Real Estate Information Center

Can a Realtor help if the condo I am trying to purchase has too low of an owner occupancy rate for my lender to make the loan?

Yes.

We recently heard a story from a downtown San Diego Realtor about this exact situation. A client had opened escrow and had qualified for the loan, however the lender was balking at making the loan on a condo in their specific complex because their research into the owner occupied rate showed that only 29 out of the 61 condos were owner occupied. The lender wanted an owner occupied rate of over 50%.

Instead of moving on to a different building and possible losing the client, the Realtor called the sellers agent and they began working together to find the cause of the problem as they both knew the building well and were surprised to hear about such a low owner occupancy rate.

Continue reading ‘Overcoming Lender Objections Over Owner Occupancy Rates of Condos’ »

So you’ve made the decision to purchase a pre-construction condominium. Congratulations! Now here comes the hardest, but also more important decision – choosing the right floor plan. It is important to choose a layout that will accommodate your personal needs but will also prove to be attractive to potential buyers in the future. One of the most important features to look for when considering a floor plan is the location of the windows in the unit. It is always more attractive to have windows in all the bedrooms and is a proven fact that natural light increases the resale value of the unit.

Corner units typically have twice the amount of natural light which an extremely attractive feature for future buyers but beware of oddly shaped corner units. One aspect that is often overlooked when choosing your unit is the actual location of the unit within the floor plan. A unit within close proximity to the elevators can prove to be very frustrating as noise levels tend to be high. This brings me to my next little piece of advice. Stay away from the garbage shoot! Many purchasers have been disappointed to learn that once they have moved into their condo they are constantly bothered by the sound of the garbage falling down the shoot. This has proven to be a larger problem for residents on lower floors especially when the garbage shoot runs behind their laundry room, which they typically do.

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“Community” is a word that conjures up powerful images, emotions and feelings. The idea of community has long been an integral part of how we define ourselves, and communities both large and small are a vital element of the human experience; providing an underlying social structure that contributes to our comfort, convenience, security and social connections.

In the hectic, fast-paced hustle and bustle of today’s world, however, the best elements of a community lifestyle are all too often minimized or even abandoned in favor of design considerations, development conveniences or financial concerns. Homebuilders and developers looking to squeeze in a few more square feet into an apartment complex or save a few dollars on the front end have at times been guilty of failing to prioritize the inclusion of those key elements that can transform a place a vibrant, energized and inclusive community.

Continue reading ‘A Return to Community Living’ »

We’ve all heard about the great deals to be had in the condominium market with dropping prices and increased foreclosures, but what about the dark side to these investments. Surely the high rate of foreclosures and struggling economy has had a negative effect on the condo industry.

To understand a little more about how condominium ownership works, relate it to owning one piece of a pie. Everyone who owns a piece, shares ownership of the single pie plate and responsibility for its maintenance and upkeep. The cost of maintenance is divided among all the pie owners based on the day to day costs and reserve costs, or money set aside for future repairs.

If some of the owners are unable to make their payments and their units go into default and eventually, foreclosure, attempts are made to re-sell the unit. However, when new building assessments are completed and a large percentage of units are still sitting vacant, then it’s up to the other owners to pick up the slack for maintaining the building. The result is an increase in condo fees. In some areas of South Florida, these fees are almost $1 a square foot and rising. This expense, along with a mortgage, is enough to scare away many buyers.

Continue reading ‘The Dark Side to Condo Investing’ »

North Bay Village was literally pulled from the waters of Biscayne Bay in the mid-1940s. Today it is one of the little known “jewels” of the three-island community. Set directly between Miami and Miami Beach, North Bay Village is certainly in the heart of all the region has to offer.

Luxury condominiums are a popular choice for residences in this area, and there are many that provide resort-style accommodations to their owners. Many are also put to use as opulent vacation rentals and the visitors all have an outstanding array of amenities and services to enjoy in such incredible locations as the condominiums of North Bay Village.

Currently there are several notable properties in the town including, Blue Bay Tower, The Lexi, Cielo on the Bay, 360 Condominium and The Bridgewater among others. Each provides a distinctive home or rental and each comes with its own amazing assortment of amenities and offerings.

Continue reading ‘Luxury Condo Options in North Bay Village’ »

If you’re one of those people who doesn’t like maintaining your lawn or want to commit to a large down payment for a conventional home, buying a condo or townhouse may be right for you. Before we look at the top five reasons to buy a condo or townhouse, what are condos and townhouses?

Condos and townhouses are unit-based home purchases. For example, a condo unit will exist within a group of connected condominiums and you purchase one unit or one condo. Townhouses are found in planned developments where all homes are similar in style and you purchase the townhouse but are not responsible for the upkeep of common areas. The same for condos-you are not responsible for common areas, recreational areas, swimming pools or other areas where the Homeowner’s Association you join and pay for each month takes care of these common areas and you must abide by condo and townhome bylaws as well as rules and regulations. You do pay individual property taxes on both condos and townhouses.

Here are the top five reasons we found to purchase a condo or townhouse:

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Panama is a beautiful city and is favorite destination of holiday makers. Nevertheless if you make an effort to book hotel rooms in Panama City probability are you won’t get a single! Hence, new condo hotels are in development here, yet the ratio of demand is still higher. So, panama condos are a big investment option, since demand for hotel rooms in Panama is higher and growing, and the inventory at hand cannot keep up with the demand for rooms. In recent years, due to rush of tourists’ panama property market becomes red hot. Panama condos have booming in the real estate market. First invest then get capital ventures of at least fifteen percentages annually or even higher investing in panama condo units. Ruben Blades – minister of tourism published a report stating that the city needs a lot of new construction to fulfill the tourist’s demand which will in returns attracts and grows tourism in the country.

What are condo hotels?

Panama condos are just like usual hotels, however, each hotel room i.e. condo unit may belong to an individual proprietor, while in traditional hotels, there typically just one possessor of the whole building.

Continue reading ‘Panama Condos – Best Investment Plan to Gain High Returns’ »