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condominiums: New FHA Financing Rules for Condominiums - Thank Goodness! - 11/12/09 09:53 AM
On November 6, 2009, the Department of Housing and Urban Development issued new guidance relaxing the financing requirements for condominiums. For condominium developers, listing agents for condominium projects, and condominium buyers, this is GREAT news. Basically, an individual buyer may now get FHA financing in a project that qualifies. What's so great about FHA financing? It allows the least amount of money down (3.5%), has lower credit score requirements, and allows a "non-owner occupant co-borrower," which is fancy HUD-speak for a cosigner on the loan.
So what does this mean practically? Someone starting out could buy a $200,000 property with $7,000 … (1 comments)
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condominiums: Windsor Court Condominiums - Great Condos in the Heart of Richmond's Historic Fan District! - 09/14/09 09:20 AM
Well, it's that time again. Sunday morning, and I'm gearing up for the stand-by Sunday Open House. This Sunday - and every Sunday except holidays - I'm holding open the Windsor Court Condominiums, located smack-dab in the middle of the Historic Fan District. Here are some quick facts about the project:
The actual address is 1608-1614 Grove Avenue, in between Vine and Lombardy. There are 24 total units located in three different buildings set back around a GORGEOUS central courtyard - two "wing" buildings, 1608 Grove and 1614 Grove, and the "main building at 1610 Grove. Each unit has a minimum of 2 … (0 comments)
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condominiums: Windsor Court Condominiums Open House - SUCCESS! - 01/04/09 08:13 PM
Wow! I'm pretty excited by the turnout for the Windsor Court condominium project at 1608-1614 Grove Avenue, especially considering it was a "soft opening" with no paid advertising (just post sign, street signs, MLS notice, Zillow notice, and Craigslist). On both Saturday and Sunday we had agents, LEGITIMATE potential buyers, and folks from the neighborhood. People were universally complimentary and I'm starting to think we may be priced too low - in this market!
I'll post a price list and floor plans, for anyone that is interested. Looks like good news in the residential real estate market, at least in the Fan. The market is clearly picking … (0 comments)
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condominiums: "Condo-Minis" and Thoughtful Design - 01/04/09 08:08 PM
The December 21, 2008 Sunday Real Estate Section front page had an article about a "mini condo" development in Jackson Ward. The developer is a gentleman named Ron Stallings of Walker Row Partnership. Just for the record, I have never met Mr. Stallings. However, I did see him speak at the Venture Richmond Forum on Downtown Development, about which I have previously blogged.
I have to say, of the residential developments that were described at that Forum, I was most impressed with Mr. Stallings and his descriptions of his condominium projects. Not only did he describe what he was developing, he explained WHY. … (1 comments)
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condominiums: Windsor Court Condominiums in Richmond's Historic Fan District - Coming January 2009 - 12/17/08 03:48 PM
Well, I am VERY excited. A listing of mine, a 24-unit condominium project in the Historic Fan District, the Windsor Court Condominiums, is coming together and coming on the market January 3, 2009. This is the culmination of over a year of work by real estate agents, the real estate developer, the general contractor, the lender, the stager - you name it, there are lots of people involved.
I know most people would say it's a terrible time to be selling condominiums, but I'm convinced this project is DIFFERENT. There is a glut of condominiums on the market, but those other … (0 comments)
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Melissa Loughridge Savenko
Richmond,
VA
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RE/MAX Commonwealth
Address: 509-511 N. Meadow Street, Richmond, VA, 23220
Office Phone: (804) 353-4455
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