Guilty Party or Victim of the System?

The lending environment is tighter than ever right now. Well at least much, much, and super much tighter than recent years. In fact FHA loans have become back in style because they are pretty much the lowest down payment loans available now. Sure, don't get me wrong, there are always some unique programs out there that may or may not work for people. However I'm speaking in generalities right now. And right now loans are harder to get.
Well one of the market areas, or sub-markets, of the real estate market that is affected even more so by these changes is the condominium market (lovingly referred to as condos). FHA has an Approved condo list in every area. Many areas have few to even fewer approved communities on this list though. Why is that? I don't know. It may have something to do with the developer when the community was created/converted. Or it may have something to do with the FHA not being pro-active in getting communities involved. I have no idea, and don't claim to know why these lists are so bare. However, it doesn't change the fact that there are so few communities on these "approved" list.
The Fountains at McLean is one of these communities missing from the list. Not being on the "approved" list means that it is harder, if at all possible to get that increasingly popular and increasingly necessary FHA loan through. This is now the loan of choice and necessity for first time buyers. And in our area a first time buyer buys a condo. This is a Catch-22 that must be addressed. But by who, and how.....?

August Sales Statistics 2008

August has come and gone. But what of the listings for sale? or for rent? See the statistics below:

4 homes SOLD in August in the Fountains at McLean

- Three 1 Bedrooms
--> High SOLD Price = $250,000
--> Low SOLD Price = $215,000
--> Average SOLD Price = $230,000
--> Average Subsidy = $5,483
--> Models SOLD = Cedar, Spruce, + Birch


- One 2 Bedroom
--> SOLD Price = $316,100
--> Subsidy = $8,500
--> Model SOLD = Oak

RENTALS:

4 homes RENTED in the month of August

- One 1 Bedroom
--> RENTED Price = $1350/month

- Three 2 Bedrooms
--> High RENTED Price = $1800/month
--> Low RENTED Price = $1600/month
--> Average RENTED Price = $1667/month

CLICK HERE --> for more Fountains Stats and Downloadable information

Information gathered from the MRIS. Information is deemed reliable, but not accurate.