Reasons why condos are a great second home!

If you make a Pasadena Condo or Pasadena Townhome your second home chances are you will be very happy with your choice.

More than seven in 10 condo and townhome owners say they are satisfied with their purchase, according to a recent survey conducted by Zogby International for the Foundation for Community Association Research. The foundation conducts surveys periodically to keep track of the perceptions of owners who live in condos and townhomes and also to identify trends in the condo market.

There are a number of reasons why satisfaction is such a big trend in regards to communities governed by homeowners associations. Compared to single‑family homes, condos are generally less expensive. Cheaper prices make condos cheaper to operate as a vacation home, because property taxes, homeowners insurance and utility bills cost less. Townhomes and condos are also easy on your back!


Landscaping chores are not managed by you but by the association. Given the average condo has a smaller sq. footage than the average single family home keeping the interior clean and up to date is much easier. If this property is a vacation home then this means much less time and money spent on upkeep.

What's more, the homeowners association, as the community's on‑site governing body, is there to serve the best interests of the community. The association protects your home's value, provides security for the community and uses a professional management company to keep on top of operations.

Furthermore, the association is there to serve the best interests of the community. They protect your homes valuem, provides security and uses professional management companies to keep on track of operations.

All and all, with a single‑family home, not only could you spend more, but you are also pretty much on your own keeping things in working order. And lets face it who wants to being doing that when you could be enjoying your investment and entertaining guests!!

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ALICANTE VILLA TOWNHOMES ARE NOW FOR SALE

I came across these gorgeous new Pasadena townhomes for sale that I thought I should tell you about. They are designed by the architectural firm of Tyler and Gonzalez, Alicante Villas represents a wonderful opportunity to live in a new community of town homes located in the heart of Pasadena. This newly built home is not only elegantly finished, but designed with todays lifestyle needs. There are hardwood floors, crown moldings, recessed lighting, cherry cabinets, stainless steel appliances, and an abundance of slab granite and travertine surfaces. The powder room features a pedestal vessel sink. The master suite includes dual vanities in the bath. The unit has direct access to your private two car garage, as well. The homes are built around a lovely courtyard, complete with fountain, gazebo covered sitting area, and rose garden. Exterior details include; smooth finish plaster, custom tile accents, decoratively finished corbels, patios, and balconies with elegant iron work. They are also conveniently located to shopping areas and restaurants.

There are two and three bedroom townhomes available, listing price starts at $699,000. View more Pasadena Homes for sale or find a Pasadena Real Estate Agent that specializes in new construction.

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Pasadena Condos: Home or Condo?

Condominiums and townhouses offer an affordable option to single-family homes in many markets, and they’re ideal for those who appreciate a maintenance-free lifestyle. But before you buy, make sure you do your legwork and seek the help of a Pasadena Realtor. These are some of the important elements to consider:

Storage. Some condos have storage lockers, but usually there are no attics or basements to hold extra belongings.

Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you dread yard work, this may be the perfect option for you.

Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.

Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home — good news if you like to travel.

Security. Keyed entries and even doormen are common in many condos. You’re also closer to other people in case of an emergency.

Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees decided by the condo board, whether or not you’re interested in the amenity.

Resale. The ease of selling your unit may be dependent on what else is for sale in your building, since units are usually fairly similar.

Condo rules. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets, or don’t allow owners to rent out their units. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.

Neighbors. You’re much closer to your neighbors in a condo or town home. If possible, try to meet your closest prospective neighbors.

See Pasadena Condos and other Pasadena Real Estate Listings for sale

New Pasadena Condos

Pasadena has become the most exciting place for night life in the San Gabriel Valley with chic shops, fine restaurants and state of the art movie theatres. Cinema Lofts are the newest development of Pasadena condos located in the heart of the city. The 37 loft condominiums have the benefits of both a residential and urban setting and are located in an elegant tree lined community just blocks from the vibrant urban center of Pasadena, the Paseo Colorado Mall and Old Town Pasadena.

There are several floor plans to choose from and prices begin at $365K. Features include city or mountain views, vaulted ceilings, Caesar stone quartz counter tops, stainless steel appliances, balcony or patio, gated parking and high tech internet wiring. For more information on Pasadena Real Estate Listings visit the website of Pasadena Real Estate Agent Ramiro Rivas.

