Comments on: Downtown Tacoma Condo Report http://www.getrealtacoma.com/2009/08/downtown-tacoma-condo-report/ Real Tacomans on Real Estate Fri, 30 Jul 2010 16:18:54 +0000 http://wordpress.org/?v=2.6.3 By: Marguerite http://www.getrealtacoma.com/2009/08/downtown-tacoma-condo-report/#comment-2725 Marguerite Wed, 23 Sep 2009 18:30:41 +0000 http://www.getrealtacoma.com/?p=773#comment-2725 I feel like ultimately the new regulations are in the best interest of protecting home buyers. The sellers of the condo projects and existing homeowners associations have had the opportunity to hurry up and get their FHA Warranty before October 1st. There's a great article about the changes on Zillow: http://www.zillow.com/blog/mortgage/2009/07/21/new-fha-guidelines-could-change-the-condo-market-forever/ Ultimately, I think the problem we have with overbuilt townhomes is certainly affected by FHA Guideline changes (25% of buyers are going FHA right now) but at the same time (in my opinion) these projects are facing much larger issues of simply having built to expensive for the area. There is a strong demand for downtown condos closer to the median home price for the area. Unfortunately we are overbuilt in a price range that the average downtown homebuyer can't dream of buying. To me, that's the real challenge that has to be addressed one way or another. I feel like ultimately the new regulations are in the best interest of protecting home buyers. The sellers of the condo projects and existing homeowners associations have had the opportunity to hurry up and get their FHA Warranty before October 1st.

There’s a great article about the changes on Zillow:

http://www.zillow.com/blog/mortgage/2009/07/21/new-fha-guidelines-could-change-the-condo-market-forever/

Ultimately, I think the problem we have with overbuilt townhomes is certainly affected by FHA Guideline changes (25% of buyers are going FHA right now) but at the same time (in my opinion) these projects are facing much larger issues of simply having built to expensive for the area. There is a strong demand for downtown condos closer to the median home price for the area. Unfortunately we are overbuilt in a price range that the average downtown homebuyer can’t dream of buying. To me, that’s the real challenge that has to be addressed one way or another.

]]> By: bobbi http://www.getrealtacoma.com/2009/08/downtown-tacoma-condo-report/#comment-2724 bobbi Wed, 23 Sep 2009 15:24:22 +0000 http://www.getrealtacoma.com/?p=773#comment-2724 What impact do you feel the new FHA condo guidlines will have on these condo projects? Bobbi What impact do you feel the new FHA condo guidlines will have on these condo projects?
Bobbi

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