December 2008

Sellers,

Our phone lines have been ringing off the hook lately with a new kind of renter.  If you have tried to sell and are frustrated with the results or you are too discouraged to even try and sell in this market, this may be an option you want to look into. 

This new type of renter is dissatisfied with the regular old apartment options and they crave the luxury living that only condos, like yours, can provide.

These renters have good credit history and may just not be ready to buy something at the moment.

This can truly be a win-win for everybody involved because if you decide to list with Highrises.com/Cleveland, you can keep your property listed for sale at the same time you are listing it for rent.  We can even show you how to set up a…

Riding the Pine! With Rates at 4.75% Sit on the sidelines any longer and you may miss the game.  First time home buyers should take advantage of the market to get in on a good investment with strong returns...Read More   Movin' On Up What a great time to trade up to your next house! Let’s assume your market has depreciated by 10%.  This would mean:  1.  If your house was worth $250,000 you have lost $25,000 in value. 2.    If your Trade-Up house was worth $500,000 they have lost $50,000 (let's hope they are moving to a $1mil home).  By trading up and selling your house at current values you are actually coming out even by gaining the difference of $25,000 ($50,000 on the new house - $25,000 on the old

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Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers.

Then, everyone who sat on their down payment savings accounts for a few years too long will kick themselves for not taking advantage of what may turn out to be the buying opportunity of a lifetime for those who can qualify for a mortgage.

Unfortunately, we do not know when this golden age will begin, because we will be able to identify a bottom to the housing market only with the benefit of hindsight. But as it does with the stock market, the moment will probably arrive when everyone is feeling the most pessimistic.

That moment is certainly

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Blu is 13 stories with 12 residential floors; we feature Studios, One and Two Bedroom Condominiums. AT Blu CitySpaces, the space speaks volumes! The superior finishes, stainless steel appliances, granite countertops, the contemporary look of the IKEA cabinets and sleek fixtures speak for themselves. Your new home will also feature a surprising amount of closet spaces as well as an abundance of natural light and spectacular views! Enjoy the view even more from one of the private balconies. Only minutes from everything! Near Union Station, Metro Link, excellent dining, fun clubs, major sporting venues and all the excitement along Washington Avenue! At this price you can afford to live and play downtown just like you have been dreaming of doing. At Blu it’s

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Looking for a great view? Looking for an easy commute? Looking for a piece of Fort Worth history? Look no further than the Texas and Pacific Lofts!   Located on Lancaster Avenue in the historic 1931 train station. The building has been beautifully restored and refurbished. Breathtaking views of downtown Fort Worth and the hospital district. There are 136 condos in the old rail building with 1 and 2 bedroom floorplans. There is also a 4 story mid-rise addition with 92 condominiums. Amenities include fitness center, resistance pool, media center, business center, and 24 hour security.   Commuting to Mid Cities, Irving, or Dallas has never been easier. Walk directly from your condo to the Trinity Railway Express building and catch the train to work.…

For those of you who love Little Italy and always dreamed about living there or if you work in University Circle and have been waiting for some more residential options to show up, this may be for you.
27 Coltman is in the pre-construction phase but shows considerable promise.  Starting in the high $200,000s this luxury development will feature 27 very chic and completely customizable town homes complete with attached covered parking and a rooftop decks. 
The vision here is to create something truly elegant, open and unique for that special unique buyer.
Best part is, these town homes are 100% tax abated for 15years.
Don’t wait, call me today for details…

A one bedroom condo in Stonebridge just dropped to $119,900.  I'm not sure what kind of condition it is in but for this price, I don't really care.  Nothing else in the building comes close to this price.  You might want to take a look at this because it doesn't come along very often with these new construction condos and will not last.  The price dropped practically overnight from $169,900 to $119,900.  It was purchased in 2006 for around $180,000.  If you were waiting for a deal, this is it!

 

I have received a lot of inquiries lately into certain condos that boast relatively low list prices but  turn out NOT to be all that affordable.  This inspired me to write a quick note on the other, often missed but very consequential, factors that affect a condo owner’s bottom line.  The two main variables are HOA fees (monthly maintenance dues) and property taxes.

It is very common that one will find a $40,000 condo listed and not be aware that it carries with it a $450 monthly maintenance fee.  These monthly dues often go toward maintenance of the common areas in the building, a reserve fund, and the utilities (gas, water and heat) of your unit.  The reason that these dues can get so out of whack is often due to the mismanagement of the reserve

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Fixed and ARM rates for loans up to $625k are holding onto the 0.625% drops we saw last week after the Fed said they’d buy $500b in mortgage bonds, and rates on loans from $625k to $1m are down about 0.125%.

Now that it looks like rates might hold for longer than a few days and we know what 2009 loan limits are, let’s look at what this might mean for a borrower looking to buy a condo. (Note: if this was single family home, monthly costs would be lower because insurance replaces HOA dues)

If a borrower put 15% down with $625,500 loan amount, their purchase price could be $735,882. If they paid points to buy the rate down, total cash to close would be $130k, 30yr fixed rate would be 5.125%, and total pre-tax-benefit monthly costs would be $4630.

If

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