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Julian Hardaker
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CRS (certified residential specialist) ... show more
CRS (certified residential specialist) ... show more
Julian Hardaker answered:
There is a significant oversupply right now (24 months in this price range). This means that in general properties are spending much more time on the market and only the most attractively priced ones are selling.
Also, these condos have an additional challenge that some banks will only lend with 20% downpayment because of the ratio of owner occupied to rental units (I believe Wells Fargo can still lend with lower down-payment). This means that the number of possible buyers is further reduced. My own personal preference is for the Castle Valley Townhomes that are only slightly more expensive and don't have the same potential lending issues. The link below shows two for sale right now.
Also, these condos have an additional challenge that some banks will only lend with 20% downpayment because of the ratio of owner occupied to rental units (I believe Wells Fargo can still lend with lower down-payment). This means that the number of possible buyers is further reduced. My own personal preference is for the Castle Valley Townhomes that are only slightly more expensive and don't have the same potential lending issues. The link below shows two for sale right now.
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