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March 2016 Powered by
CONDO TOWNHOME &LOFT
Portland on the Park
Condo financing What you need to know By Meghann Finn Sepulveda
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f you’re in the market for a condominium, you’re probably looking for a home that requires low maintenance and minimal upkeep. Most condo aÿcionados are also looking for a community that ohers an easy commute to work and/or a location that is close to shopping, dining and nightlife. Whatever your reasons may be, there are many options available today with new condo properties being developed all over the Valley. Here’s what you need to know about ÿnancing a condo. First, what is a condo? A condo is designed like an apartment, but purchased as a home. Most condos share a common wall with neighbors, or in a high-rise property, have people living above or below their unit. Unlike a single-family home, when you purchase a condo, you do not own the land. “Condo buyers technically own the air space between the walls of the unit and a proportionate size of the homeowner’s association,” said Amy Swaney, CMB, branch manager at City Wide Home Loans. “People who purchase a condo buy into a community ownership.” In a condo property, the homeowner’s association (HOA) manages the maintenance of the common areas such as the parking structures, landscaping, roof, concrete and exterior paint. Financing differences When a buyer applies for ÿnancing to purchase a condo, the risk to the lender is higher than if the buyer was applying for a loan to purchase a single-family home. “A lender has to be willing to invest not only in the individual buyer, but the other homeowners who reside in the property,” Swaney said. “ie risk is greater because the lender has to assume everyone will continue to pay into the HOA’s ÿnancial fund to maintain the value of the project.” During the application process, lenders have to consider condo fees, the size of the property, future resale value and the possibility of foreclosure costs. Other dealstoppers could include pending litigation against the HOA or the number of rental units in the property. “ier e are red eags if too many units are not owner-occupied,” said Chris Sailus, vice president and division manager at Washington Federal Bank. “Typically, lenders want to see at least 70 percent or more of all units occupied by owners.” “Other things that may cause issues with obtaining ÿnancing include too many unit owners who are behind in paying monthly HOA dues and any shortfalls in the budget,” Sailus added. “ie HOA must also have reserve money set aside for any necessary repairs.” A great option For those seeking a condo, there are many beneÿts to this desired lifestyle, including price. “Condos are generally less expensive than a single-family home,” Sailus said. “ie median price for a condo in the Phoenix metropolitan area is $149,000 versus the $230,000 median price for a single-family home.” Condo communities are quickly moving into highly populated areas that are in close proximity to bars and restaurants, shopping and mass transportation. “Condos are a great option and make a lot of sense for those looking to achieve a simple, urban lifestyle,” Sailus said.
Condo-menities
Desirable location, upscale appointments, spectacular pools, stunning views and much more 240 Missouri
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By Debra Gelbart
he amenities available in condominium communities can be almost limitless. Depending on what you’re willing to spend for your condo, townhome or villa, you can expect upgraded ÿnishes and high-end appliances plus grounds ÿ lled with the most in-demand features — possibly a heated pool, an outdoor kitchen, an expansive ÿtness center, yoga rooms and much more.
Low-maintenance living A key amenity included with pretty much every condo, townhome or villa purchase is a low-maintenance ‘lock-and-leave’ lifestyle. “One commonality among most condo residents is that they want to be able to easily close up their home and leave it to see other places in the world,” said David Newcombe, a real estate broker and one of the founders of a recently formed brokerage called Launch Real Estate, based in Scottsdale. Newcombe currently represents Portland on the Park in Downtown Phoenix and Contour on Campbell Avenue on the outskirts of the Arcadia neighborhood.
The Cays at Downtown Ocotillo
“One thing we know from listening to empty-nesters is that condo residents don’t want maintenance responsibilities,” said Alana Mann, president of the Statesman Group of Companies in Scottsdale.
“iey’ re looking for a very speciÿc amenityrich lifestyle.” Statesman currently is ohering the Toscana condominium development in Desert Ridge in North Phoenix and ie Cays at Downtown Ocotillo in Chandler. Location and lifestyle So how do you begin to decide which amenities are most important to you? “i e most important amenity for the majority of condo owners is where they’ll be located,” Newcombe said. “Ask yourself, ‘what do I want next to me in terms of restaurants, shopping and services?’ ” A big part of the condo lifestyle, he said, is proximity to the services you need — proximity that allows you to walk or bike there. Brian Dworsky, who is showcasing three condo communities in Scottsdale and Phoenix as sales manager for Deco Communities, agrees that location is perhaps Continued on page CL7
Optima Kierland
where you can swim laps to get your exercise as well as a relaxation area that’s calm and serene.” Nearby, there’s a state-of-the-art workout facility as well as a plethora of water amenities including steam rooms, showers, saunas and hydrotherapy rooms.
Optima Kierland
Making a big splash
Pools and poolscapes have become fabulous entertainment pavilions By Elise Riley
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ools aren’t just for splashing around any more. ie y’re resort-like escapes sometimes surrounded by towering palm trees, oden adjacent to world-class ÿtness centers and frequently carefully constructed to enhance mountain and/or city-lights views. And my, oh my, are Valley condo communities using them to attract residents. Heart of the community Spectacular pool areas are oden at the heart of a community’s amenities. ier e, you can relax or entertain — or maybe do a little of both. “We’re really going above and beyond with the amenities package,” said David Hovey Jr., president of Optima, which is building Optima Kierland, a new community located in Kierland’s North Scottsdale neighborhood. “It’s the next evolution of amenities. Each building will have a pool and a spa on the roof.”
But, Hovey stressed, it’s not just a pool and a spa. It’s a veritable oasis with a zero-edge, constructed so a resident can relax in the crystal-clear water and see the mountains beyond without a railing obstructing a view. “It’s not the standard rectangular pool that we’ve seen in the past,” Hovey noted. “It brings in the design that people really want today which is a functional pool
View-rich relaxation “We start with a premium location with view potential,” said Ed Lewis, developer and owner of Butte Companies, which is developing the upscale Easy Street condominium community in Carefree. “It’s a pool and entertainment deck combined. We laid out the pool to capture the views of Black Mountain,” he said. “We didn’t surround it with buildings. We raised it to the second-eoor level to enhance views and separated it from the pedestrians and parking. It’s a luxury to have that kind of exclusivity to your pool.” Exclusivity and privacy Indeed, perhaps one of the biggest draws of these amenity-laden communities is their exclusive nature. Why drive to one of the Continued on page CL7
Easy Street