108 replies to this topic

[Florida]

Ha!

[csmurphy8885]

pressure rising... i feel it coming on.  Lets talk about things north of this building.  A block away i think is a really large and beautiful home, totally a sight (no joke, its nice) and beyond that the Govrn mansion!  Image your evening walks!  the trees will make it amazing.!.!

[Toad305]

Taurean.

Have you returned from you recon mission ?  I'm down south and info is hard to get.....

-Thanks

[Florida]

Toad305, on Mar 6 2006, 10:54 AM, said:

Taurean.

Have you returned from you recon mission ?  I'm down south and info is hard to get.....

-Thanks

Why am I just now seeing this? I do apologize Toad for my late response, this totally slipped below the radar.

BTW... What happens to a Frog when he parks Illegally???


...... He gets TOAD!!!!! Get it!!! TOWED=TOAD!!!    Uuhhh... ok. You people are no fun here!!

I passed this site just yesterday and noticed the front door open with a huge dumpster outside. I believe there is a good bit of work going on inside. Possibly at this stage, pulling out old flooring, and replacing some ceiling fixtures.

[mracca]

Its about time.

[Florida]

It seems Mastry's developers have a good number of projects going right now, with the Cliosters, and the numerous projects along Duval into Midtown, as well as this one. I like the new style they've brought in. I wonder if Cobyguy has anything to do with this one on Adams Street or did we ask him that already. Poonther should remember with all of the battles the two had!! LOL!

[humzai]

I'm fairly certain he dosen't.

[Florida]

Now that you say that, I do recall mentioning this project to him and not getting much of a response in terms of definitive dates, or details about what's planned for the facility.

[Florida]

Adams Street Lofts
Tallahassee, FL

2.4.2007

Construction is now underway on one of downtown Tallahassee's most anticipated projects. The Adams Street Lofts were proposed as the first of a series of new Workforce priced housing units to go up in the core of Tallahassee. Early reports indicate these units are in high demand as they are more affordable than other's recently built in the downtown area. Prices began in the mid 100s and the building is expected to feature a gym, high speed internet connectivity, and a coffee shop / small market space on the ground floor.

Building Features

Exposed duct
Granite countertops
14' High ceilings
Stainless Appliances
Stained polished concrete floors
Modern Loft Style interior finishes
Floor to ceiling windows
Two garage parking spaces per unit
Outdoor balconies on every unit
Innovative Flexroom floorplans

North East Corner of Building


Front of Building


Southwest Corner of Building


South side of Building

Project by: Leon Properties in Partnership with JDL Development

[jpl02]

I'd absolutely LOVE to buy a unit there! It's a great location..........close to everything I need. I'm tired of renting, I want to buy!  

I wonder what a monthly mortgage payment is for something like that. I wish I had someone to help me when it comes to stuff like that!

[Florida]

jpl02, on Feb 4 2007, 11:09 PM, said:

I'd absolutely LOVE to buy a unit there! It's a great location..........close to everything I need. I'm tired of renting, I want to buy!  

I wonder what a monthly mortgage payment is for something like that. I wish I had someone to help me when it comes to stuff like that!

Ok, jpl.

Let's make some Assumptions:

Price: $150,000
Mortgage Term: 30 Yrs (Conventional)
APR: 5%

Monthly Payment = $805.23

There may be some additional association fees. And your taxes may also be included in your mortgage. Which for this property would cost you $2,121.34 this year. Divide that by 12 and add it to your current mortgage for a total of $982 per month / includes your taxes. And you're an owner of your own box of space in the sky.  

[jpl02]

TaureanJ, on Feb 4 2007, 11:40 PM, said:

Ok, jpl.

Let's make some Assumptions:

Price: $150,000
Mortgage Term: 30 Yrs (Conventional)
APR: 5%

Monthly Payment = $805.23

There may be some additional association fees. And your taxes may also be included in your mortgage. Which for this property would cost you $2,121.34 this year. Divide that by 12 and add it to your current mortgage for a total of $982 per month / includes your taxes. And you're an owner of your own box of space in the sky.  

Thanks TJ!!   That's actually not bad, I could probably swing that.

[Florida]

Glad I could be of service to ya!  

[psycuda]

TaureanJ, on Feb 4 2007, 11:40 PM, said:

Ok, jpl.

