The Vineyard is one of San Antonio's great North Central communities.
The Renaissance is one of the six subdivisions in the Vineyard. The Renaissance is about a quarter of a mile north of Loop 1604. It has one gated entry point and can only be entered by turning west from Huebner Road. The Renaissance has the second most home sites, two hundred nine (209), in the Vineyard. New homes are still being built in this community.
Recent sales in the Renaissance range from $190,500 for a three bedroom, 1,918 square foot house, to a $431,650 for a four bedroom, 3,809 square foot house. Both houses were sold within the past twelve (12) months. During the past twelve months, fourteen (14) homes have sold in the Renaissance. The Renaissance has the widest range of home prices within the Vineyard community.
Builders in this area have included Prestige Homes, Highland Homes, John Connell Custom Homes, David Weekley Homes, and Mercedes Homes.
There are ten (10) houses currently available for sale, ranging in price from $294.000 to $494,000.
If you are looking for luxury living in the north central area of San Antonio, The Renaissance or one of the other great communities in the Vineyard should be on your list to see. Call me if I can help you with your search.
Higher education in the San Antonio area is big. We have number of institutions that provide a variety of courses and degree program.
At the two-year college level we have Alamo Colleges(formerly San Antonio Community College), with its five campuses around the city. Northeast Lakeview College, Northwest Vista College, Palo Alto College, St. Phillip's College, and San Antonio College.
Most of the following schools have both undergraduate, and post graduate degree programs:
In addition to the schools listed above, the University of Texas has a School of Health Professions. The military has programs at several facilities throughout the area for training in the medical area.
Having good educational facilites is certainly helpful in attracting employers to an area. I certainly think our college and university level schools add in making San Antonio a great destination city for companies looking to open facilities in San Antonio and the surrounding area.
Ken Cook, a Loan Officer in GA provides an interesting outlook from his perspective on the loan and funding process.
Getting pre-approved, then approved, the house appraised, and the loan funded is an interesting balancing act involving several parties, over several days. Basically Ken says get the Loan Officer what is needed so the deal can get done.
Many of you who regular read my writings know I often write what others are thinking even if they don't want to publish it. This, of course, makes me the point of contention for some while other appreciate my openness and *transparency*. That word is so abused these days - especially by those people who claim that by telling you the costs of the mortgage up front they are somehow the only people in the industry you can trust. Hogwash and bologna.
In my years in the industry I have seen thousand (and thousands) of mortgage applications. The greater majority of those applications have become loans. During the last 3 and 1/2 years I have written about what happens between application and closing many times right here on Active Rain. Hopefully you have read enough to pick up on the fact that there are as many as 35 or more moving parts and people in the mix from application to close. Oddly enough I had a "loan officer" once argue with me about that number. But I digress.
Escape me it does not that there are people in the mortgage industry who are inept and have a difficult time comprehending the process themselves and that makes it harder for people not in the industry to know if they are working with a mortgage professional or an application taker. That being said I have always made myself available to anyone, from anywhere in the country, for any reason to answer questions about what is happening in the loan process. Call my Google Voice number at 678-439-8683 and we can chat about it.
Professionals tend to want to do everything in a very planned order of execution and, as a general rule, that planned order goes something like this:
Talk to the prospect about the loan needs and interview them for details of the type of transaction they are interested in or which will best serve them.
Take a complete application which includes asking where the borrower(s) work, bank and live for the last 2 years.
Examine and evaluate the credit report.
Barring obvious reasons to deny or suspend at that point the mortgage professional will use an underwriting engine for a preliminary decision which will be based solely on statements made by the applicant regarding employment, income and assets and the credit report which will be read directly by the automated underwriting engine.
Let's call all of the above "The Initial Application Process". Some people seem to believe that's all there is to the mortgage process even though all of that generally takes less than an hour. You can rest assured it has only just begun. In fact this does not even mean an approval. It is simply a pre-approval or an application approval - not a loan approval. This is the end of the easy part.
As a borrower you will now have a list of things to gather. I have written about those before so I won't bother making you read them again. Read it here if you want.
During the next few to several days you will be asked to provide some very private details about your finances, work history and residence history. Some of it may seem too intrusive or too bothersome for you. If you are a very skeptical and private person you may have more resistance than another but we are all equal under the rules of lending based on the five things that matter most: Credit, income, assets, property type and loan purpose. If you and/or the property present a lower risk you will enjoy a simpler ride from start to finish. If you and/or the property provide increased risk the due diligence of the lender, mortgage insurer and mortgage investor are going to make things more complicated simply by virtue of risk and underwriting guidelines.
