Thoughts on MonteVista condos?

[Mortgage Maven]

In today's market, the type of property one consider's purchasing might take a back seat to the financing available. Fewer lenders are offering mortgages on condo products these days. Very often, the guidelines are also tighter on condo mortgages. Then, if the borrower's financial profile and the condo project meet the mortgage guidelines superficially, the condo documents have to be reviewed and approved by underwriters before they'll even consider the borrower's application for the mortgage. This is for a primary residence or 2nd home. Mortgages for condos used as an investment property are extremely hard to find, if at all. Refinances on condos are even more of a challenge. While it's completely possible to obtain financing for the purchase or refinance of a condo (I've done plenty of them this year), there's a bit more to its loan process than one for a single-family home. It's just something to consider before purchasing. As always, it's best to be preapproved for a mortgage before you start seriously home shopping.

[garretttrahan]

Originally Posted by FromCalitoSteinerRanch

Find out what incentives are being given to your agent by MonteVista. If your Buyer's Agent/Representation Agreement doesn't include a clause that he or she must split any extra commission from the seller or builder/developer, then you will probably never know what is "motivating" the pushyness (real word?).

When we bought our house in RR, our agent got a cool $2K extra from Pulte. She did buy us a nice housewarming gift that we still treasure even 4 years later, but $1K would have been "treasured" for awhile by us as well!!!

First of all as an realtor when you talk about bonuses or incentives, especially from new home builders, that extra 2k or bonus would not have went back to the buyer if the realtor did not place the "any additional compensation" clause. Those are strickly from developer/seller to realtor. The additional compensation would go back to the developer/builder. Although you may be correct to say that the incentive might draw a realtor in that direction, I and a majority of the other realtors do not check out if they are any incentives to show a buyer only. And in the end, the buyer has to like and sign for the property. As a realtor, it is our duty to show you anything, area, or amentities that you are looking for in a home.

[girlred21]

Well being that I have lived here for 2.5 years (pre and post condo conversion) I do not recommend living here unless you purchase a unit with a tenant already occupying it and have no plans to live here. All they have done is removed the term "apartments" from the entrance and changed it to "condominiums". The begged us renters to buy for months and then opened up rent to buy options and now have opened it up to buy with tenant occupied. You are close to gorgeous views but if you're going to spend the money you might as well do it right and buy a NEW and REAL condo downtown.

[Texanette]

You might as well sign a lease, wait a year, and wait for the downtown condo market to come crashing down.

[MJinAustin]

Originally Posted by macman

Also, where would you say are some of the better condo locations to buy right now? I have looked at Alicante town homes on fm2222, but have heard that traffic there could be very bad during rush hours.

Those were also ex-apts.

[hound 109]

What Elementary School, Middle School & High School does this condo development flow into?

Any kids living in the development?

Thanks!