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3rd Ward Midrise Projects


UrbanCharlotte

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^ I'll be interested to hear what you find out. There seems to be a lot of confusion about this issue even though I think it will have a very big impact on the future values of these condos.

THought I might add that Catalyst threw in a non-financing contingency in the new contracts. If the purchaser is unable to get financed all earnest money comes back.

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Isn't that what is normally contained in standard sales contract anyway?

With conditions. Normally a sales contract used is the standard North Carolina Bar Form. It has places to fill in for financing contingencies and the ability to get a loan. There are dates to be met and typically the contingency goes away after a negotiated period of time after which the earnest money is either the buyers, the sellers, or will be disputed.

In the case of most new projects the developers attorney drafts a contract to be used. They are generally stacked in favor of the developer (where the state form is intended to be fairly even to both sides, but generally in favor of the buyer). Most have somewhat early dates for earnest money to go hard so if the buyer can't close the seller/developer keeps the deposit. In this case it seems they are aware that a lot of folks might have trouble getting financing, or at least the buyers might feel they will, so they are easing this part of the contract so more buyers might decide to try and buy without as much risk of losing a few thousand bucks in deposit.

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I went today to check out the model apartments at Catalyst. They have some really sharp units and some magnificent views, although vertigo caught me off guard with the floor-to-ceiling glass (the model units are on floor 14). I was told leasing tenants will begin moving in next week. Purchased units won't be occupied til the end of August.

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That shot reminds me that I like that little 1920s brick building which will be toast whenever the park bonds can be sold.

It is nice to see the facade for 440 S Church become a little more evident. This part of town really gives you a lot of views where all you see are buildings from the last couple years.

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  • 2 weeks later...

They do not have specific lenders set up for buyers to use. They have somehow legally separated floors 15-27 as a condominium. The amenities on floor two are jointly managed somehow. The sales staff did not seem to have all the answers. I am in the process of confirming financing with a major bank and will let you know what I hear about whether it is a viable property for a commodity mortgage that can be sold off to FNMA.

Has anyone been able to deterimine whether or not you can get a conforming loan for a purchase ?

Here is an article from yesterday that speaks to the new changes related to presale requirements. It went from 50% to 70% as of March 1.

http://online.wsj.com/article/SB123733304341863319.html

Edited by 2hearts
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^It's an interesting article. I don't think it changes things much at this complex as since they are going to no doubt turn the thing in to a huge tenement.

I think this is more interesting news for The Vue however because this changed knocked that building out of the running for these types of loans too. It's no doubt a good move from the point of losses the government might end up with in either complex.

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Has anyone been able to deterimine whether or not you can get a conforming loan for a purchase ?

Here is an article from yesterday that speaks to the new changes related to presale requirements. It went from 50% to 70% as of March 1.

http://online.wsj.com/article/SB123733304341863319.html

If they have, or are getting, the 'for sale' part of the project FHA approved then buyers won't have to get FNMA loans. I think all of these are in the local FHA threshold in terms of pricing, so my guess is they are going that route. If not it will be interesting to see how people are able to close. Bets are on FHA though.

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  • 2 weeks later...

"Novare Group, one of the leading developers of urban residential communities and commercial real estate in the United States, is celebrating the grand opening of its new 27-story residential tower in Third Ward, Catalyst. This newest Novare Group property in Charlotte includes 462 attainably-priced one- and two-bedroom apartment and condominium homes. Catalyst is Novare

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