Frederick Md Homes For Sale – The Historic District

Buying a condominium has gotten more complicated since the housing crisis.   The effects of so many condos in foreclosure have made financing some condominiums difficult.

FHA Rule Changes

The latest effort of FHA to lower its risks has affected condominiums.   Unlike single-family home ownership (fee simple), condo ownership has stricter rules for mortgage insurance.   The entire condominium project must meet certain standards for a single condo unit to get FHA financing.   As of October 1, 2010, the standards just got tougher, with FHA’s new rules.

The two rules that apply to our current housing distress are:

¢  No more than 15 percent of the total units can be in arrears (more than 30 days past due) of their condominium association fee payment.

¢  At least 50 percent of the units of a project must be owner-occupied or sold to owners who intend to occupy the units.

Because of all the condos in foreclosure, the HOA dues are not paid, and several associations have more than 15% of their units in arrears. This means that the condos in that entire project cannot be purchased with FHA loans.

The second issue is that many units are being purchased by investors, so the percentage of owner occupancy is decreasing in many condominiums.   No FHA financing there. In some cases, even conventional financing won’t work.

Where in Frederick?

The HUD Website has a list of Condominium Developments and their current status as far as FHA approval.

As of today, the FHA approval has expired for 2 Condominium Developments in Frederick:     Ambertowne and Frederick Heights.

During 2011 there will be 21 Condominium developments which will have their FHA approval expire, and will need to re-apply under the new rules.

This list is fluid and could change at any time.

Use our free property search:

                                         
                                                                                                                                                                                                                                                                                                                                 
Or Search for Condominiums in Frederick                  

                  The Highland Group – Real Estate Teams
                           
                                                              Chris & Karen Highland
                                                                              301-831-9947
                                                                Real Estate Teams, LLC
chris@highlandrealestategroup.com                            
                                               
                                                                Pictures of Frederick

Condominium living is a lifestyle choice that has many perks.   The turn-key lifestyle appeals to many people at various stages of life from the first-time single buyer to the retiring boomer couple looking for no maintenance  to invade their well-earned freedom.   Condo life, however is not for everyone.   How to determine if condo life is for you?

If you’re considering purchasing a Frederick Condominium, there are several questions you’ll want to ask yourself.

Pros:

Are you interested in having no outside maintenance?   Part of your condominium fees will go to regular outside maintenance, part will go into an account that will handle major upgrades, like roof replacement, siding repair, etc.

Are you interested in the ability to travel for periods of time without worrying about your home?  

Are you happy with community life?   Being in close touch with neighbors?

Do you enjoy sitting by the pool without a care for the cleaning and upkeep of said pool?

Are you ok with rules and by-laws?  

Cons:

Do you like to putter in the garden?   You’ll have to resign yourself to patio gardening, if possible.

Do you like to have some space between you and your neighbor?  

Do you cringe at the thought of being told what you can and cannot do because of above-mentioned by-laws?  

In qualifying for the mortgage, the lender will figure in the monthly HOA fee, which will lessen the amount you actually can buy.   Keep that in mind when you are comparing the sales price of a condo and a townhouse or single-family.   (Also remember, the HOA fee is paying for the things you don’t want to take care of yourself.)

Do you have lots of stuff that you don’t want to part with?   Most condos don’t have a lot of storage.   Apart from the occasional 5 X 8 space in the basement, you’d have to rent a storage garage, or impose on that relative with the extra storage space in his garage.  

Generally speaking, during a “down market” condominums can be a little harder to sell; more time on the market, less appreciation.   You want to make sure that you’ll more than likely be there for a good 5 – 7 years to make sure you can re-sell.  

Related articles:  

Condominium Living in Frederick’s Historic District

Condominium Living in East Frederick City

Condominiums in Frederick – Find it on the Map

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Use our free MLS search to search for your Frederick Condo:

___________________________________________________________

The Highland  Group “ Real Estate Teams
Chris & Karen Highland *        301-831-9947
Real Estate Teams, LLC
email us: isell4u2@msn.com
TEXT US:   301-401-5119

A great new blog has been brought to my attention that I’d like to share with you, Maryland Condo Law, written by Raymond D. Burke, a lawyer specializing in construction and real estate development law.   Burke has represented condominium associations for 30 years and seeks to educate readers about their rights and responsibilities:

œCondo owners often don™t realize they have a problem until their warranties have expired and maintenance efforts have failed to resolve conditions that arise from hidden and latent construction defects, said Burke. œMy hope is that this blog will shine a light on the issues, while providing owners with an understanding of the law and connect them and their associations with the help and resources they need.

