Scoring 85% on the nation-wide WALK SCORE scale Bayside with its Downtown San Diego Condos, in the Columbia District, is fast becoming one of San Diego’s most sought after residential areas. Imagine the luxury of living within a short walking distance of waterfront parks, cafes of the Little Italy District and the Gaslamp District and the vibrant Downtown San Diego.
Don’t miss the wine event at “Bayside” on February 11th at 5.30pm and take the opportunity to see what this complex has to offer!
To read 92101 Urban Living’s former blog please click on Bayside at The Embarcadero in Downtown San Diego – A Waterside Community! and to visit Bayside click on www.baysidebybosa.com.
Are you curious to find out how Downtown San Diego Condo and Downtown San Diego Loft projects find FHA approval?
Below is a list of project eligibility requirements:
1. Projects must consist of two or more units.
2. Projects must be covered by hazard and liability insurance and, when applicable, flood and fidelity insurance
3. Right of first refusal is permitted unless it violates discriminatory conduct under the Fair Housing Act regulation.
4. No more than 25 percent of the propertys total floor area in a project can be used for commercial purposes. The commercial portion of the project must be of a nature that is homogenous with residential use, which is free of adverse conditions to the occupants of the individual condominium units.
5. No more than 10 percent of the units may be owned by one investor. This limitation also applies to developers/builders that subsequently rent vacant and unsold units. For condominium projects with ten or fewer units, no single entity may own more than one unit within the project; all units, common elements, and facilities within the project must be 100 percent complete.
6. No more than 15 percent of the total units can be in arrears (more than 30 days past due) of their condominium association fee payments.
7. At least 50 percent of the total units must be sold prior to endorsement of a mortgage on any unit. Valid presales include:
• Copies of sales agreements and evidence that a mortgagee is willing to make the loan
• Evidence that units have closed and are occupied;
• Information from a developer/builder that lists all of the units already sold, under contract, or closed (e.g. a spreadsheet, chart, or listing used for the companys own tracking purposes) that is accompanied by a signed certification from the developer (Attachment F). 1 Secondary residences can only be included if it meets the requirements of 24 CFR 203.18(f)(2).5
8. Owner-occupancy Ratios: At least 50 percent of the units of a project must be owner-occupied or sold to owners who intend to occupy the units.2 For proposed, under construction or projects still in their initial marketing phase, FHA will allow a minimum owner occupancy amount equal to 50 percent of the number of presold units (the minimum presales requirement of 50 percent still applies). 2 Units sold to owners who intend to occupy the units must follow the requirements of a valid presale.
9. Legal phasing is permitted for condominium processing. It is recommended that developers submit all known phases for initial project approval. FHA will not accept market phasing in lieu of legal phasing. For vertical buildings, legal phasing is acceptable if:
a. The floors are legally phased in groupings of no less than five floors;
b. At least a temporary certificate of occupancy has been obtained and all common areas and amenities have been completed
c. A third party completion bond has been obtained.
For purposes of calculating the owner-occupancy percentage and FHA concentration:
a. On multi-phased projects the owner-occupancy percentage is calculated on the first declared phase and cumulatively on subsequent phases if the ownership of the condominium project remains the same.
b. If multi-phasing includes separate ownership per phase, each phase is calculated individually.
c. In single-phase condominium project approval requests, all units are used in the denominator when calculating the 50 percent owner-occupancy percentage.
10. FHA will display the concentration information for each approved condominium development on the approved condominium listing, which can be found on both FHA Connection and on the public website at www.hud.gov.
The concentration level will be based on case numbers assigned on units in a project; FHA will not issue new case numbers once the 50 percent concentration level (plus a small tolerance to accommodate for some fall-out) has been reached in any particular development.
a. Projects consisting of three or fewer units will have no more than one unit encumbered with FHA insurance.
b. Projects consisting of four or more units will have no more than 30 percent of the total units encumbered with FHA insurance.
c. Calculation of the level of FHA concentration in a project declared with legal phases will follow the same methodology as owner-occupancy, described above.
11. Mortgagees must review the homeowners association budget (the actual budget for established projects or the projected budget for new projects) for all projects. This review must determine that the budget is adequate and:
6 Includes allocations/line items to ensure sufficient funds are available to maintain and preserve all amenities and features unique to the condominium project;
• Provides for the funding of replacement reserves for capital expenditures and deferred maintenance in an account representing at least 10% of the budget
• Provides adequate funding for insurance coverage and deductibles (see Section VI, Insurance Requirements).
In cases where the budget documents do not meet these standards, the mortgagee may request a reserve study to assess the financial stability of the project. The reserve study cannot be more than 12 months old. When reviewing the reserve study, consideration must be given to items that have been replaced after the time that the reserve study was completed.
In lieu of the actual budget documents, mortgagees may request and rely on Fannie Mae form 1073a, Analysis of Annual Income and Expenses – Operating Budget, executed by an authorized representative of the seller/servicer, owners association, or management agent.
To read 92101 Urban Living’s former blogs please click on VA Approved Condos & Lofts in Downtown San Diego!, VA/FHA Financing Available at Aria in Downtown San Diego and Afford a Condo or Loft Investment in Downtown San Diego!.
Here’s some information that can be good to know about VA Loans:
- VA loans can be a true 30 year fixed rate and fully amortized 100% financing option
- VA loans in San Diego are compatible with many of the San Diego First Time Buyer Programs
- Your VA loan can be used to purchase a San Diego Home with the closing costs negotiated to be paid by the seller
- Pay off consumer debt as part of your San Diego Home purchase
Are you wondering which complexes in Downtown San Diego is VA approved? Check out the list below:
The East Village/Ballpark District
- Park Blvd East
- Park Blvd West
- Park Terrace
- Union Square
- 777 Lofts
- The Lofts 6th Ave
The Marina District
The Little Italy District
The Cortez Hill District
- Cortez Blu
- Solara Lofts
The Columbia District
Want to know more? Contact us via e-mail at [email protected] or call 619-649-0368.
