Archive for the ‘Condos’ Category

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Questions to ask when Buying a Condo

Thursday, July 22nd, 2010

Buying a condo is decidedly different than buying a single-family home. Condo ownership comes with its share of unique circumstances, so it is important to understand the many ways in which condos differ from single-family properties. In short, there are a number of questions you should be asking when you begin looking at condo properties:

  • What are the Homeowners Association (HOA) fees?

HOA fees are additional fees that you must pay when living in a condo. Also called association fees, HOA fee funds go toward building upkeep and maintenance, grounds maintenance, garbage removal, and building amenities, such as swimming pools and fitness centers.

HOA fees are typically paid each month, and vary widely from one condo building to the next. HOA fees can have a large impact on your budget, so understanding these fees is a very important aspect of owning a condo. Expect HOA fees to be higher in condo buildings that offer many resident amenities and services.

  • Who supervises the disbursement of HOA fees?

Most HOAs are run by a condo association, which is commonly made up of a board of condo owners.  The board typically decides when, where and how the HOA fees will be dispersed. They also vote on increases in HOA fees, as well as the introduction of special assessments. Special assessments are usually collected when an unexpected repair needs to be made to the building or building grounds. The condo association also puts rules and policies into place that the condo owners must obey.

  • What are the condo building’s rules and regulations?

Each condo building will have its own list of rules and regulations. Some of the rules and regulations (which are typically outlined in an official code book) may include pet policies, occupancy restrictions, smoking and sound restrictions. Make sure you can abide by the rules set forth by the condo association before agreeing to purchase a particular condo. Some rules and regulations are easy to follow, while others may seem a bit restrictive for some condo owners, so review these rules carefully before you begin the home buying process.

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Condo Sales still Struggling Amidst Financing Issues

Friday, July 9th, 2010

Sales at the Ritz-Carlton Tower Residences are picking up rather nicely, which is a breath of fresh air from last year. In fact, about one-third of the building’s 95 residential units have been sold. Since this year, the developers have sold 10 units, which equates to $21.5 million in sales.

Not many condo projects in downtown Dallas had high hopes in 2009; however, it looks as if sales are starting to pick up once again; and that’s due, in part, to the ease in financing problems.

As the Dallas-Fort Worth economy improves, so do sales in the Dallas-Fort Worth condominium market. Case in point: condo and townhome sales in North Texas have jumped nearly 24 percent in the first five months of 2010, compared with the same time a year ago.

Condo Sales still below Single-Family Home Sales

However, amidst all the good news comes the sobering news that condo sales are still well below where they were in 2008, according to the Real Estate Center at Texas A&M University. Median prices for condos are still down, as well; condo prices were down about 17 percent in May from a year ago.

There is currently an 11-month supply of condos on the market in North Texas, which is above the six-month supply that many real estate agents consider ideal. Single-family homes in North Texas, however, are at a prime six-month supply.

The majority of sales in the condo market this year have been from more affordable properties, which certainly shows the shift in consumer needs and wants. The lower-price-point condos have seen tremendous growth, whereas higher-priced properties are still moving at a slower pace.

Sales Spurred by Homebuyer Tax Credit, Low Interest Rates

The price-point-driven market has also been spurred by the homebuyer tax credit and low interest rates. The deals are there, the interest rates are attractive, but the financing is still a major hurdle for many condo buyers.

Many of the higher-priced condos, like those at the Ritz-Carlton Tower Residences, have been sold for cash, and the developer there has also arranged special financing for buyers through five banks, thereby facilitating the process of purchasing one of these homes, which often range anywhere between $400,000 and $2 million.

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The Strong Sense of Community Found in Dallas’ Uptown Neighborhoods

Wednesday, May 12th, 2010

The Uptown Dallas real estate market is quite healthy, considering the tough and rumble real estate market of 2009. In fact, Dallas’ Uptown neighborhoods still post impressive gains in terms of real estate, and it’s no wonder.

The Strength of the Uptown Dallas Real Estate Market

The real estate of Uptown Dallas is quite exceptional. In particular, Uptown Dallas condos are as precious as gold, as professionals and families alike are flocking to them because of the outstanding location and the even more outstanding homes.

If you are interested in luxury Uptown Dallas condos, then you owe it to yourself to look at the neighborhoods of State Thomas, West Village and Knox Park (Oak Lawn is also considered by some to be a part of the Uptown area).

Distinct Neighborhoods and a Pedestrian-Friendly Atmosphere

These three, distinct neighborhoods all possess a nice variety of Uptown Dallas condos that are bound to impress even the most discriminating of buyers. What makes the Uptown section of Dallas quite different from other areas of the city is the fact that is has become one of the few walkable areas in Dallas.

