Adams Street Lofts

[Florida]

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!

[jpl02]

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.

[Florida]

Glad I could be of service to ya!

[psycuda]

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.

[Glenn]

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.

[Florida]

TJ Lewis....Community Banker!

[Florida]

UPdate

5.13.07

Model

[Florida]

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

[josefk]

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.

[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.

[Monticello-1827]

^ Do we have a thread on affordable housing options/plans/planning for same? I do not want to start one if there already is one...

[Florida]

Yes we do! It's called Workforce Housing. <--------- Here's a link.

[Florida]

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.

[Florida]

Adams Street Lofts UP{sodEmoji.{sodEmoji.|}}date

6.16.07

Seems most new windows have almost all been installed.

[mracca]

You're right. Sadly that discussion with JPL was only a short 3 months ago, and the prices continue to rise as if the market has yet to soften. I'm not a big fan of alot of the features I saw in this model. I even commented when I saw the big blue ribbon that read, 'Best Home Feature' in the Kitchen, "You all won this with these Hotpoint Appliances". LOL! I'm sorry I couldn't help myself with that one, but it had to be said. Many of the guys there knew me, so they didn't mind my comment all that much, and even chuckled. They did have chocolate chip cookies on hand which made things alot better. Its great to know that Hotpoint oven can bake Pillsbury cookies.

Personally, I'd like for them to give the buyer the option of customizing things such as flooring, and appliance packages and such. I was a bit disappointed after having gone to the Cloisters a few months back and looking at the Quality there, then coming here to see how the model was presented.

[Florida]

LOL! Parade of Keep Dreaming Houses!

[humzai]

A lot of the condo style places in Tallahassee are extremely small and fairly pricey at least near the price range of the Adam's street lofts if not higher. That isn't to say that I would buy one when you can get a townhome in southwood for around what they are asking I think most people could live with the loss of proximity to everything.

[Florida]

UPdate {sodEmoji.{sodEmoji.|}} Adams Street Lofts

8.25.07

Looks like they're moving very slow on the exterior of this project. The first balcony seems to have been installed. I spoke to someone working closely with this project the other night in the grocery store who indicates buyers are becoming a bit frustrated with the delays on this project.

Can Mastry and his group deliver as promised?!

Inside

[poonther]

Wow you are right TJ, it is moving very slow. Not much has been done to the exterior since the PoH which was in May.

You sure learn a lot of info when you are in the grocery store.

[Florida]

The grocery store is a jackpot of inside news!

Here's what I think. I believe sales in this facility are slow. Had the price been allowed to stay where it was originally set in the low 100s, this project would have sold out quicker (I'd probably be living in it) and finished in better time. Also, now it sounds like there won't be any on site workout (gym) facility as I originally believed to be ideal for this project.

Of course this is just pure speculation. I could turn around tomorrow and hear that they've sold out and the reason movement is so slow is because they can't find affordable contractors an/or parts and supplies.

[josefk]

The grocery store is a jackpot of inside news!

Here's what I think. I believe sales in this facility are slow. Had the price been allowed to stay where it was originally set in the low 100s, this project would have sold out quicker (I'd probably be living in it) and finished in better time. Also, now it sounds like there won't be any on site workout (gym) facility as I originally believed to be ideal for this project.

Of course this is just pure speculation. I could turn around tomorrow and hear that they've sold out and the reason movement is so slow is because they can't find affordable contractors an/or parts and supplies.

[Florida]

Thanks Jose.

I say Michael Mastry's name because he's the marketing firm behind all of this. But you're right, he's only the realtor. It seems if they come off of the higher price, they may have to re-write some contracts that they may have written at the current price. At least come down to $150,000, my thought.

[josefk]

Thanks Jose.

I say Michael Mastry's name because he's the marketing firm behind all of this. But you're right, he's only the realtor. It seems if they come off of the higher price, they may have to re-write some contracts that they may have written at the current price. At least come down to $150,000, my thought.

[Florida]

you're welcome TJ (fyi- it's josef k, not jose )

There's no way they're going to voluntarily terminate and re-write any of their existing contracts (nor should they). I would be curious, however, to know what the stated completion date in the contracts is for those units that were under contract very early on. If they have multiple units left that are similar to those already under contract, they would be more likely to leave the purchase price as-is for appraisal purposes (and to not upset the early buyers) and do the same thing that many of the big-name national builders are doing by including additional incentives like upgraded appliance packages, plasma TV's, closing cost assistance, special financing, etc. to sweeten the deal at the current asking price. For those models that they don't have any units under contract, the price reduction would be desirable without any additional upgrades (for everyone except the developer and realtor of course).

[Florida]

Adams Street Lofts UPdate {sodEmoji.{sodEmoji.|}} 9.21.07

Balconies seem to be the only noticeable change.

Progress on project seems to be rather slow.