Saturday, October 9, 2010
Fifth & Poplar Moves Distressed Properties
Back then, lenders were both lending, and being creative with the types of loans available. Balloon mortgages were frequently the mortgage of choice, and many others got a mortgage and a second mortgage basically putting nothing down.
The beauty of this property was that it was chocked full of amenities, everything from a great pool, to a doggie park, to a concierge, etc. These things all cost money, and the HOA dues, based on square footage, was in the upper $300 range.
Due to maintanence issues and needing to develop a legal fund to potentially pay for legal action against the builder, the HOA fees have been increased by around $110 per unit per month! Yikes.
There are still properties available, and I would love to help you to secure one if you are motivated. Call me.