4R ❚ SUNDAY, JULY 15, 2018 ❚ THE ARIZONA REPUBLIC
July 2018 Powered by
& Listerpros Via Hotel Valley Ho
Closing on a condo vs a single-family home Source: Jeff Williamson, a licensed mortgage professional with Homeowners Financial Group
Is the closing process different for a condo from that of a single-family home? There is an additional layer of approval that must be completed with condominiums to be able to close on the home loan. Every community has its own personality regarding what type of financing can be offered to buyers. This will depend on many factors such as price-point, sales and overall profile/status of the development.
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What about financing and legal phases? In new condo communities, certain pre-sale requirements must be met to utilize standard financing (Fannie Mae, FHA, VA, etc.). For example, if buyers need to utilize an FHA loan for their financing, the condo community must be FHA-approved and have at least 30 percent of each legal phase of the community pre-sold to owner-occupied buyers. Meaning, if a development planned 100 condos and one legal phase, you would need a total of 30 sold. Everything is determined and based on each legal phase. If the community was completed as one legal phase this could set the bar higher in terms of the total number of units that must be sold. If the developer phased the property in 10 legal phases or buildings, the company would only need three units sold in each legal phase [in the example referenced above]. This is far more manageable for sales. Until these requirements are met, no FHA loan may close in the community. In addition, Fannie Mae/Freddie Mac and VA also have specific presale amounts and requirements.
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–Reported by: David M. Brown
Optima Kierland
Cool pools
By Debra Gelbart
ore than half of all new condo and townhome communities in the Valley offer a lap-sized pool, while a significant percentage offers a smaller, but often just as stunning, play pool.
Ordinary-looking pools aren’t enough for today’s condo and townhome buyers, suggests David Hovey, Jr., president of Optima Inc., the designer, developer and general contractor for the Optima Kierland community in North Scottsdale. “Buyers’ expectations have changed over time,” Hovey said. “This is across the board, but especially for people of means. They have experienced exceptional pools in high-end resorts. Once they experience that, they aren’t satisfied with a conventional pool.” “Developers would be foolish not to have a spectacular pool in their community,” according to Keith Mishkin, owner of Cambridge Properties in Phoenix, “because a COOL POOLS; continued on page CL2
A COMMUNITY TO FIT EVERY LIFESTYLE
Cutting-edge homes in the most sought-after locations.
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Pinnacle Peak Rd.
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Summit at Silverstone
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Northern Ave.
From the upper $500s Villa-style homes at 74th Street and Pinnacle Peak Road
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CachetHomes.net/Wigwam
623-385-0129
Scottsdale Rd.
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AIRE Pointe 16
McDowell Rd.
SKYE
Pinnacle at Silverstone From the low $400s Luxury townhomes at 74th Street and Pinnacle Peak Road
Skye From the upper $400s Single-family garden homes in the McDowell corridor of Scottsdale
khov.com/phoenix
Looking for a new home, but unsure where to start? Contact our friendly Community Information Specialists at 877-546-8669. Availability, prices, incentives and dates are subject to change, and K. Hovnanian® Homes reserves the right to cancel or change all offers without prior notice; see Sales Consultant for details. If buyer is working with a licensed real estate agent or broker, the agent or broker must accompany and register buyer on first visit to each community or pre-register using our Rapid Registration form prior to buyer’s first visit. Rapid Registration form can be obtained by emailing arizona@khov.com or calling 877-546-8669.. No offer for sale or lease may be made or accepted until buyer’s receipt of Arizona Subdivision Public Report. A public report is available on the State Real Estate Department’s website. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.© 2017 K. Hovnanian® Great Western Homes, LLC. ROC 188563. ©2017 K. Hovnanian® Building Company, LLC, an Arizona limited liability company. ROC 277023
• Single level living condominiums • Elevator in each building • Walk to Scottsdale restaurants and shops • Near Scottsdale Rd. & 101 • 2 car garages • From the $310’s
17850 N. 68th Street Phoenix, AZ 85054 CachetHomes.net/Monterey-Ridge 480-356-0179
Sales by Cachet Homes. Susan Goodrich. Designated Broker. All Pricing is subject to change without prior notice. Sales are subject to buyers receipt and review of the Arizona Subdivision Disclosure Report.
