How much has the credit crunch affected the local commercial real estate market? "Eighteen months ago, you could put down 10 percent on a $50 million deal and treat it like a split level ranch in Westchester and borrow 90 percent or more," a broker told the Post's Lois Weiss. "You can't do that now. Now the equity required will be closer to 40 to 70 percent of the value." Yikes. We're wondering how this downpayment pressure is playing in the residential market. Any tales of woe out there on this bright and shiny morning?
· Buyers Face Tight Credit Crunch [NYP]
· In a Credit Crisis, Large Mortgages Grow Costly [NYT]