FHA Condo Rules Make Selling Many Condos Difficult

Recently, there were changes made to the FHA condo regulations on which projects can be FHA insured or not.

According to a Washington Post rundown of the changes, a major one is the “spot approval” that used to be acceptable to be eligible for an FHA loan. Another article goes more in depth on the issues this is causing for condo home sellers.

The agency eliminated spot approval earlier this year. Now, any condo buyer with an FHA loan must stick to an FHA-approved building. A lender, developer/builder, homeowners association or management company can submit a package to the FHA seeking approval. The change was part of a broader initiative to tighten FHA condo policy. Some elements of that initiative have been temporarily loosened through Dec. 31 to try to stabilize the condo market.Why? Condos are widely considered the market’s shakiest segment because they are popular with speculators and financially vulnerable entry-level buyers. A lot of foreclosure-related losses have come from condos, which is why industry policies have forced lenders to look more closely at the makeup of entire complexes before extending loans.

Without that FHA approval, it ties the hands of many buyers, as most would then need more money for a downpayment, which they may not have.

I did a quick spot check on Timonium condos on the HUD site where you can review FHA condo approval statuses. I was sad to see how many had expired, leaving any sellers in those buildings at a disadvantage! Of the 23 Timonium condo communities that came up when I searched 21093, 16 of them have expired. Here is a pdf of the Timonium FHA condo statuses as of today.

I have written much about the FHA Condo Recertifications, because we have so many Timonium condos that are now affected by these changes.

This is not good news, and I hope that the associations are working toward their re-certifications, though I understand across the US that many have tried and been denied over technicalities or other issues, and that the penalty for a director providing incorrect information (even if in error) faces $1 million in fines & up to 30 years in jail, so many are not willing to take on the risk.

Hopefully there will be another resolution on this matter, so affected condo owners aren’t hurt more by the inability to sell to FHA homebuyers.

Halloween Weekend in Baltimore 2011

Halloween Weekend is always a fun-filled weekend in Baltimore.

Though technically it isn’t until Monday, there are plenty of things to do this weekend for Baltimore Halloween fun!

• At Hunt Valley Towne Centre, kids can trick-or-treat on Friday evening from 4-6pm. Children can come in costume and get some treats at the shops on Main Street off Shawan Road in Hunt Valley!
• The Towson Town Center mall will have a festive Halloween celebration on Saturday the 29th at 11am at the Level 1 Grand Court. They will also have mall-wide trick-or-treating on Monday the 31st from 6-8pm at participating stores for children aged 12 & under. More details on their site.
• ZooBOO! at the Baltimore Zoo / Maryland Zoo in Baltimore — 10 am – 4 pm Friday 10/28 – Sunday 10/30. Come in costume, visit the animals, plus free trick-or-treating, carnival games, inflatable slides, crafts, and live entertainment, including magic, mini-theatre, and costume contests! The event comes with your Zoo admission. Costume contests are at 11:30 & 2:30 for kids under the age of 12. There are special events with many of the animals throughout the day, so make sure to visit their website for more details.
• Port Discovery is celebrating Baltimore City’s Kids Month on Saturday from 10am-5pm for FALL-O-WEEN Festival. Activities include making your own tutu or mummy, wildlife adventure, Halloween drum jam, a moon bounce, performances and more! Visit their site for more details.
• Hallowmarine is at the National Aquarium in Baltimore from 10am-4pm on Saturday. Come in costume, there are many spooky events, including a Haunted Classroom! Aqua.org for more info.
• The Great Lantern Parade in Patterson Park is *NOW SUNDAY, 10/30 due to weather!* Saturday October 29 at 7pm. There is a pre-parade Great Lantern Parade Fall Festival from 3-6:30pm. Here is their blog with more details.
• Weber’s Farm in Parkville — Really fun Hillside Slide, pumpkin picking, scarecrow making, hay maze, “Boo Barn”, farm animals, hay ride & more. $7 admission for children, $5 for adults on weekends. Open from 9:30am-6:30pm!
• Valley View Farms in Hunt Valley is open from 7am-9pm and has its’ fantastic Halloween Display, a free haunted house, and straw maze for the younger children. We did this last weekend, and our son had a blast. They even have facepainting inside — and the main building is already their Christmas wonderland!
• Huber’s Farm in Kingsville is open 9am – 5pm and has pumpkin picking, a kids area for $5 per hour, and at night from 7:30-10pm, Creepywoods, a scary haunted wooded attraction, which is supposed to be very intense, and was named one of “America’s Best Haunts.”
• Hampden HalloweenFest — 5pm-7pm on Sunday, October 30– Trick or Treating at participating stores on the Avenue, Chestnut Avenue, and Falls Rd. 6:30 is a costume contest in front of Ma Petite Shoe on 36th St. Sponsored by the Kiwanis Club of Hampden.
• Kim’s Krypt is in a new location in 2011 on Eastern Avenue in Essex. It is open from 7-10:30pm Saturday through Monday — another haunted adventure. The “krypt” is indoors, while the line is outside.

