4R ❚ SUNDAY, JULY 15, 2018 ❚ THE ARIZONA REPUBLIC
July 2018 Powered by
& Listerpros Via Hotel Valley Ho
Closing on a condo vs a single-family home Source: Jeff Williamson, a licensed mortgage professional with Homeowners Financial Group
Is the closing process different for a condo from that of a single-family home? There is an additional layer of approval that must be completed with condominiums to be able to close on the home loan. Every community has its own personality regarding what type of financing can be offered to buyers. This will depend on many factors such as price-point, sales and overall profile/status of the development.
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What about financing and legal phases? In new condo communities, certain pre-sale requirements must be met to utilize standard financing (Fannie Mae, FHA, VA, etc.). For example, if buyers need to utilize an FHA loan for their financing, the condo community must be FHA-approved and have at least 30 percent of each legal phase of the community pre-sold to owner-occupied buyers. Meaning, if a development planned 100 condos and one legal phase, you would need a total of 30 sold. Everything is determined and based on each legal phase. If the community was completed as one legal phase this could set the bar higher in terms of the total number of units that must be sold. If the developer phased the property in 10 legal phases or buildings, the company would only need three units sold in each legal phase [in the example referenced above]. This is far more manageable for sales. Until these requirements are met, no FHA loan may close in the community. In addition, Fannie Mae/Freddie Mac and VA also have specific presale amounts and requirements.
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–Reported by: David M. Brown
Optima Kierland
Cool pools
By Debra Gelbart
ore than half of all new condo and townhome communities in the Valley offer a lap-sized pool, while a significant percentage offers a smaller, but often just as stunning, play pool.
Ordinary-looking pools aren’t enough for today’s condo and townhome buyers, suggests David Hovey, Jr., president of Optima Inc., the designer, developer and general contractor for the Optima Kierland community in North Scottsdale. “Buyers’ expectations have changed over time,” Hovey said. “This is across the board, but especially for people of means. They have experienced exceptional pools in high-end resorts. Once they experience that, they aren’t satisfied with a conventional pool.” “Developers would be foolish not to have a spectacular pool in their community,” according to Keith Mishkin, owner of Cambridge Properties in Phoenix, “because a COOL POOLS; continued on page CL2
A COMMUNITY TO FIT EVERY LIFESTYLE
Cutting-edge homes in the most sought-after locations.
Aire From the low $400s Luxury townhomes in the McDowell corridor of Scottsdale
Pinnacle Peak Rd.
Pointe 16
Pinnacle at Silverstone
From the low $400s Resort-style townhomes in North Central Phoenix
Summit at Silverstone
Summit at Silverstone
Northern Ave.
From the upper $500s Villa-style homes at 74th Street and Pinnacle Peak Road
• Single Family, Townhomes and Condominiums • Resort amenity area • Walk to the Wigwam Resort, shops and dining • Adjacent to the Wigwam Heritage Golf Course • Condo’s from the $260’s Homes from the $320’s
14200 West Village Parkway, Litchfield Park, AZ 85340
CachetHomes.net/Wigwam
623-385-0129
Scottsdale Rd.
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AIRE Pointe 16
McDowell Rd.
SKYE
Pinnacle at Silverstone From the low $400s Luxury townhomes at 74th Street and Pinnacle Peak Road
Skye From the upper $400s Single-family garden homes in the McDowell corridor of Scottsdale
khov.com/phoenix
Looking for a new home, but unsure where to start? Contact our friendly Community Information Specialists at 877-546-8669. Availability, prices, incentives and dates are subject to change, and K. Hovnanian® Homes reserves the right to cancel or change all offers without prior notice; see Sales Consultant for details. If buyer is working with a licensed real estate agent or broker, the agent or broker must accompany and register buyer on first visit to each community or pre-register using our Rapid Registration form prior to buyer’s first visit. Rapid Registration form can be obtained by emailing arizona@khov.com or calling 877-546-8669.. No offer for sale or lease may be made or accepted until buyer’s receipt of Arizona Subdivision Public Report. A public report is available on the State Real Estate Department’s website. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.© 2017 K. Hovnanian® Great Western Homes, LLC. ROC 188563. ©2017 K. Hovnanian® Building Company, LLC, an Arizona limited liability company. ROC 277023
• Single level living condominiums • Elevator in each building • Walk to Scottsdale restaurants and shops • Near Scottsdale Rd. & 101 • 2 car garages • From the $310’s
17850 N. 68th Street Phoenix, AZ 85054 CachetHomes.net/Monterey-Ridge 480-356-0179
Sales by Cachet Homes. Susan Goodrich. Designated Broker. All Pricing is subject to change without prior notice. Sales are subject to buyers receipt and review of the Arizona Subdivision Disclosure Report.