I'm glad you read down this far because what I want to say that every mortgage professional has to deal with is the process of meeting underwriting and risk guidelines from the lender, the investor and the mortgage insurer (if there is one): Don't argue about what I am asking you for. When you do you waste your time, my time and the time of the other people depending on me closing your loan. You also waste the time of the 10 other borrowers and their agents and the sellers of the homes they are buying with whom I am working.
When I ask for a copy of the bill of sale for the 1956 Edsel you say you sold 2 months ago to come up with the down payment - just say okay and fax it to me. When I ask for for a copy of your CD information from the bank to prove you actually have $50k in CDs with them - likewise. When I ask you for the name, address and phone number of the company where you worked 18 months ago before you took your new job go find it and get it to me. When I ask for a picture of your foot in a cast because you are out of work for 9 weeks due to a broken toe SEND ME THE &%$@! PICTURE. Trust me - I don't want a stack of crap I don't need setting on my desk which already looks like Denis the Menace is my assistant - I need it to close the loan.
Oh, and another thing, I don't care how many things I have asked you for and how many things you have sent me if I call you the morning of the closing (chances are I won't) and I ask you what color interior was in the car your parents drove you to school in on your first day of school - DON'T ARGUE - just get the answer.
If you keep in mind the fact that you are asking someone to buy a home for you and let you pay them back slowly over a period of up to 30 or more years and that in the last 2 years a huge percentage of people defaulted on that promise to repay for any number of acceptable to ridiculous reasons we'll get along just fine. And if you keep in mind that the LOAN OFFICER is the last person to ever get paid on a closed loan and that we don't earn one penny until your loan is closed and funded you'll begin to get the picture we are actually TRYING to get your loan closed not to keep it from closing.
Oh, and any loan officer or lender who tells you they won't put you through all this is full of ... well, you know what and it's not truth. If you are asked for very little documentation consider yourself and your property a great credit risk. The other 99% of the people are going to provide "stuff" to get their loan closed.
Can we be friends now? Why can't we all just get a loan?
Ken Cook - Georgia - FHA, USDA, VA and Conventional Home Loans (678) 439-8683
Is buying a house now in your best interests? The answer is, it depends on your situation.
If you can truthfully answer yes, to most of the following questions, it may be in your best interests to buy a house now.
Do you have available money to pay a downpayment of at least 3.5% of the sales price of the house you are considering to buy?
Do you also have available money to pay the pre-paid expenses and administrative fees(closing costs) required for the purchase of a house?
Are the prospects good that your job is secure for the next few years?
Are the prospects good that you will not be relocating to another city during the next 2-3 years?
Can you find a house that you like, that will only require a mortgage payment of about 30% of your monthly income?
Every person or family has criteria that should be used to help guide the decision about buying a home. There is on one answer that will fit every situation person or family.
Work with a Realtor and Loan Officer to help you decide if buying a house is a good idea for you. Just because a tax refund maybe available, that is not a reason to buy a house.
The recently approved Bill, which is named "The Worker, Homeownership, and Business Assistance Act of 2009"approved by the Congress and signed into law by the President last week, provides two ways to get a tax credit based on the purchase of real estate.
Here are links to information that explain the Program:
The Vineyard is one of San Antonio's great North Central communities.
Tuscany Hills is about one-half mile north of Loop 1604. It is one of the Vineyard communities west of Huebner Road. Situated between The Province and The Renaissance, Tuscany Hills has some of the most impressive homes in the Vineyard. There is one gated entry from Huebner Road. This subdivision has fifty-six (56) custom built homes.
Some of the most recognizable custom builders in the area have built homes in this area. Monticello Homes, Mike Holloway, McNair Homes, Prestige Homes, and Steve Heflin are among the builders who have built in Tuscany Hills.
I think the name of the subdivision, Tuscany Hills, is used to evoke images of European villas dotting gently rolling hills, with a good supply of trees and vegetation. The designers and builders have done a pretty good job of capturing the European look and feel in the exterior of these homes.
The San Antonio version of Tuscany Hills has some hills and trees. The hills are pretty rocky so some effort has been expended in getting in topsoil for the landscaping. The lots in Tuscany Hills are larger than typical suburban lots, but not overly so. Most of the lots are on hills that provided the builders challenges in construction of the homes, but also opportunities to develop some unique multi-level design solutions.
Five of Tuscany Hills have been sold in 2009. The prices ranged from $560,000 for a four bedroom-3,500+ square foot model, to $847,500 for a four bedroom, slightly over 4,200 square foot home. There are two homes on the market currently.
If you are looking for luxury living in the north central area of San Antonio, Tuscany Hills or one of the other great communities in the Vineyard should be on your list to see. Call me if I can help you with your search.
