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Susan, Other/Just Looking in Mirror Lake, NH

Does anyone know the financial health of St.Croix Association and the percentage of foreclosures?

Asked by Susan, Mirror Lake, NH Thu Apr 23, 2009

Do you know if they are giving financing for this project? I am trying to buy a unit here and was just informed financing my not be possible.
Thanks! Susan

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you will not find a condo for the price of a car and not have an association in good financial health. You have to take the good with the bad in these cases. Buy something for next to nothing and pay higher fees and deal with the problems until ownership eventually turns over in most of the units.
2 votes Thank Flag Link Thu Apr 23, 2009
The availability of financing is questionable due to the instability of the association. Private money financing may be a soulution.
2 votes Thank Flag Link Thu Apr 23, 2009
Hello Susan,
You will find that convential lenders will not finance condo units if there are over 15% total delinquencies in the complex. They consider them high risk and that is the case with St .Croix. As a rough guide, many condos built or converted during the end 2005 to early 2007 are considered "suspect" today by lenders and your agent should check the current delinquency situation before making any offer for you as it changes almost every week.
Steve Barker
Broker associate
Amerivest Realty
Web Reference: http://www.sebarker.com
1 vote Thank Flag Link Thu Apr 23, 2009
It is a disaster, I unfortunately own a unit there and know first hand it has some big problems to work through. Let me kow your crietria and I can fire off some handpicked listings that fit your needs.

Nathan LaCorte
Main: 828-215-5603
Toll#: 800-590-6856
Fax: 239-236-0282
Sand Castle Realty
1 vote Thank Flag Link Thu Apr 23, 2009
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