AZCENTRAL.COM ❚ SUNDAY, JULY 15, 2018 ❚ 5R
Locator Maps NORTHEAST
NORTHEAST
1 Aderra Condominiums
From the $200s 11640 N. Tatum Blvd., Phoenix Tatum Blvd. south of Cactus Road Models Open M-F 10 a.m.-6 p.m.; Sat. & Sun. 12 p.m.-5 p.m. LiveAderra.com 602-788-0706
2 AIRE
K. Hovnanian® Homes From the low $400s 68th St. and McDowell Rd., Scottsdale khov.com/Aire 877-546-8669
3 Biltmore Living
Watt Communities Move-In Ready condos in the Heart of Biltmore From the high $300s 26th St. and Glenrosa Ave., Phoenix WattCommunities.com 480-887-4933
11 4
5 Monterey Ridge Condos
Cachet Homes Walk to shopping and dining From the low $300s West of Scottsdale Rd. and south of Mayo Blvd. on 68th St., Scottsdale MontereyRidge.com 480-420-0900
6 Optima Kierland
Final Release of Homes From the high $300s Sales Gallery: 15450 N. Scottsdale Rd., Scottsdale LiveAtOptimaKierland.com 480-630-1200
7 Pinnacle at Silverstone ®
K. Hovnanian Homes From the mid $400s 74th St. and Pinnacle Peak Rd., Scottsdale khov.com/silverstone-pinnacle 877-546-8669
4 Desert Village at
Sonoran Foothills Homes by Towne New Models Now Open From the low $200s 2425 W. Bronco Butte Trail, Phoenix HomesbyTowne.com 623-328-8806
7 10
8 Pointe 16
K. Hovnanian® Homes From the low $400s 16th St. and Morten Ave., Phoenix khov.com/Pointe16 877-546-8669 SKYE K. Hovnanian® Homes From the upper $400s 69th St. and McDowell Rd., Scottsdale khov.com/Skye 877-546-8669
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10 Summit at Silverstone ®
K. Hovnanian Homes From the upper $500s 74th St. and Pinnacle Peak Rd., Scottsdale khov.com/silverstone-summit 877-546-8669
11 Villagio at
Dove Valley Ranch Homes by Towne New Models Now Available From the mid $200s 33575 N. Dove Lakes Dr., Cave Creek HomesbyTowne.com 480-621-5700
SOUTHEAST
SOUTHEAST
5
1 Shades of South Mountain
Frank Residential From the $190s MODELS NOW OPEN! 40th St. and Baseline Rd., Phoenix ShadesCondos.com 602-875-0918
1 6
1
8
SOUTHWEST
3 Cachet at The Wigwam
1 Cachet Homes
SOUTHWEST
Condos from the $260s Homes from the low $300s Litchfield Rd. and W. Village Pkwy, Litchfield Park CachetAtTheWigwam.com 623-385-0129
2 9
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COOL POOLS; continued from page CL1
Listerpros Via Hotel Valley Ho
community pool to set you apart.” Condo pools should always have lush landscaping and must be heated, Cavanaugh added. “We have many second-home buyers and winter visitors here,” she said. “They’re here to escape the cold and enjoy the sun and a beautiful pool. They all look for a heated pool and spa.”
pool is so important to some buyers. Buyers often want an almost iconic place to relax.” In Scottsdale, “we are known as a resort destination,” said Marilyn Cavanaugh, the listing agent for the Hotel Valley Ho Penthouses. “People come from all over the country as well as Canada to enjoy our pools. It’s important to have a fabulous
SHADES
OF SOUTH MOUNTAIN
Optima Kierland
NEW CONDOS w Ne mer ! m es Su ntiv e Inc
FROM THE
3900 E BASELINE RD PHOENIX AZ 85042 | VISIT US TODAY FOR SPECIAL INCENTIVES
$190’S
NOW SELLING
SHADESCONDOS.COM
602.875.0918
RMF REALTY | DESIGNATED BROKER: ROBERT FRANK Broker must accompany and register client on initial visit. Prices are subject to change. Square Footages are approximate. Models do not reflect preference. RMF Realty is a licensed Arizona real-estate broker. *On select units.
Copyright © 2017 Frank Residential and Resmark Land and Housing.All Rights Reserved. ROC: Commercial #120587 | BR #027039000
Two popular options for condo and townhome pool designs are rooftop and negative-edge. Both of those happen to describe the pool at Optima Kierland. Hovey said that with this type of roofdeck pool design, “usually there is a glass wall for safety. By dropping the wall out of view but keeping the safety and code aspect in place, the effect is an infinity-edge deck with outstanding views in most directions.” At Valley Ho, the pool is shaped to suggest a martini glass. “Back in 1956 when this hotel was built, it was a getaway for Hollywood stars. Martinis were the drink of choice,” Cavanaugh said. “The oversized circular pool is right in the middle of all the chairs.
“Developers would be foolish not to have a spectacular pool in their community. A pool is an oasis of sorts that can help make condo or townhome living ideal.” —Keith Mishkin, Cambridge Properties
There is a DJ every Saturday and Sunday with an open-air bar at the pool.” “A unique pool can give condo and townhome buyers an experience they may not be able to enjoy almost anywhere else,” Mishkin said. “A pool is an oasis of sorts that can help make condo or townhome living ideal,” he said.
Editor PAULA HUBBS COHEN Paula.Cohen@cox.net Contributing Editor JIM WILLIAMS JLWilliams@RepublicMedia.com A division of The Arizona Republic 200 E. Van Buren St. Phoenix, AZ 85004
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