KFnet in T-Town

Apr. 23, 2008 at 1:20pm

27th Street Station Grand Opening 4/26

With the housing downturn and solid stall of many condo projects in the area it's nice to celebrate a success story. One player that's still in the game and forging ahead is the Gintz Group of Mecca and soon-to-be Luzon renovation fame. They're having a grand opening of their 27th Street Station project this Saturday.

More info in the FeedTacoma Calendar

Though I'm not in the market for a new place I might stop by just to see what they have to offer anyway.

comments [11]  |  posted under condos, hilltop, tacoma

Comments

by Erik on 4/23/2008 @ 1:24pm
This is a great project. The ultimate affordable market rate housing project with units at around $119,000. The condo fees would proportionally low.

A slew of hipsters could take over the project and have their own little co-living community. The condo association sets up a de-facto community right away.

There is actually a lot of green space one the property and they have a view. Go to the Monsoon room every weekend.

by Jake on 4/23/2008 @ 1:35pm
That would be a pretty long walk to Monsoon Room.

by Erik on 4/23/2008 @ 1:42pm
That would be a pretty long walk to Monsoon Room.

Thank Jake. I have amended my entry.

BTW, there is no Realtor blog on Feed Tacoma.

Do you know of anyone who would be interested that knows anything about properties downtown and has access to all of the top secret proprietary Realtor information>

by Brotha E. on 4/23/2008 @ 8:46pm
Jake,
I noticed that some of these units are under 600sf. Do you know if these can even be financed? I know sf homes have a minimum sf requirment. Just a thought because it seems like a pretty tough sell if your targeting cash buyers, even at 120k.

by Jake on 4/23/2008 @ 9:11pm
Nope shouldn't be any problem with sqft. I live in a small condo and have sold a few condos under 600 sqft and have never had a problem. Also I have never heard of a min. sqft for sfr homes. But I have never sold a very very small home so I couldnt' say for sure

Those units are perfect for someone to use the City of Tacoma Down Payment Assistance programs.

To qualify a single person needs to make under $38k and they can get a $20k loan with no payments and no interest for 20 years. They can use to dpa towards closing cost and downpayment.

by Brotha E. on 4/24/2008 @ 11:57am
I've noticed lately a signifigant amount of the homes that have been sold using the 20k down payment assistance program have either been forclosed or are subject to lien holder approval which leaves the city with nothing in the end and the neighborhood with severely depressed properties/prices, and a failed ho association. Maybe its time to look at eliminating that program from village condo/townhome development.

by Jake on 4/24/2008 @ 12:22pm
signifigant? Is the program even really used that much? With the income restrictions and homes prices being high it is pretty hard to get someone qualified.

Someone making $38k can qualify for about $150k loan. There hasn't been many homes for under $150k in the past few years but there has been some conversion condos.

Why take it away from condos and townhomes? There should be NO difference between a house/condo/ townhome. Suggesting the city discriminate against someone who can only afford or wants to live in a condo or townhome is wrong. For the most part the buyers that are going to use the program on condos are going to be on starter conversion condos outside of the DT core and N. Tacoma.

Also I am pretty sure the money is federal dollars and is not coming out of the general fund. So it shouldn't be hurting the city.

I would like to see where you get your data from.

by Jake on 4/24/2008 @ 1:38pm
FYI:

From the source:
There are no current foreclosures in the DPA Program; or has there been any for quite some time. I think we have done 800 to 900 of these loans with a failure rate of around ½ o1 %.

by Heather on 4/24/2008 @ 3:21pm
Jake? What would the monthly payment on a mortgage for the smallest apartment be? Ballpark?

by Jake on 4/24/2008 @ 3:36pm
**$120k purchase price
$20k Down Payment Assistance from the city (20 years no payments, no interest)

(Some lenders may require a 20 yr loan instead of a 30 due to the 20year dpa)

$100k 20 year loan at 6.5% = $745 plus taxes and HOA dues
Taxes most likely will be around $115 a month. HOA probably around $130.
So about $990 a month.
Thats on a 20 year loan not a 30 year.



Plus the Interest and Property Taxes are deductable on federal taxes. Plus all of the other stuff someone can deduct on taxes now that they are able to itemize.

** disclaimer: All figures are examples. Please talk to your mortgage specialist and tax advisor.

by Brotha E. on 4/24/2008 @ 9:33pm
So these don't count.
1124 S23rd
1120 S23rd
1016 S23rd
1112 S23rd
1024 S23rd
All either bank/fha owned or subject to lien holder approval. One even advertises no HO dues.

About

Although I have another home on the web I thought it might be nice to lead by example a bit and put this blog system up to the test myself.

So far, so good... Funny how I build web tools for other people that are far better than the one's I have setup over on KFnet.

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