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Union Square

joeDowntown

By joeDowntown
in Grand Rapids Coffee House

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SqFace Crossroads

SqFace

Posted
Posted

Hey, SqFace:

Have you picked out your condo yet?

Budgie

<{POST_SNAPBACK}>

I haven't been contacted to pick out my condo yet, hopefully that will happen in the next few weeks. From the looks of the "solds" on the website, it looks like they have sold a lot of the condos. Again, my worries lie in not having a unit that I want in my price range by choosing time. I have no idea what # they are on, but I'm guessing the drop out % will continue to climb as they forge higher on the reservation list.

Anyone else hear anything about what # they're on or selection?

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Budgie Frisket Burg

Budgie Frisket

Posted
Posted

I haven't been contacted to pick out my condo yet, hopefully that will happen in the next few weeks.  From the looks of the "solds" on the website, it looks like they have sold a lot of the condos.  Again, my worries lie in not having a unit that I want in my price range by choosing time.  I have no idea what # they are on, but I'm guessing the drop out % will continue to climb as they forge higher on the reservation list.

Anyone else hear anything about what # they're on or selection?

<{POST_SNAPBACK}>

gat said he is #170 and he's meeting w/Bradley the end of this week. I am #194 so I anticipate perhaps my turn will come next week. You are right, however. Bradley said that he anticipates a higher drop-out rate as the choice of units dwindles.

B.

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svs650k3 Whistle-Stop

svs650k3

Posted
Posted

Well, an update on my situation.

Today I wrote a letter canceling my purchase agreement for the unit I chose. After thinking about it and talking with my lawyer and then with Brad, there were a couple things that I couldn't deal with and that Brad couldn't change in the purchase agreement. The feeling I got was that the dealings were getting shadier and shadier as things went on and I didn't want to risk my deposit money. If you guys want me to go into details I will, but I don't want to discourage anyone from buying.

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Budgie Frisket Burg

Budgie Frisket

Posted
Posted

Well, an update on my situation.

Today I wrote a letter canceling my purchase agreement for the unit I chose.  After thinking about it and talking with my lawyer and then with Brad, there were a couple things that I couldn't deal with and that Brad couldn't change in the purchase agreement.  The feeling I got was that the dealings were getting shadier and shadier as things went on and I didn't want to risk my deposit money.  If you guys want me to go into details I will, but I don't want to discourage anyone from buying.

<{POST_SNAPBACK}>

Yes, details, please.

B.

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mojitomandy Crossroads

mojitomandy

Posted
Posted

Yes, please... details.

I am #206 on the reservation list. Not real sure what to expect by the time I finally have my meeting.

Just wanted to say that I really apreciate everyone's comments so far. I keep going back and forth between excited and skeptical.

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Budgie Frisket Burg

Budgie Frisket

Posted
Posted

Yes, please... details.

I am #206 on the reservation list. Not real sure what to expect by the time I finally have my meeting.

Just wanted to say that I really apreciate everyone's comments so far. I keep going back and forth between excited and skeptical.

<{POST_SNAPBACK}>

I know exactly what you mean. I'm not sure why I'm so ambivalent.

B.

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svs650k3 Whistle-Stop

svs650k3

Posted
Posted

Alright well here goes:

My problems were mostly caused by insecurities in financing. While I hold a good job and know that I can get the mortgage I need to pay for the thing, I am 23 years old and who knows, something could happen to prevent me from getting a loan. So getting the loan isn't certain. That said, there is no wording in the purchase agreement about how purchaser is supposed to pay for the unit. Basically, if you can't secure financing you still owe the balance of the purchase price at closing. I talked to a lawyer and with their recomendation I asked for a mortgage contingency built into the contract so I could have an out if neccesary. That was shot down right away stating that it was too risky for them to add. Then they said that if I didn't get financing that they would re-sell the unit and I would most likely get my earnest deposit back. I asked for that in writing and again, another no. I'm a bit skeptical about things when they can only be spoken and not written so at this point there's no way I'm going to risk a few thousand dollars with them. I got the feeling that they didn't care about who they sold to as long as it got sold. Why couldn't they take the small risk that I would get the loan? They would rather pass the risk on to their buyers. Which is valid, it is a buisiness but talking with realtors and my parents I have never come across someone who has bought a house without a mortgage clause in the contract, even if the buyer was pre-approved for a loan!

Other than that, I still hadn't received any final costs on upgrades. My feeling is that at signing I should know what the place is going to cost me. In particular, I have been told something different every time I asked about costs relating to upgraded wood floors, finishing the existing brick walls in the unit, countertops etc. How many projects have they done? Enough to know what these things cost, that's for sure.

There were a couple other things in the contract that didn't apply to me but had they applied to me I would not have been happy. I just wonder what the actual fallout rate is and if it's higher than what they're telling people.

These are my opinions, let me know what you guys think when it comes time for you. Make sure that you read the contract and have a lawyer look at it if you're unsure at all. I'm definately upset that I had to back out, I was really looking forward to the design and the whole idea of the project but I think backing out possibly saved me future trouble.

End rant.

