A Must-Read for any First Time Condo Buyer July 7, 2011

For those looking to buy their first condo, the business of real estate can be a strange, daunting process. Keep in mind that as home prices continue to fall throughout the U.S., it’s important for any prospective buyer to be aware of a few must-know’s:

1. Get pre-approved

“If you’re not paying cash for your condo, you must get pre-approved before you start shopping. By doing this ahead of time, you will avoid many frustrations and also make yourself a more desired buyer. It’s also recommended that you obtain a copy of your credit report on your own. By doing this, you will prevent the mortgage companies you shop with having to run your report before can qualify you. Make sure to order a ‘tri-merge credit report’ with credit scores.

2. Note the condition of the condo building

Not all condo buildings are alike, especially when buying in a renovated vintage building or older building. When you buy a condo, you don’t just buy a condo — you buy ownership in the entire building. And if that building needs a lot of work, then you, along with all the other owners, are going to be responsible to take care of it. When comparing one condo to another in terms of price, often first-time buyers overlook this critical factor and find themselves having to pay for extensive repairs to the common elements on top of what they paid for their unit. That doesn’t mean that a building that needs some work should be avoided, it just means that you need to keep any deferred maintenance in mind when you determine how much you should pay for any given condo.

3. Be aware of the market conditions

You must take the time to see what similar units are selling for in the area. Your real estate broker should provide you with a CMA (comparable market analysis) that will show recent (last six months) sales of similar properties in the area. When looking at this data, you must focus on the most recent sales for the last 3-6 months and also make sure you are comparing apples with apples. What a property sold for one or two years ago is irrelevant. What is being sold now is what really matters. Also focus only on what has sold — what a homeowner is asking for a property does not mean anything, so pay attention to the listings with status ‘closed’ and nothing else.

4. Make an extra payment

Make one extra mortgage payment per year. This effectively turns a 30-year mortgage into a 23-year mortgage. It’s easy to do at tax-return time, or by auto-scheduling half a mortgage payment every two weeks (26 half payments equals 13 whole payments, versus 12 if you pay one per month).

5. Ask to read the minutes

Ask to read the minutes (for the homeowners associations’ paperwork) for the last six months to a year to see what is happening “under the table” before you put in the offer. Most buildings will allow you to read them while in the management’s office. Look specifically for bank loans or outstanding loans and major capital improvement for the next 5 years. Bank loans indicate a red flag as to how financially solvent the building is.”

Visit us at the Home Buyer’s Fair March 19 March 7, 2011

Nothing to do on March 19?  Check out Lake Point at the Home Buyer’s Fair on Saturday, March 19 from 8:30am-3pm.  We’ll have all the info you need on Lake Point Condos (the best condo buy in the city), plus some info on our new Homes For Heroes real estate discount program for our workforce heroes (teachers, firefighters, peace keepers, military…). 

Home Buyers Fair

Open Sunday March 13 from 1-3! March 7, 2011

Visit Pete Macho at Lake Point Condos this coming Sunday from 1-3.  He can show you around and provide you info on the completely remodeled Garden View Court condos (2 bedrooms/2 baths) and the townhome condos (1600 sf whoppers!).  Prices start at $54,900.

Open Sunday March 6 from 1-3 March 6, 2011

Visit Devery on March 6 for a glimpse at the hottest selling condo development on the east side of Madison. We have new

townhomes (you can customize your floor plan and select your finishes), and beautifully remodeled garden units that are 2 bedroom/1 bath for the price of a nice new car! Yep – Just $54,900 gets you gorgeous stainless appliances, laminate wood floors, gorgeous espresso colored cabinets (you can select your color), new plumbing fixtures, …..
Directions: Beltline to South Towne Blvd (you will head north toward the lake), left at Hoboken, R at Lake Point and follow the signs.

Condo Buyers: Take Advantage of Downpayment Money Available January 28, 2010

Lake Point may be the best kept secret for condo buyers.  This is a neighborhood that has undergone very successful redevelopment by the Community Development Authority.  It’s a 50 unit condo neighborhood that is about 55% sold – with no rentals – and involved owners.  To assist this neighborhood in selling out the CDA and other governmental groups are offering incredible downpayment assistance.  This past November we closed on a unit where the buyer received a whopping $10,000 from the CDA to assist with the downpayment bringing the new owner’s monthly payments into a range far below rent for a comparable apartment.  In addition, the new owner will also receive $8000 from the federal government as a first time homebuyer.

Check it out.  Who couldn’t use some additional help in buying a new home?  LAKE POINT CONDO WEBSITE

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Three Lake Point Condos Close In November! November 18, 2009

There has been tons of activity at Lake Point these past few months. Three lucky homebuyers are taking advantage of the $8000 first time homebuyer’s credit and buying their first homes!  There is incredible downpayment assistance available  to buyers who qualify, and combined with the tax credit, this can provide the ability to dramatically decrease your monthly payment for your new home at Lake Point.  Call Lynn Holley for info on these downpayment programs, 608-219-8955.  lynn@holleydevelopment.com

 

Loft-Style Townhomes – South Central Madison September 27, 2009

Having spent my entire life in Madison (well, since I was 5) I was incredibly impressed with the beauty of the Lake Point area just blocks from Lake Monona when I started spending time in the neighborhood a few months ago.  I am representing a newer condo development, Lake Point Condominiums, that is about 50% sold and includes beautiful townhomes that are completely sold out, some new loft-style townhomes and some revitalized garden style units (only $59,900!!!).  I took my husband(another lifelong Madisonian)  there the other day and he, too, saw the same beauty as I. 

This is a neighborhood with everything in it — a neighborhood restaurant, Cranberry Creek, that has fantastic food at reasonable prices; only blocks to Lake Monona and access to the lake; Bridge Road, which borders the Yahara River and has all sorts of stores and businesses; convenient “big box” stores within walking distance; and a nice neighborhood community center that has, among other services, a playground, internet and computers for use. 

If you’re interested in seeing a great neighborhood, and some nice condos (affordable too) stop by one of our open houses.  We’re open every Sunday from 1-3.  Meet the neighbors as well – they’re pretty cool too:)