In addition to the pedestrian-friendly atmosphere of Uptown Dallas, this area also features an efficient transportation system, called DART. DART provides both bus and light rail service throughout the Uptown Dallas area.

Exceptional Uptown Dallas Condos

The Uptown Dallas condos are situated among some of the finest restaurants, bars and entertainment venues in the city, all of which can be easily accessed on foot, via a comfortable stroll. This urban oasis, which has undergone extensive transformation over the past 30 years, is now one of the most desirable areas in the city; to live and to play.

Uptown Dallas condos are incredibly sought after, for a number of reasons. Many individuals seek this area of Dallas out because of its pedestrian-friendly, tight-knit community atmosphere, while others enjoy the prime location and its close proximity to nearly all areas of the city. Finally, some individuals choose Uptown Dallas condos simply because they have developed a reputation for exceptional living.

If you desire a relaxing stroll to your favorite café, condominiums that boast a beautiful array of features, services and amenities, and a fantastic sense of community, then you owe it to yourself to consider one of the many Uptown Dallas condos found here.

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Want A Condo? VIP Realty Can Help

Monday, April 12th, 2010

If condo living suits your lifestyle, and you are looking to purchase or lease a residence that ideally fits your needs and budget, contact us first before you start your search. We are VIP Realty, the young, aggressive agency with an enviable track record of satisfied clients, and the resources and know-how to find your dream home quickly and efficiently.

First, contact VIP Realty for a free no obligation consultation to help us assess your wants, needs, and budgetary requirements. Then contract with us to be your buyer’s representative.

As a VIP Realty client you will have access to our extensive up-to-date condo listings that will help you to locate the properties of most interest to you.

Best of all, you are being represented by one of the leading discount brokers in Texas, and as such, VIP Realty can offer you a rebate program guaranteed to put REAL CASH back in your pocket after closing. Here is how it works:

As your leasing or purchasing representative, we are paid a commission by the owner or owner’s rep for bringing you to the property and signing a rental or purchase agreement. Under our innovative rebate commission program, we will then share a portion of our commission with you.

Since a relocation of any kind is time consuming, and most of all EXPENSIVE, wouldn’t it be nice to know that our rebate program will help in offsetting some of these expenses?

With nothing to lose, and everything to gain, why not contact VIP Realty to learn more about our services

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The High Rise Condo Lifestyle in Fort Worth

Thursday, February 25th, 2010

Fort Worth high rise condos are luxury epitomized. They offer some of the best features, amenities and upscale services for their residents, including maintenance-free, worry-free living, a highly coveted perk of living in Fort Worth high rise condos.

If you are considering one of the many Fort Worth high rise condos, you may first want to determine where exactly you want to live; what amenities are a must; and how much you are willing to spend.

Here are a few examples of some of the best Fort Worth high rise condos around:

  • Neil P. at Burnett Park Condominiums – This Fort Worth building features 60 residences in a high-rise setting.  The unique history and architecture of this building have been beautifully blended to create stunning surroundings.
  • The Pacific Lofts – As far at Fort Worth high rise condos go, the Pacific Lofts are quite extraordinary. The result of a beautiful restoration project of the Texas and Pacific Railway Passenger Depot, the Pacific Lofts include such fine amenities as a fitness center, concierge and valet services, and a fully equipped business center.
  • The Tower Residences – A true definition of the word skyscraper, this beautiful, prominent building houses luxury condos at their finest. Consisting of more than 300 residences, the Tower features such upscale amenities as a courtesy desk, a state-of-the-art fitness center, and an outdoor swimming pool and spa, both of which are surrounded by an expansive terrace and dining area.
  • The Omni (1301 Throckmorton) -The Omni high-rise building features exclusive residences that feature over-the-top amenities and breathtaking views. The upscale amenities and services of this high-rise reflect the luxury of the residences, and they include: in-room dining, housekeeping services, valet and concierge services, and custom home design packages.
  • Villa de Leon Condos – Just 23 units make up the Villa de Leon condos. The condo homes in this high-rise feature nearly 2,000 square feet of living space, as well as unparalleled views of downtown Fort Worth. The conveniences of the Villa de Leon include concierge service, a state-of-the-art fitness center, controlled-access parking, and a business center.

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Understanding Condo HOA Fees: What you need to Know

Wednesday, February 17th, 2010

Purchasing downtown Dallas luxury condos is a smart move for many Dallas residents.

Downtown Dallas luxury condos boast some of the most outstanding features, services and amenities and, let’s face it, the location just can’t be beat.

