By Dave Lucas
http://stream.publicbroadcasting.net/production/mp3/wamc/local-wamc-867469.mp3
Saratoga Springs, NY – Is "condo" life taking over historic Saratoga Springs? Capital District Bureau Chief Dave Lucas put the question to an area real estate expert.
The Spa City is becoming the "condo city" - that's what some residents believe - developments have been ongoing in Saratoga, with many new condos and hotels sprouting up... For this story, I contacted Janet Besheer, who is the broker at Keller-Williams (click on the link above to listen).
New Federal Housing Administration rules take effect November 2nd that, among other things, stipulate that before the agency will insure a mortgage on a condo, at least half the units must already have been sold. Besheer says in Saratoga, the buy vs. rent mix is split down the middle.
The United Nations is including condos in a study it's commissioned: the UN wants to know if affordable housing is so tough to come by that it actually violates human rights. The UN's advocate for adequate housing is visiting seven U.S. cities -- looking at foreclosure rates and the availability of low-income shelters. A report on U.S. housing conditions is due in the spring.