So, as you can see, there is plenty to do for Halloween in Baltimore. I am sure there are many more — what events do YOU know of & can share?

Have a safe and Happy Halloween in Baltimore!

Free Fall Baltimore 2011

Free Fall Baltimore is on for October 1-31,2011 its’ sixth year since its’ inception.

Free Fall Baltimore is a month-long event where many museums have free admission, free events, and shows to bring people to Downtown Baltimore to learn of places, in hopes that people will continue to come back and enjoy Arts in Baltimore after the month is over.

Many of the events, though free, will require reservations due to space limitations, so make sure to visit the Free Fall Baltimore website to view and reserve what you may want to attend!

 

 

 

 

So come to Downtown Baltimore and enjoy many of the arts for free in October. So much to see and do — with no cost to you!

A New Low for Incorrect Zillow Zestimates

Last night, Zillow posted a tweet, inviting you to look at this glorious mansion on the market for $35,000,000. Please note, that is $35 MILLION.

The amusing part to me, is when I clicked on it, directly under the asking price is the Zillow Zestimate: $396,500. Yes, you read that right, Three hundred ninety-six THOUSAND, five hundred dollars.

Now, I realize Zillow’s algorithms have what they claim to be somewhere between a 7-11% margin of error, but this one is off by 88.27%. OFF BY ALMOST 90% OF VALUE. Hm. Think something might not be right?

Yet Automated Valuation Systems are the way banks are doing quick appraisal reviews, and no wonder they may be coming in low.

I’ve discussed the Zillow Zestimates in the past, beginning with Zillow Zestimates for Towson Real Estate May Be Misleading. I have come across a large number that were not close to a selling price of a home.

Then, I had communications with some Zillow executives, where some light was shed on why it is possible they are off in our area, which I discussed in Misleading Towson Zillow Zestimates Explained Further.

Zestimates started to complicate things further as the market began to drop, because banks began to reduce Home Equity Lines of Credit, and were using Desktop Valuations to do so. When one of my clients called his bank, his loan officer pulled up Zillow & told him that’s why it had been dropped. (See Incorrect Towson Zillow Zestimate Strike Again.)

Earlier this year, Zillow updated their Algorithms to try to correct some of the problems. For the Baltimore metropolitan area, according to the site’s “Zestimate Accuracy,” Zestimates are within 20% of an actual sales price only 78.3% of the time (with a 7.9% margin of error).

For a $200,000 house, being 20% below would bring the price down to $160,000. Above, that price (which would make a seller happy, but not a buyer or appraiser), would be $240,000. That’s a tremendous difference!

Real estate is very local. Even street-by-street or neighborhood-by-neighborhood within a zip code can have majorly different values.

If you would like an accurate Towson home value estimate, please contact me. I can help you anywhere in the Baltimore real estate market area, or if you are in a different state, I can refer you to an agent anywhere across the country.

Mays Chapel Condo for Sale

Mays Chapel offers condos, townhouses, and apartments as a planned-unit community built by Keelty.

One fantastic Mays Chapel condo for sale is 12204 Burncourt Road #301.

This third floor unit is amazingly clean, well maintained, and loved. This building is one of the few that has front-to-back units, meaning you get trees and privacy in the back, plus you can have a cross breeze from the front!

Don’t miss this beautiful third floor Mays Chapel Condo with cathedral ceilings and private feel! 12204 Burncourt Rd #301 is superb!