Whether you’re a professional or empty nester, downtown Dallas luxury condos can provide the best urban living in Dallas. However, it is important to understand that purchasing downtown Dallas luxury condos are much different than purchasing a single-family home.

In particular, you must take into consider Homeowners Association Fees (HOA) when purchasing a condominium. HOA fees cover many things, including maintenance, parking, landscaping, and the upkeep of any building amenities and services.

There are a number of steps you should take when viewing downtown Dallas luxury condos. In particular, there are some obvious – and not so obvious – points about HOA fees that you should familiarize yourself with before purchasing a condo:

  • Be aware that all HOA fees are not the same. In fact, HOA fees can vary widely between downtown Dallas luxury condo properties. HOA fees can often break a budget, so always remember to consider these fees when considering your monthly housing budget.
  • Always ask for the name of the management company responsible for your building’s HOA. If your building is not professionally managed, ask for the name of the head of the HOA.
  • Ask about the percentage of the owner-occupied tenants in the building, as your ability to obtain financing could depend on this. In particular, Fannie Mae and Freddie Mac have placed limits on financing condos when there are too many investors involved in the building. In order to be eligible for financing, most lenders will want proof that the building is at least two-thirds owner occupied.
  • Inquire about any additional assessments that have been enacted as of late. Ask about any anticipated projects in the works, as these could raise your HOA fees. However, many HOAs will have money set aside to handle large maintenance or improvement projects.
  • Ask about any current or past disputes among the HOA members, and whether this has been resolved.
  • What are the restrictions involved with the HOA? Make sure you feel comfortable with these restrictions, and whether you feel you can live with them for the long term.

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Pricey Downtown Fort Worth Condo Sales Continue to Struggle as Buyers Seek Lower-Priced Homes

Thursday, February 4th, 2010

Downtown Fort Worth has a bit of a problem; and it’s all about the price.

Sales are down when it comes to downtown Fort Worth condos; but that’s really only part of the picture. What is most striking about the decline in sales among downtown Fort Worth condos is that the average price of a condo in downtown Fort Worth is $235 per square foot – the highest price in Texas.

In other words, Fort Worth’s downtown condo problem is that most home buyers are simply not looking to spend the money for a luxury condo. And the 30-month inventory on downtown Fort Worth condos is a clear indication of this fact.

In comparison, condo supply nationwide has fallen to about 12 months as most cities are beginning to see signs of recovery.

Where it all went Wrong

It’s no surprise, really, that downtown Fort Worth is chocked full of pricey condos. Three years ago, developers saw a prime opportunity as downtown projects were plentiful and the economy was adding jobs. Both income and confidence were plentiful and, as a result, developers saw an opportunity in the making.

However, the credit market decline was a huge bust to the industry and many high-priced downtown developments began to feel the brunt of the flailing economy and housing market.

Many analysts see Fort Worth’s problems as not being overbuilt, just being “top-heavy.”  In other words, it’s not the number of condo homes in downtown Fort Worth that is the problem, just merely the price of them. In fact, more than two-thirds of Fort Worth’s downtown condos are priced above $234,000.

In comparison, the median price for a downtown Forth Worth condo is twice as much as a single-family home in Fort Worth.

There is a much higher demand for lower-priced condos, and the numbers prove it: in the second quarter of 2009 lower-priced condos outsold more expensive ones by almost two to one.

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Downtown Dallas Condos: What’s Hot for 2010

Friday, January 15th, 2010

If you want a sure bet, head to downtown Dallas and check out the exceptional real estate found there. The downtown Dallas condo market has certainly seen better days (and let’s face, who hasn’t?), but it is still one of the most sought-after areas for exceptional condominium residences in Dallas.

Downtown Dallas condos have it all, from location and sights to business opportunities and plenty of entertainment; so it’s no wonder that some of the hottest condos in Dallas can be found in the downtown area:

