is the nicest condominium building in downtown West Palm Beach does have FHA approval so many of the FHA programs apply to financing units in the building.
( http://www.fha.com/condominium.cfm )

I would recommend you speak to a mortgage professional as they have access to the condominium approval list for the Fannie, Freddie, FHA, and individual lender underwriting standards. If you need a recommendation for a mortgage professional please feel free to contact me.

Also, make sure you ask the question about health of the condominum owners association. The economics of these high rise buildings require a large percentage of the unit owners not be in default for their dues; you wqould not want to be in a situation where the common facilities of a high rise are not being maintained due to cash flow shortfalls. If you need help navigating this process please seek assistance from a Real Estate professional.
0 votes Thank Flag Link Wed Sep 15, 2010

Over the past 90 days we have seen transactions close in the following buildings that according to the records I have available were financed. Some of these were bank owned listings so special financing deals through the Seller may have been available;

One City Plaza
The Edge
Cityplace Garden Courtyards
The Slade

You should confirm with your lender as if these buildings will qualify for financing at a 75% loan to value. If you need a recommendation of a lender to speak with please feel free to give me a call and I will be happy to make a suggestion. I hope this is information is helpful but if I can offer anything additional just let me know.

Always at Your Service,

Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
Web Reference: http://www.tompriester.com
0 votes Thank Flag Link Tue Sep 14, 2010
I am from Palm Beach, Florida, and am a third generation real estate investor and agent. I managed, refinanced, managed remodel & capital improvements, leased up, marketed & sold my mother's office building and free-standing restaurant building in West Palm Beach from January 1998 to late in 2000. After a short time in Naples, Florida as a Realtor, my wife & I moved back to Texas, Spicewood/Austin where I am still a Realtor specializing in commercial & luxury residentail real estate. My Florida license is not active, but my mother is an active Forida real estate licenesee. One of my uncles, my mother's brother, still owns commercial real estate in downtown West Palm Beach, likely office building(s) and/or retail properties. I am most confident that you could buy one of his properties with a 25% down payment. If interested, please contact me, and I will refer you to my mother.
Best regards,
Paul Gray
Web Reference: http://www.OgdenGray.com
0 votes Thank Flag Link Mon Sep 13, 2010
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