If you are buying a home, it can pay dividends to get a wood destroying insects (WDI) inspection. See the post below by Eric Middleton, NY, an inspector.
Many people today are aware of the benefits of ahome inspection before making one of the biggest purchases of their lives. In addition to a home inspection, buyers should be concerned whether their potential home is termite friendly. If your newly purchased home is infested with termites, they can turn your dream home into a house of horrors, and even financial ruin. The extra money you have to pay for a termite inspection pales in comparison to the money spent for repairs and replacement of wood members and other structural components.
Subterranean Termites
Here in the northeast, many homes are infested with Subterranean Termites. They live in underground colonies or in moist, secluded areas above ground that can contain up to 2 million members. There are several different types of termites that make up this massive colony. The worker termite is cream-colored and about 1/8 to 3/8's of an inch in length. The soldier termite, which is of similar body length as the worker termite, is distinguished by its powerful mandibles or claw-like pinches. Then there is the reproductive subterranean termite which is approximately 1 inch in length. Together they will cause costly damage to the wood members of any home. Only water intrusion is more costly than termite damage.
The Damage
The subterranean termite attacks the wood members in the house such as the floor joist, wood beams, wall studs, wood floors, and sill plates, to name a few. The outside of the wood members looks fine and sound because they do not eat the outside. Rather they eat away the inside causing the wooden member to weaken causing considerable structural damage. The picture below shows termite damage found at a home inspection in the crawl space entrance. Above the crawl space is a bathroom with a continuous leak from the toilet down to the crawlspace, perfect for a termite colony.
The above picture is a wet sill plate. This is a conducive condition for termites since they need moisture to survive.
Remember where there's moisture, there is the possibility of termites. Where there's termites, there is always moisture. Preventing and quickly repairing leaks and water intrusion is a key to keeping your potential home from becoming termite friendly.
CLOSER LOOK PROPERTY INSPECTIONS INC.
For more on the value of a home inspection, visit:
There are lots of choices in the San Antonio Condo Market.
In some parts of the country, particularly in many of the more densely populated cities, condominiums are prized for their functionality, price, and location, as compared to single family homes. One can purchase a condo of varying sizes near urban centers or a workplace and significantly reduce, if not eliminate, the need to own a car. It can be liberating to walk, bike, or take a good public transit system as you make your way around the city. Because condos come in varying sizes, a buyer can choose a small unit with few amenities, or a large unit with outstanding amenities and appointments, depending on their needs and willingness to buy.
During this past year, I have represented a few condo sellers. In analyzing the market, my focus had been on just a narrow section of the condo market near my sellers' units. Over the past few days, I began looking at the wider condo market in San Antonio.
I have data on the condo market, as reported through the MLS in San Antonio from July 2007 through September 2007.
The number of units available, as shown by MLS, remains fairly constant at around 600 units available per month. The total market is somewhat larger because not all units are reflected in the MLS data. New developments, condo conversion operations, and builders may use private sales channels which may not be reflected in MLS information.
Now let's take a look at actual condo sales numbers in San Antonio.
Sales of condo units in San Antonio are quite modest. As previously mentioned, all sales are not reported through MLS. Over the past few years, several downtown and near downtown condominium developments have been constructed. Units have been sold, and owners have taken possession. However, recent changes in financing, both for developers and perspective buyers, is crippling the continued development of new condo ventures.
Based just on the MLS data, San Antonio has far more condo units available than the market is willing to absorb at this time. Sellers must be realistic in pricing because buyers have many options, and the supply dwarfs the demand.
Here is recent past and current inventory information:
Based on current sales rates, we have enough condo units available via MLS to last through most of 2010. This is much better than January 2009 when we had a two and a half year supply of units.
In the coming days, I will provide additional information on condos in blog posts. For now I'll just mention that the Department of Housing and Urban Development provides some basic information on condos at their website. If you are looking to buy a unit, you need a good team to include a Realtor to represent your interests, and a loan officer to help you find the best loan vehicle for your financial situation. If you are selling, you need a team to include a Realtor to help you with determining market conditions for pricing, and marketing the unit.
If you would like more information on condo units in San Antonio, please call or e-mail me.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Builders in this area have included Prestige Homes, Highland Homes, John Connell Custom Homes, David Weekley Homes, and Mercedes Homes.
In my years in the industry I have seen thousand (and thousands) of mortgage applications. The greater majority of those applications have become loans. During the last 3 and 1/2 years I have written about what happens between application and closing many times right here on Active Rain. Hopefully you have read enough to pick up on the fact that there are as many as 35 or more moving parts and people in the mix from application to close. Oddly enough I had a "loan officer" once argue with me about that number. But I digress.
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