Mortgage interest rate falls to one percent, Rodney O.Martin Jr, CEO of Voya Financial with her wife, together has purchased a Condo at the amount of 12.44$ million.
The condo is located at the New Eighty Seven Park, along with the amazing atmospheric vibrant of Miami Beach. The beach has been a major attraction due to the tropical weather.
Miami Beach area has been the foremost due to luxurious condos available, along with the sea-facing apartments with sandy beaches of Sunny Isles, Key Biscayne, and Bal Harbour. The prime location luxurious condos are with bayfront signified with the Miami Beach Skyline and Biscayne Bay.
The mortgage interest rate decrease inspired by the CEO to purchase the spacious luxury condo that is owned by the Voya Financial Chairman occupies an approximate area of 4,140. It consists of 5 bedrooms and 5.5 bathrooms. Nothing can be so exciting as the covered area belongs to an exterior space of 2,280 square feet. The land property has 40 units, about 90 percent were sold. The entire sales and marketing of the sea-facing luxurious part were handled by Douglas Elliman.
Apart from the extravagant occupancy of the luxurious condo buildings, the Eight Seven-part has ample parking space in basements, comfortable runway apart from it the spotlight of the magnificent area includes gym and spa, two pools including a wine bar.
In the 90 percent sold areas, the top-ranked tennis player Novak Djokovic has purchased the unit, has paid $ 5.77 million, CEO Franco Bianchi had paid $6.8 million for his unit, he is a businessman in furniture manufacturing.
Mortgage rate interest decreases
As the coronavirus attack has created a pandemic terror, that has led to a decrease in the mortgage rate interest this week. The drop of the interests, it is according to the experts, has lowered ranges from 1 percent to 1.25 percent. It was earlier predicted that the cause of coronavirus leads to the downfall of the economy.
According to Danielle Hale, the chief economist of Realtor.com’s stated that the sudden downfall of the economy can lead to drawing the attention of the new home buyers to purchase new homes.
To some extent, it will benefit the promoters and builders. But as Lending Tree’s Chief economist Kapfidze has mentioned to Market Watch that the mortgage rate low interest will not work if a large volume of buyers does participate in purchasing apartments. Not only New York but the pandemic of coronavirus is affecting the entire economy of the world.
The sudden outbreak and intensified action of the coronavirus have led to a historical downfall of the mortgage interest rate since 1971 as Freddie Mac’s survey of mortgage lenders points out. Massive downfall observed when the 30-year fixed rate that started at the 3.72 percent has now fallen to the basis of 40 points in the last two months.
It is after eight years that have shown a steep drop in the interest rate, it was observed in 2012, which was 3.31 percent. Drops in the 15 years fixed-rate average dropped to an average of 0.7 percent that is 2.79 percent, while the five-year mortgage interest rate has dropped to 3.18 which shows an average 0.2 point.
Finally, the sudden fall on the mortgage rates had created a mode of concern to the Federal Reserve that may continue for an extended period. This situation has led to uncertainty in the economy and the financial markets.
The low rate of financial market will provide a better platform for the homeowners who have already bought small apartments, the best time to the refinances higher. After the drop, the best part of the prediction on homebuyers was of the Voya CEO has opted to purchase the condo this week. The Property was sold by 8701 Collins Development, the construction of the condo apartment is a joint venture by developers Terra, Bizzi & Partners Development, New Valley LLC. Goldman Sachs Bank and Great Eagle holdings.