Let's make some Assumptions:

Price: $150,000
Mortgage Term: 30 Yrs (Conventional)
APR: 5%

Monthly Payment = $805.23

There may be some additional association fees. And your taxes may also be included in your mortgage. Which for this property would cost you $2,121.34 this year. Divide that by 12 and add it to your current mortgage for a total of $982 per month / includes your taxes. And you're an owner of your own box of space in the sky.  

And my student loans are the difference between me owning a 1 br place there and being a renter at my place on John Knox. Bummer.

[Glenn]

TaureanJ, on Feb 4 2007, 11:40 PM, said:

Ok, jpl.

Let's make some Assumptions:

Price: $150,000
Mortgage Term: 30 Yrs (Conventional)
APR: 5%

Monthly Payment = $805.23

There may be some additional association fees. And your taxes may also be included in your mortgage. Which for this property would cost you $2,121.34 this year. Divide that by 12 and add it to your current mortgage for a total of $982 per month / includes your taxes. And you're an owner of your own box of space in the sky.  

TJ Lewis....Community Banker!  

[Florida]

Glenn, on Feb 6 2007, 12:51 AM, said:

TJ Lewis....Community Banker!  

LOL!

[Florida]

UPdate
5.13.07








Model

[Florida]

jpl02, on Feb 5 2007, 03:44 AM, said:

Thanks TJ!!   That's actually not bad, I could probably swing that.

Just to follow up on this scenario:

Be prepared to put some money down. If this is your first home purchase you MAY qualify for funds through the Tallahassee Lender's Consortium for closing costs and such. A property like this would have somewhere between $5-$7,ooo dollars in closing costs so that 0% loan from the TLC might come in handy. If you're lucky enough you may not have to pay PMI, but chances are you will... lenders like to take advantage of younger buyers. PMI is mortgage insurance, which some claim they are required to charge if you finance over 80% of the purchase price. Just shop around a bit before signing to anything. I expect the association fee for this building to be reasonable... hopefully less than $200 a month.

So we're probably looking at $1,100 - $1,200 monthly. Add your utilities, cable, phone and you're probably looking at $1350 a month to live in this 2 Bedroom unit. If you're smart, as you are, you would get a roommate and each pay $675 a month. Not bad for downtown living, I'd say.

[josefk]

TaureanJ, on May 14 2007, 11:29 PM, said:

Just to follow up on this scenario:

Be prepared to put some money down. If this is your first home purchase you MAY qualify for funds through the Tallahassee Lender's Consortium for closing costs and such. A property like this would have somewhere between $5-$7,ooo dollars in closing costs so that 0% loan from the TLC might come in handy. If you're lucky enough you may not have to pay PMI, but chances are you will... lenders like to take advantage of younger buyers. PMI is mortgage insurance, which some claim they are required to charge if you finance over 80% of the purchase price. Just shop around a bit before signing to anything. I expect the association fee for this building to be reasonable... hopefully less than $200 a month.

So we're probably looking at $1,100 - $1,200 monthly. Add your utilities, cable, phone and you're probably looking at $1350 a month to live in this 2 Bedroom unit. If you're smart, as you are, you would get a roommate and each pay $675 a month. Not bad for downtown living, I'd say.

TJ, not to burst anyone's bubble, but in the earlier scenario the assumed price was $150K- my understanding is that they are now priced at $205K.  Either way, I think that's a pretty healthy "monthly" for 850 square feet, which I would hesitate to call a true 2 Bedroom with the second "flex room" measuring less than 9 X 9 in 3 out of seven units on each floor, and the others all being under 10 X 10, none of which have a full fourth wall.  I also went by the model unit on Saturday and was told that the condo dues would be about $200 per month.  

IMHO $240 per square foot is pretty pricey for the quality of finishes that I saw in the model unit, and I've got to wonder if the price of construction for the conversion ran much higher than expected, etc., or if the builder is really swinging for the fences with these unique units at the current asking prices (I believe the building was purchased for $2.2 million, and if they get that price for 28 units you're looking at a little over $5.7 million in gross sales).

I LOVE the concept, but I really wasn't overwhelmed with the finished result in light of the prices + condo dues.  I really hope it works out for the developer though, as their success should only lead to increased attention/development downtown.

[mracca]

^ I agree on the price difference.  I was told by an investor that this WAS a good deal at the time, but now not-so-much.  I knew of a few BM construction employees that was looking into buying here when the price was decent but now they are changing their minds.  So much for affordable housing.

And if the only way you can afford a place like this is by getting a room-mate, then IMHO you cant really afford it.