Archive for the ‘Condos’ Category

Deluxe Santa Barbara Condo For Sale In SB’s Exciting Downtown Area – A Great Place to Live, Work, and Play.

Thursday, September 17th, 2015

Santa Barbara Condo For Sale: Located in Santa Barbara’s beautiful downtown area, this Deluxe One Bedroom Condo With An Expansive (1330Sq.Ft.) Single Level Floor Plan, Shares No Common Walls, and is Situated on the Main Level of The Beautiful Mediterranean Villa España Complex. This Special Unit is Quietly Tucked Away From the Hustle Bustle of State St. Its Open and Versatile Floor Plan Offers:

Villa España

Villa España

A Grand Entry Foyer, An Inviting Living Room with Lovely Fireplace, Built-in Bookcases; A Formal Dining Room (*Alternatively Used As An Office/Guest Room); A Spacious South Facing Balcony; Full Size Kitchen; Powder Room; An Over-sized Master En-Suite with Updated Bathroom; Abundant Built-in Storage Cabinetry and Triple Master Closets.

The Well Maintained Mediterranean Complex Offers Manicured Grounds, Terraced Gardens, and a Private Sun-Drenched Gated Pool Area with Club House. Near Shopping, Fabulous Restaurants, Santa Barbara’s Renowned Cottage Hospital, Santa Barbara Golf Club, Santa Barbara’s Historical Old Mission, Acclaimed Peabody Charter School, and much much more.

HOA fee; $540/Mo, uniquely includes:- Water & Gas, in addition to the typical Costs for Fire insurance, Earthquake insurance, Trash, Building Maintenance, and Gardening.

Formal Entry Foyer

Formal Entry Foyer

Living Room Opens to Large Balcony

Living Room Opens to Large Balcony

Don’t miss out on this opportunity! Call Today to Schedule a Showing.

Listing Agent/Broker:
Sylvia Miller/Coastal Properties
CA BRE # 00558548
Santa Barbara MLS #15-2910

FHA eases burdensome condo financing rules

Monday, September 24th, 2012

By Kenneth R. Harney

September 23, 2012

FHA Update

WASHINGTON ― Here’s some encouraging news for condominium unit owners, sellers and buyers: The biggest source of funding for low-down-payment condo mortgages, the Federal Housing Administration, has revamped controversial rules that caused thousands of buildings across the country to lose their eligibility for FHA financing.

The revised guidelines, which were issued Sept. 13 and took effect immediately, should make it easier for large numbers of homeowner associations to seek certification by the FHA. The certification process is intended to provide the FHA, a government-run mortgage insurance agency, with key information about a development’s legal, physical and financial status. Without approval of an entire development ― regardless of whether it’s a small complex in the suburbs or a massive high-rise in the center city ― no individual unit can be financed or refinanced with an FHA mortgage.

One of the most significant changes the FHA made involves personal legal liability for condo association boards and officers. The previous rules required officers to attest that they had “no knowledge of circumstances or conditions that might have an adverse effect on the project or cause a mortgage secured by a unit” to become delinquent, of “dissatisfaction among unit owners about the operation of the project or owners association” or of “disputes concerning unit owners.” The penalty for officers who “knowingly” and “willfully” submitted information to the FHA that was found to be false: fines of up to $1 million and 30 years in prison.

Although the previous rules focused on entire buildings, individual unit owners seeking to sell often have taken the brunt. The Community Associations Institute, the condo industry’s largest trade group, welcomed the relaxation of the FHA rules, predicting that “this will spark home sales and help tens of thousands of condominium communities begin to recover from the housing slump.”

Not surprisingly, many board officers declined to take on what they interpreted as lifetime legal responsibility for such details as whether the condominium fully complied with state and local environmental and real estate requirements. Although the FHA insisted that the associations were overreacting, the new certifications contain much less scary language. The penalties for intentional frauds against the government remain the same, however.

Among other key rule changes:

  • Greater flexibility on investor ownership. In existing developments, one or more investors are now allowed to own up to 50% of the total units provided that at least half of the units are owner-occupied. The previous rule required that no more than 10% of units could be owned by a single investor.
  • The previous treatment of unpaid condo association dues was raised to 60 days from 30 days. Under the revised rule, condo communities where no more than 15% of unit owners are 60 days late on payment of dues can be approved for FHA loans.
  • Clarification of certain insurance requirements that many communities found burdensome.
  • Source: L.A. Times

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    -Sylvia E. Miller
    Cell: 805-448-8882

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