Burke’s post about the horrible “M” word (Mold) “The Trouble With Mold” was thorough and informative.   Maryland Condo Law Blog will surely prove to be a great resource to those of you buying and living in a Frederick Condominium.

To see Frederick Condominiums on the market, use our free property search:  

The Highland Real Estate Group
Chris & Karen Highland
301-401-5119
isell4u2@msn.com

View Condominiums in Frederick in a larger map

Contact us for a personal tour of condominiums for sale  in Frederick.     Use our free MLS search to find condominiums for sale in Frederick.

To see Historic homes for sale in Frederick.

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The Highland Group – Real Estate Teams
                                             Chris & Karen Highland *      301-831-9947
                                                                     Real Estate Teams, LLC
email us: isell4u2@msn.com

The Galleria at Carroll Creek, a Mixed Use Development containing Retail space on the first floor, and approximately 130 luxury condominiums, will be built by Wormald Companies, the developers of Worman’s Mill.   They are currently taking reservations, and plan to break ground within 18 months.

The architecture of the Galleria will be made up of several styles similar to buildings that could have been built gradually over a period of time in Frederick from around 1870 to the early 1900′s.   Several styles will be mixed in the design, including:   Queen Anne, Arts and Crafts, Cast Iron Modern, Richardson Romanesque, Second Empire, Neo-Classical, and Beaux Arts Style.

The lead architect, Rodney A. Wray, has inspired the team of architects to create a design that integrates with historic  Frederick and keeps the continuity of our beautiful city.   The design includes step backs, which create lovely shadows and depth; the sillouette varies in height to add interest; balconies create views for residents and architectural interest for onlookers; and bay windows, reversed gables, and many other features create  period details that enhance  and add historic authenticity.   The following pictures show many of these features:

Contact us for more details or to see  homes for sale in the Historic District.                  

The Highland Group – Real Estate Teams
Chris & Karen Highland
Frederick County Real Estate
301-831-9947
Chris@highlandrealestategroup.com

The up and coming development in the Historic District of downtown Frederick, the Galleria at Carroll Creek, coming soon from the Wormald Companies, has already won the prestigious smart growth designation from Smart Growth Alliance (SGA).   SGA was formed 4 years ago, a partnership of 5 leaders in the development industry:   The Urban Land Institute, The Chesapeake Bay Foundation, The Coalition for Smarter Growth, The Metropolitan Washington Builders’ Council, and The Greater Washington Board of Trade.   SGA considers development projects that facilitate growth and at the same time achieve economic, environmental, and quality-of-life objectives.   The Galleria at Carroll Creek has received this coveted designation.

With the opening of the East Street Extention, the Historic District will be much more accessible to traffic entering Frederick from I-70.   The Galleria promises to be a stunning structure at this new ‘gateway’ to Frederick.   The architectural design of the 33,000 square feet of retail, topped by 127 luxury condominiums will fit in beautifully with the Historic Federal architecture of the existing buildings in the historic district.

“When visitors step off of the train and walk out of the doors of the major transit hub, their first impression of the city will be a view of The Galleria.   Our goal is that visitors would immediately sense that they have arrived in a signature city full of romance, class, and charm.” — Ken Wormald of the Wormald Companies

The Historic train depot, located by the Delaplaine, is owned by the Wormald Companies.   Plans are being made for a Coffee House/Cafe with internet access.   This train depot is said to be the first in operation along the Baltimore-Ohio route in the 1820′s.   More on the Architecture of the Galleria.

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                                                        The Highland Group – Real Estate Teams                                        
               Chris & Karen Highland *  Frederick County MD Real Estate Agents

301-831-9947
                                                                                      Real Estate Teams, LLC
Chris@highlandrealestategroup.com          

Related Posts:

Historic Frederick – A Walkable Place to Live          

Future Development in Historic District Frederick                

Development in the Historic District – Find it on the map