To read 92101 Urban Living’s former blogs please click on VA/FHA Financing Available at Aria in Downtown San Diego and Afford a Condo or Loft Investment in Downtown San Diego!.
This graph shows Downtown San Diego Condos and Downtown San Diego Lofts sold by price range in November 2009!
There were a total of 97 units sold in this month and the majority of the sales went to the price range of $300,001-$500,000 with 35 (36%) of them. Not far behind was 31 sales (32%) in the range of $300,000 and under. 18 sales (19%) was in the range of $500,001-$700,000 and 7 sales (7%) was in the range of $700,001-$1,000,000, 5 sales (5%) went to the range of $1,000,001-$1,500,000 and 1 sale (1%) went to the range of $2,000,001 and over.
To read 92101 Urban Living’s former blogs click on Downtown San Diego Condos & Lofts Sold by Type of Sale in November 2009!, Downtown San Diego Condos & Loft Sold – Financing vs. Cash in November 2009!, Downtown San Diego Condos & Loft Sold by Neighborhood in November 2009!, Downtown San Diego Condos & Lofts Sold by Month – December 2008 to November 2009! and Downtown San Diego Condos and Lofts Sold by Average Sales Price – Dec 08 to Nov 09!
The Little Italy Association is a collection of residents including Downtown San Diego Condo homeowners and Downtown San Diego Loft homeowners in the Little Italy District who share a common interest in the positive development of this budding neighborhood. It’s open to renters, business owners and for anyone who care to see and contribute to the growth of this area of Downtown San Diego. This group needs participation not only in its meetings but in its community projects as well.
The Little Italy Association Board of Directors Meetings will be held at the Lady of the Rosary Parish Hall (1654 State Street) in Downtown San Diego from 8:30a.m. – 10:00a.m on February 2nd, 2010.
To read more visit Little Italy San Diego.
This graph shows Downtown San Diego Condos and Downtown San Diego Lofts sold by type of Sale in November 2009!
Total units sold was a total of 97. 47 sales (48%) were Developer sales, 23 sales (24%) were REO’s, 20 sales (21%) were Resales and 7 (7%) sales were short sales.
To read 92101 Urban Living’s former blog click on Downtown San Diego Condos & Loft Sold – Financing vs. Cash in November 2009!, Downtown San Diego Condos & Loft Sold by Neighborhood in November 2009!, Downtown San Diego Condos & Lofts Sold by Month – December 2008 to November 2009! and Downtown San Diego Condos and Lofts Sold by Average Sales Price – Dec 08 to Nov 09!
Want to become the featured artist for the 7th annual “San Diego Bay Wine & Food Festival” that will make you the highlight throught the festival? The celected art is used in creating the overall look and feel of the festivals marketing collateral and official festival poster.
To enter the competition you have to create a sketch, draft, or concept rendering of your suggested artwork for the 2010 festival campaign and submit in writing your intent to be considered as the official artist to [email protected] no later than February 15th, 2010.
For more information in regards to signing up, e-mail [email protected] or call 619-342-7337.
More than 8,000 tastemakers, celebrity chefs, Downtown San Diego Condo home owners, Downtown San Diego Loft home owners, residents and others with great taste will join together on this five day wine and food party that has 170 world class winieries and spirit producers, 70 of San Diego’s award winning fine dining restaurants, gourmet foods, cooking classes, wine tasting classes, live and silent auctions, food samples and wine tasting.
Come join the opening reception of artist “Brenda York” on January 22nd at 7pm at the Lycerum Theater at Horton Plaza in the Gaslamp District in Downtown San Diego. The exhibition will be available until February 7th, 2010.
Her exhibition coincides with the Lyceum’s Theater production of “Boom”, an intimate love story about the beginning and the end of life with doses of uproarious comedy. Brenda York will be showing new paintings created especially for “Boom” in her own special way. Brenda York says “several of the new pieces explore couples relationships as she imagined them at the end of the world, a little bit scary and a whole lot zany”.
For more information about the exhibition e-mail [email protected] or visit www.brendayork.blogspot.com.
To read 92101 Urban Living’s former blog about other exhibitions click on Clay Walker Exhibition in The Little Italy District in Downtown San Diego!
This graph show Downtown San Diego Condos and Downtown San Diego Lofts sold by neighborhood in November 2009!
The East Village/Ballpark District had most sales during this month with a total of 30 sales. 21 of them were Developer sales, 7 REO’s, 2 Short sales and 1 Resale. Not far behind were the Columbia District with 21 sales. 16 of them were Developer sales, 4 REO’s and 12 Resales. The Cortez Hill District had 16 sales, 7 Developer sales, 5 Resales, 3 REO’s and 1 Short sale. The Marina District had a total of 13 sales. 9 Resales, 2 REO’s and 1 sale each for Resale and Developer. The Little Italy District had a total of 7 sales, 4 Resales, 2 Developer and 1 Short sale. The Gaslamp District had a total of 6 sales, 4 REO’s and 2 Short sales. Least amount of sales goes to Metro with a total of 3 sales. 2 Developer and 1 REO.
To read 92101 Urban Living’s former blog click on Downtown San Diego Condos & Lofts Sold by Month – December 2008 to November 2009! and Downtown San Diego Condos and Lofts Sold by Average Sales Price – Dec 08 to Nov 09!.