Nashville Condos & Lofts
December 2009

Nashville Real Estate Market Forecast for 2010

December 31, 2009 by · Leave a Comment 

The Nashville housing market will experience an accelerated sales volume in 2010 aided by the government’s extension and expansion of the first time home buyers federal tax credit, more government-backed lending assistance, and historically low mortgage rates according to 90% of major forecasts for 2010.
Surrounding real estate markets will improve in the Southeastern U.S. with [...]

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Florida Condo Sales Increase

December 29, 2009 by · Leave a Comment 

Florida condo sales increased by 111% based on a year-to-year comparison. 4,889 total units were sold this past November compared to 2,320 units sold in November 2008 throughout the state of Florida. Although sales have increased, prices have decreased over the past year by 21%. The condo median sales price was $104,400 last month compared to a median price of $131,400 recorded for November of 2008. According to NAR, the national median condo price was well below Florida at $172,900 for October 2009.

The contributing factor for this large condo sales increase is the extension of the federal home-buyer tax credit. The tax credit will continue to be a guiding force of home-buyer activity, and a large contributor to increased condo sales for 2010. Condo markets in states like Florida, known for being over-populated, will begin seeing a large decrease in condo inventory. These numbers are forecasting a much more stable condo and housing market for this coming year.

Florida continues to provide significantly lower priced condos comparing other markets. Check out some of the great deals on Florida condos by clicking here.

Nashville Ranks High in 2009 Economic Studies

December 28, 2009 by · Leave a Comment 

There is little debate that Nashville and Tennessee consistently rank atop many economic ranking lists and studies. The last 2 months of 2009 provide no exception with Nashville again being named to several prestigious “best in the United States” lists:

December 2009 – MarketWatch
Nashville Ranked as One of the Best Cities for Business

Nashville ranked 15th as [...]

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BofA has a super-cool new First Time Buyer Loan Guide

December 22, 2009 by · Leave a Comment 

Bank of America has recently instituted on their website one of the best first-time buyer tools I’ve ever seen. Their new interactive Home Loan Guide takes perspective buyers on a tour through the entire loan process from start to finish in  an entertaining and informative way. It also allows the online user to fidget with [...]

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Job Loss Insurance Offered to Condo Owners

December 21, 2009 by · Leave a Comment 

The job market these days still remains a scary situation for both the employee and employer. Such uncertainty has left both homeowners and renters with the harsh reality of becoming homeless should they lose their jobs.

Due to the current economic standings, there is now a job loss mortgage insurance rider that can be applied to your renters insurance policy. The question that many are asking is: What if I am a condo owner, do these same benefits apply to me? According to a recent article by InsuranceAgents.com, both rent-to-own condo buyers and official condo owners will qualify for job loss insurance.

Mortgage and rental payments are generally the most costly of ones expenditures. In the event that job loss occurs, it can become extremely difficult to continue these payments in a timely manner especially considering all other outstanding bills to be paid. Therefore, this job loss insurance is highly beneficial as it covers your monthly rent or mortgage payments until you find a stable place of employment.

Job loss insurance does, however, have certain eligibility requirements which must be met.  

Here is a list of these requirements:

1) Condo owners are only able to use this coverage if they are let go (quitting or being let go due to misconduct or criminal activity does not count).

2) Condo owners cannot be self-employed, or own more than 10 percent of the company where they are employed.

3) Job loss insurance must be purchased while the condo owner is still employed, and they must wait 30 to 60 days after the loan closes before coverage begins.

If the condo owner meets all eligibility requirements, this coverage will guarantee that the insurance company will make all payments due to their mortgage company.

With the current sliding job market, it is hard for anyone to claim their employment status is 100% safe. For peace of mind as well as ensuring you will be able to keep your property, it highly recommended that you check with your insurance company about obtaining job loss mortgage insurance. Some have already done so, have you?

Submit to our poll here: Have you purchased job loss insurance for your house or condo?

Home Renovating Doesn’t Pay Off Like It Used To

December 20, 2009 by · Leave a Comment 

Thinking of renovating your home? Upgrades are bringing less and less according to the following article by CNNmoney:
By Les Christie, staff writerDecember 19, 2009: 8:57 AM ET
NEW YORK (CNNMoney.com) — Home remodelers are getting less bang for their bucks. For the fourth straight year, renovation jobs have added less to resale values relative to their [...]

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Luxurious Miami Beach Condo in Foreclosure

December 17, 2009 by · Leave a Comment 

This 3 bedroom 3 bath condo located in Mosaic, a beachfront luxury condo building, features 1,507 square feet and a 333 square foot balcony. Enjoy the ocean view from the master bedroom, living room, and kitchen. The second and third bedroom boast amazing city views as well. This unit even comes with a private elevator and foyer. The kitchen and bar area include granite counter tops and Sub zero and Miele appliances.

Onsite amenities include direct ocean access along with a gym, wine room, pool, jacuzzi, media room and concierge.

The list price is $702,900 or $466 per square foot. The flow through unit is located on the 15th floor and has direct ocean and city views. Click here to get more information on the beautiful Mosaic on Miami Beach- what a great deal!

STAR POWER: Midtown’s Adelicia provides a shining light for other developments to follow

December 16, 2009 by · Leave a Comment 

*reprinted from the November 2009 issue of Nashville Lifestyles. www.NashvilleLifestyles.com -by StacieStandifer*
While there’s been a great deal of speculation recently about the whole high-rise and condominium market, at least one building has paved the way for others: The Adelicia. not only have they filled the building’s units, but developed a stellar reputation as one of [...]

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FHA Updated Condo Guidelines

December 14, 2009 by · Leave a Comment 

The Federal Housing Administration began enforcing new rules in attempt to help more condominium buyers qualify for mortgages. Officials state that such rules are necessary to ensure consumers are purchasing units in viable buildings, and are also meant to keep defaults on condo projects to a minimum.

Highlights of the new policy on loans in condo buildings include the following:

Temporary changes

·     50% owner-occupancy minimum, excluding vacant and tenant-occupied units
·     Condo pre-sale threshold reduced from 50% to 30%
·     Cap on FHA loans in a building raised to 50% from 30%

    *Note: the cap can be raised to 100% if certain conditions are met
 
Permanent changes

·     Eligible buildings’ association must have at least 10% of budget in a reserve fund
·     No more than 10% of units can be owned by one investor
·     No more than 15% of units can be at least a month in arrears on association fees.
·     Loans now OK when associations have the right to reject a buyer, provided there is no          
      discrimination.

Some argue that these changes will make it harder for builders to deliver new condo buildings. The debate relates to certain changes such as the new eligibility requirement for building associations. It states that loans will be approved in buildings whose condo associations have deposited 10% of their annual budget in a reserve account for repairs and maintenance. Critics say the 10% threshold is too high for buildings with few units. Furthermore, the FHA has been scrutinized for falling into industry pressures on the process, therefore causing condo loans to be more prone to foreclosure.
 
FHA officials, on the other hand, believe the policy is well-balanced, mitigates risk, and helps to protect consumers. Since lenders are now forced to be more careful about which projects they fund, such rules contribute to more financially sound condo investments.

Submit your opinion by answering our poll:

Is the FHA push a good move for the condo market?

http://poll.fm/1f4eq

Auction Results for The West End – Nashville Luxury Condo Liquidation

December 7, 2009 by · Leave a Comment 

Just want to give you the disposition on the results of the auction yesterday.
It was a great day for buyers and a stressful day for the developer.  There were 45 units to be auctioned.  At the end of the day, 38 units sold at auction and four others sold  before and after the event.  The [...]

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