The housing markets are resolutely local; there may be many reasons why Salmon's neighbors can't get mortgages, possibly including the peculiarities of condo finance and the high price of Manhattan real estate.
But is it a bad thing for the residents and the condo's finances in general?
Though he has helped condos obtain loans, financing is difficult because usually the only collateral for a loan is the common charge, he said.
These so-called 'phantom owners' were especially common during the last real estate cycle, when some out-of-market investors purchased large blocks of condos with favorable financing terms.
One of his clients, Charlotte Lewis, a Brooklyn-based photographer, was more conservative than most about financing her condo.
In September 2009, the FDIC took control of Corus Bank, a source of financing for condo developers in areas such as Miami, Atlanta, Chicago, and Phoenix.
If a mix, what blend would perform best in a sluggish housing market characterized by scarce mortgage financing for condo buyers?
"Empty nesters don't want to own anymore, don't want to deal with repairs and don't want to deal with financing or condo boards; they just want to pay the rent," he said.
Corus helped finance 11 condo projects there, about 5percentt of its portfolio.
"There is no financing for condo-hotels, so people have to buy in cash," Mr. Niño said.
After the housing crisis, banks were unwilling to finance new condo construction and buyers were unable to get mortgages, so developers shelved condo projects and retreated to the rental market.