Is it a good time to buy?

For Americans wanting to buy a new home, there are always two time frames to consider:
Now and Later


It's why prospective home buyers love to ask the question: "Is now a good time to buy?" If now is not a good time, they reason, certainly later must be. Strangely, though, "Is now a good time to buy?" is a question that people ask their real estate agent but never Mr.Mortgage.


It's probably a good thing, because we have have seen a lot of changes over the last few months and we're expecting a lot more this year. But it's okay. You can ask me now: "Is now a good time to buy?"

And I answer: "Absolutely and unequivocally yes, if you have a five year time horizon."

Now is a good time to buy -- not because home prices are flat or because sellers are willing to make a deal-- but because none of us mortgage guys can predict what the mortgage market will look like "later". "Now" is full of knowns. "Later" is full of unknowns. Mortgage markets are seizing and lenders have no choice but to limit what they will lend and to whom. Stated income has largely disappeared and FICO requirements have increased dramatically in the last few weeks.

It may appear that lenders are going overboard with their restrictions but that's not the case at all. Lenders are simply more concerned about not wasting money than they are about making money. They have made far too many trips around the middle east and asia raising capital to "waste" it on a high risk borrower. Remember a loan is a earned, it isn't one of your rights below freedom of speech.

Today, a bank doesn't mind if it passes on 9 good loans in a stack of applications if it means that it also passes on the 1 bad one that's in there. Jumbo Mortgages are only a small percentage of the bank's balance sheet, but it's the uncertainty about the demand for mortgages by investors that makes them nervous. If mortgage bonds become worth less, the little guy could eventually topple the giant bank much like david vs goliath.

The first major change we expect to see is with second mortgages. Currently, 90% home equity lines of credit are available from most banks. Judging from the recent decreases of 150k Countrywide customers HELOC loan limits in CA and Chase limiting HELOCs to 80% LTV max and 65% in Las Vegas, we expect that percentage to fall to 80% or lower very soon.

The second major change we expect are more credit score-based fees. Currently, a 680 score puts mortgage applicants in the safe zone from credit-score based fees.
Expect that minimum score to raise to 720.

The third major change we expect is for the declining market designation to expand. This will force every home buyer to need an additional 5 percent (or more) of his own funds beyond what the bank's lending guidelines will allow. If you needed a 10% downpayment now, you may need a 15% downpayment later.

The fourth major change we expect is based on property type. New construction condos are in ample supply in many cities and that may create an overall weakness in pricing. If a single-family home requires a 20% downpayment, banks may protect themselves by requiring 25% downpayments on condos.

And the last major change we expect is for every mortgage product in existence to get a complete makeover. New minimum standards will apply in all categories.
It's impossible to know what these new standards will be, but expect mortgage lenders to follow their losses and trim their menus accordingly. If you find yourself in the same Risk Class as other homeowners with high default rates, expect a tough road ahead. We have seen rates from Fannie Mae on adjustable rates for low FICO borrowers move from 7%-8% to 10%+. Investors are demanding higher rates to compensate for the enormous defaults. Someone has to pay the tab.
So back to the question: "Is now a good time to buy?"

Yes it is. Not because homes may be priced right, though, but because mortgage products should look very different come this Fall. And no matter how "cheap" the home, you can't buy it if you can't get financing for it or write a check for it. If you are considering buying or refinancing look at your mortgage options now.

Pasadena Homes: New Townhomes Now Available

There is a really nice new development of Pasadena townhomes called Fair Oaks Summit that have just been reduced in price. They are located on Fair Oaks just minutes from Old Town Pasadena and the Paseo Colorado Mall.
The Pasadena craftsman-style homes feature spacious and bright floor plans with lots of natural lighting. Other features include a fireplace and entertainment niche in the living room, large dining room, French doors, gorgeous kitchen with granite countertops, beechwood cabinetry, designer hardware and fixtures, energy-saving appliances and ceramic tile flooring. The Master Suite includes dual wardrobe mirror doors and a bath with dual sinks, separate shower and generous tub. The residences are pre-wired for an alarm system and cable television. There is also a spacious two-car attached garage with remote control.

There was recently a huge price reduction on a few of the units so if you are looking to purchase Pasadena Real Estate, I highly suggest taking a look at these townhouses.