  • Bryan Street Station – As one of the newest developments to grace the downtown Dallas condo market, Bryan Street Station is an affordable community with fabulous views of the downtown Dallas skyline. These one and two-bedroom condominium homes, which are reasonably priced from the mid $120,000s, enjoy plenty of amenities and features, including: a gated parking garage; 10-foot ceilings and large, open floor plans; home security systems; natural hardwood floors; spacious, walk-in closets; and GE appliances. Twenty-nine luxury lofts are found at Bryan Street Station, each one with a gourmet kitchen, soaring, oak ceilings and antique brick walls.
  • Buzz Lofts – The Buzz Lofts are the epitome of all that is hip and cool about downtown Dallas condos. These 48 residences features beautiful loft designs, dynamic architectural qualities and modern conveniences, as well as exceptional downtown Dallas skyline views. Some of the features found throughout the Buzz Lofts include: sleek interiors; IKEA fixtures; bamboo floors; and a water reclamation system for irrigation.
  • SoCo Lofts – Urban contemporary design is alive and well at SoCo Lofts. The beautiful design, cutting-edge architecture and unmatched Dallas views can be found at SoCo Lofts, along with great amenities, such as a parking garage, a rooftop swimming pool and a state-of-the-art fitness center. SoCo Lofts feature affordably priced homes with one, two, three or four bedrooms, all of which enjoy a superb location in the heart of downtown Dallas.
  • South Ervay Lofts – The one and two-bedroom lofts of South Ervay Lofts are beautifully renovated with only the most luxurious amenities and interiors. From the concrete countertops and gourmet kitchens to the open floor plans and the stainless steel appliances, no detail has been left unattended at South Ervay Lofts. Some of the features of the condo residences of South Ervay Lofts include: birch cabinetry, master bedroom retreats, oversized slate showers and hardwood floors.

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The Tower Residences at the Ritz-Carlton Unveil Designer Showcase Home

Thursday, December 3rd, 2009

To get a really good idea of the opulence that awaits you at the Tower Residences of the Ritz-Carlton you must be able to envision what a home may look like if it were furnished.

Problem solved.

The first designer-furnished showcase home has been recently unveiled at the Tower Residences at the Ritz-Carlton, thereby providing brokers, real estate professionals and potential homeowners with the opportunity to view the luxury of this magnificent condominium building and its equally impressive residences.

The showcase home of the Tower Residences features interior design and furnishings by Robb & Stucky Interiors of Dallas and Plano. The interior of the showcase home includes two bedrooms, a chef’s kitchen and a study. The home is equipped with a terrace, high-end appliances and premium finishes.

About the Tower Residences

The Tower Residences which, along with the hotel, have become Uptown Dallas’ pride and joy, have recently been completed. Located along Pearl Street, these condominium residences are a testament to the upscale living found in Uptown Dallas condos.

The Tower Residences boast 95 condominium homes, all of which feature sweeping views, upscale amenities and superb services, consist of one, two and three-bedroom homes.

There are currently just 30 condominium homes remaining at the Tower Residences, thereby adding to the overall success of this condominium building. The first phase of the project, which was completed in 2007, sold out quickly, as well.

Building and Resident Amenities Abound

Just some of the amenities afforded to the residents of the Tower Residences include private grounds, private gardens, a swimming pool, a whirlpool and an outdoor fireplace. A private wine tasting room, a wine cellar, a private dining room with a fully equipped catering kitchen, and underground parking are also granted to the residents of this prestigious address.

Residents also have full access to the fabulous amenities and services of the Ritz-Carlton Hotel, via an exclusive, pedestrian skyway.  Amenities and services include 24-hour concierge service, the hotel’s highly acclaimed restaurants and its top-rated spa.

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Downtown Dallas Condo HOA Fees: What you Need to Know

Wednesday, December 2nd, 2009

If you are considering a move into one of the fabulous Downtown Dallas condos, you will likely encounter HOA fees. Your HOA fees are perhaps just as important as the sales price of your condo, so it is imperative to have a full understanding of what they are and what they entail.

What are HOA fees?

Homeowners Association fees, better known as HOA fees, are fees that are collected from homeowners of a condominium complex. These fees may be collected on a monthly, weekly or annual basis, depending on the downtown Dallas condo in which you reside.

What do HOA fees cover?

One of the reasons why it is so important to do your homework regarding the HOA fees for the condominium building in which you want to reside is because they can cover a wide variety of expenses. Typically, however, HOA fees cover the master insurance, the exterior and interior maintenance, landscaping, water, sewage, and refuse costs.

They may also pay for amenities and services of the downtown Dallas condo building in which you live, including a swimming pool, a party room, valet service, concierge service, and a fitness center, just to name a few.

How are HOA fees determined?

HOA fees are generally determined by the building’s board or directors and often re-evaluated on a yearly basis.

How are HOA fees paid?

HOA fees are generally paid through your mortgage payments, thereby making the process of tending to these payments hassle-free.

Do HOA fees cover large repairs on the building?

Generally not. You may also be expected to pay for “special assessments” when unexpected communal expenses arise. This may include replacing the roof, for example.

Paying for HOA fees may have a large impact on your overall housing budget, so it is important to understand what you will be paying in HOA fees every month, and to also be aware that these fees can increase – often significantly – during the time you are residing in the home.

HOA fees can range anywhere from a couple hundred dollars to more than $500 per month, depending on the downtown Dallas condo building, so keep these fees in mind when you are shopping for your next condominium home.

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