Tag: condos

The Difference Between An Apartment And A Condo

  I was asked this week, while showing condos, “what’s the difference between an apartment and a condo?“. Well, not much. An apartment and a condo are really the same thing, with one difference – a condo is owned by an individual, and typically has a homeowners’ association that governs ownership of the entire complex, whereas an apartment is rented and not owned by any one individual and the person renting the apartment has apartment block insurance. In the Blacksburg area, for instance, units at University Place are condos because they are owned by individual owners and for sale, while …

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Will You Be A Legend?

  High-end condos are coming back into the Blacksburg real estate market – is this a good thing? Marketed by the fine folks at Coldwell Banker Townside, The Legends of Blacksburg is back.  Originally touted as game day condos, the project was scrapped after a host of issues, and it sat dead in the water.  Now it’s back up, and while the developer is touting these as year-round residences – and they could be – the tone of the advertising still says “game-day condos”. I don’t have a problem with that, I’m just calling it as I see it. Is …

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Are Blacksburg Condos Certified by the FHA?

In an ongoing circus of head-scratching, it’s being reported across the state that many condo complexes are losing their Federal Housing Administration certification.  This, on top of the already difficult lending environment applied to condos. Which is important in Blacksburg because we have a lot of condominium complexes, and when a complex is certified it means the FHA will loans to buyers in that complex.  However, if a complex isn’t certified then it makes it difficult near impossible to get a mortgage loan in the conventional mortgage market. Essentially what happened was that condominiums have had some of the highest …

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Valuing a Property With No Recent Sales Statistics

An agent in our office recently asked me how I would value a Blacksburg condo that’s in a complex called Clay Court.  Clay Court is in a nice, downtown location of Blacksburg, but it’s tough to value when we haven’t seen any public sales since 2007.  I’ve written about Blacksburg condos in the last year, but this complex is a little different.  It’s not a building with a lot of students (hardly any, in fact), the starting price points are above the median sales price of the market in Blacksburg, and there are relatively few (~ 30) units in the …

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Condos in Blacksburg A Mixed Bag

As reported in The Roanoke Times this weekend: “The town of Blacksburg saw 30 condos sold during the first nine months of 2009, down from 49 during the same period of 2008, a reduction of 39 percent, according to figures real estate agent Jeremy Hart pulled from the Multiple Listing Service, a real estate database. Hart said he would be cautious about recommending either of the stalled projects to clients. ‘There’s an oversupply [of condominiums in Blacksburg], financing is tough to get, and people are more carefully watching their money,’ Hart said.” You can read the full article here. I …

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