Vulcan has announced that Rollin will be officially converted into an apartment building. With only 25% presale, they were unable to meet Fannie Mae's new requirement of 70% pre-sale. Matt has more here.
One thing that comes to mind is requiring the high pre-sale threshold of 70% makes a lot of sense long term (it used to be 51%).
The question I have is: is that the right thing to implement when the market is still trying to find it's footing? I wonder if it would have been better to ratchet the more stringent requirements up over a couple of years in line with the market recovery.