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Budgie Frisket Burg

Budgie Frisket

Posted
Posted

Alright well here goes:

My problems were mostly caused by insecurities in financing.  While I hold a good job and know that I can get the mortgage I need to pay for the thing, I am 23 years old and who knows, something could happen to prevent me from getting a loan.  So getting the loan isn't certain.  That said, there is no wording in the purchase agreement about how purchaser is supposed to pay for the unit.  Basically, if you can't secure financing you still owe the balance of the purchase price at closing.  I talked to a lawyer and with their recomendation I asked for a mortgage contingency built into the contract so I could have an out if neccesary.  That was shot down right away stating that it was too risky for them to add.  Then they said that if I didn't get financing that they would re-sell the unit and I would most likely get my earnest deposit back.  I asked for that in writing and again, another no.  I'm a bit skeptical about things when they can only be spoken and not written so at this point there's no way I'm going to risk a few thousand dollars with them.  I got the feeling that they didn't care about who they sold to as long as it got sold.  Why couldn't they take the small risk that I would get the loan?  They would rather pass the risk on to their buyers.  Which is valid, it is a buisiness but talking with realtors and my parents I have never come across someone who has bought a house without a mortgage clause in the contract, even if the buyer was pre-approved for a loan!

Other than that, I still hadn't received any final costs on upgrades.  My feeling is that at signing I should know what the place is going to cost me.  In particular, I have been told something different every time I asked about costs relating to upgraded wood floors, finishing the existing brick walls in the unit, countertops etc.  How many projects have they done?  Enough to know what these things cost, that's for sure.

There were a couple other things in the contract that didn't apply to me but had they applied to me I would not have been happy.  I just wonder what the actual fallout rate is and if it's higher than what they're telling people. 

These are my opinions, let me know what you guys think when it comes time for you.  Make sure that you read the contract and have a lawyer look at it if you're unsure at all.  I'm definately upset that I had to back out, I was really looking forward to the design and the whole idea of the project but I think backing out possibly saved me future trouble.

End rant.

<{POST_SNAPBACK}>

Thanks for sharing your experience. I bought a City View condo from Jon and didn't have a problem with the financing aspect. To be fair, he has been very responsive to the strange issues I've had. I think that overall, he wants the people who buy his real estate to be happy. It wouldn't be a good thing to tarnish the glowing image the press has of him.

However, you are right about the extras. I really didn't know what the final price was going to be for several weeks. And they charge for every last little nail and screw (and probably rightly so, as it is a business). As I had never purchased a home from the roughing-in stage, I did not know what to expect. So this is probably normal.

But at closing, they asked for two months' condo dues upfront which totally took me by surprise. True, it was only about $350, but I had not been told this was going to have to be paid. Kind of rubbed me the wrong way that the first I heard about it was at closing.

When I first met with Bradley about a Union Square condo and we went over the prices, I was surprised to learn that the price for a loft condo only included a roughed-in loft, i.e., that I'd be paying at least $10K extra to finish it off. I thought this was very misleading and it came off as "slick," if you know what I mean. What good is a loft that is only a plywood floor? The pricing, therefore, is unreliable.

I'm surprised they told you that if your financing fell through, you could sell your unit to somebody else. And that is your only out? That stinks. (Then, too, if everybody had that option, perhaps they wouldn't be selling many condos?)

Thanks again. I'm sorry that you didn't get the condo you really wanted, but as you said, it was probably a good move if you had second thoughts.

Have you tried Hillmount? I'm going to check those out, too.

Budgie

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snoogit Town

snoogit

Posted
Posted

VERY cool. Anyone 50 and above?

B.

<{POST_SNAPBACK}>

I don't know. But assuming the demographics of the board who have expressed interest in this project, I would assume those who are buying are similar to those who post about it. And so far it seems everyone (and their grandma ;) ) has talked about this.

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svs650k3 Whistle-Stop

svs650k3

Posted
Posted

That 1.5% off the current interest rate is hard to beat though :)  See here: http://www.unionsquaregr.com/nchamp.htm

<{POST_SNAPBACK}>

I haven't talked with Nat City at all about this deal so I don't know how it works but it wouldn't surprise me if there were conditions that you have to meet before you can get this type of financing. I'm thinking at least a certain % down, more than the 3% requirement, and a credit score above "X".

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twoshort Town

twoshort

Posted
Posted

I haven't talked with Nat City at all about this deal so I don't know how it works but it wouldn't surprise me if there were conditions that you have to meet before you can get this type of financing.  I'm thinking at least a certain % down, more than the 3% requirement, and a credit score above "X".

<{POST_SNAPBACK}>

You have to qualify for a standard 30 year mortgage and have at least 5% down. That is the word from Scott Jongsma at National City. He's in charge of mortgages over there.

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joeDowntown Metropolis

joeDowntown

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  • Author
Posted

That is not a bad deal since you typically need 20% down on a house or carry PMI insurance. At the least, this 1.5% discount should more than cover you PMI insurance...

Joe

You have to qualify for a standard 30 year mortgage and have at least 5% down.  That is the word from Scott Jongsma at National City.  He's in charge of mortgages over there.

<{POST_SNAPBACK}>

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