The Brickyard Landing condo complex is located in the Brickyard Cove part of Point Richmond in the Bay area.Â This condo complex has stunning views of San Francisco and has lots of different outdoors activities available to local residents.Â With all these wonderful attributes to this condo complex, why is it so hard to purchase a condo here?
The reason for this difficult is the fact that Brickyard Landing is currently tied up in SB 800 litigation.Â This is commonly known as the construction defect litigation.Â This deals with alleged issues with hazard, safety & structural issues of common areas within a condo project.Â For this type of litigation, it will always be a deal killer with Fannie Mae & Freddie Mac banks.Â They do not want to shoulder this type of liability knowing potential issues to common areas of a condo complex.
Despite this litigation, I have had the success of approving this condo complex for financing.Â This will help buyers take advantage of still being able to get a loan in this market without having to stretch to make an all cash offer on a condo in this complex.Â Not only that, but the ability to make sales at market values will help to keep the values up on the units in this complex, making it still an attractive decision for any potential sellers on unloading their property.
For further information on how to get a buyer financing or even if you're a resident considering a possible refinance, please feel free to contact me for further details.
RPM | LOS ANGELES
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CA BRE Lic ##01844173| NMLS ##235060
4640 ADMIRALTY WAY, SUITE 430 | MARINA DEL REY, CA 90292