12204 Burncourt Rd #301 – Mays Chapel Condo
Timonium, MD 21093 – Offered at $215,000.
Withdrawn from the Market

• Download the Brochure (PDF)
• Schedule an Appointment
• Ask a Question

Explore this wonderful Timonium condo for sale at $215,000…

• Main Floor
• Neighborhood

Mays Chapel Condo in Timonium, Maryland

This condo, built in 1997, is located in the Burncourt Condominium community in Timonium, Maryland in Baltimore County. This condo backs to trees and is on a street with other four level buildings.

Located just across Roundwood Rd from the Mays Chapel Pool, and around the corner from the Roundwood Shopping Center and a very short distance to 83N and South, this home is very convenient!

Main Floor

 

Neighborhood: Timonium Real Estate in Baltimore County

The Burncourt Condominium community is located in the Mays Chapel North planned unit community, off West Padonia Rd in the 21093 zip code.

Mays Chapel North is home to the Roundwood Shopping Center, which has a Graul’s Supermarket, Graul’s Wine Shop, a hair salon, called The Salon at Mays Chapel, a Rite Aid Pharmacy, and Restaurant Sabor for fine casual dining. The Mays Chapel Pool offers a banquet room for rent for parties and events.

Timonium is convenient to highways for access to Downtown Baltimore as well as up towards Pennsylvania. It is an ideal location for many! Join the numerous happy Timonium homeowners. You’ll be glad you did!

11615 Silvermaple Ct – Hunters Run

11615 Silvermaple Ct is a single family home in Hunt Valley Station. *UPDATE: SOLD 8/31/11*

It is on the market for $524,000.

11615 Silvermaple is a four bedroom home with a possible 5th bedroom and full bath in the lower level.

It has a large screened in porch with cathedral ceiling, updated kitchen with stainless appliances, hardwood floors throughout the first floor, plus a family room off the kitchen with wood burning fireplace. According to the public records, the square footage on the upper two levels is 2,198, with an additional 1,132 square feet in the lower level. It is a Ryland built home on a cul de sac.

This Hunters Run Colonial has so much to offer.

Currently there are three other single family homes on the market in the Hunters Run neighborhood at 11513 Hunters Run Drive for $530,000 (now under contract), and 1110 Walnut Wood Drive for $619,900 (now sold), which has now gone under contract, and 1210 Maple Leaf Ct for $505,000.

For more information on 11615 Silvermaple Ct or other Hunters Run houses, contact me. I know the neighborhood well!

Listing courtesy of Marcus-Boyd Realty

1210 Maple Leaf Ct — Hunt Valley Station

*UPDATE: Withdrawn from the market 12/17/11*

1210 Maple Leaf Ct is a four bedroom single family home in Hunters Run.

1210 Mapleleaf Court is a Ryland built Colonial in Hunt Valley Station, and is on the market for $485,000. According to the public records, it has 2,064 square feet on the first two levels. It has hardwood floors throughout the first floor, including the kitchen.

Located on a cul de sac, off of another dead end street, there is no through traffic! I actually sold their neighbor’s house at 1212 Maple Leaf Ct in 2009!

Currently, there are three other Hunt Valley Station single family homes for sale at 11513 Hunters Run Drive, (which recently settled), 1110 Walnut Wood Drive, which also recently settled, and 11615 Silvermaple Court for $524,000, now sold/settled as well. Multiple homes in Hunters Run have sold in the past year, and a competitive market analysis can be run to show true value. The styles & builders vary, so there are many details that go into figuring value on these homes.

Contact me for more information on 1210 Maple Leaf Ct and Hunters Run homes. I know the community well!

Home Listing courtesy of Yerman, Witman, Gaines & Conklin.

2119 Kimrick Place – Valleywood Townhouse
Timonium, MD 21093 — Offered at $329,900.
**SOLD**

**SOLD**

UNDER CONTRACT ONLY 12 DAYS ON THE MARKET!**

• Download the Brochure (PDF)
• Schedule an Appointment
• Ask a Question

Explore this wonderful Timonium home for sale at $329,900…

• First Floor
• Second Floor
• Finished Basement
• Exterior
• Neighborhood

(Click on Any Picture to Enlarge)

Valleywood Townhouse in Timonium, Maryland

This townhouse, built in 1979, is located in the Valleywood at Five Farms community in Timonium, Maryland in Baltimore County. A court location backing to trees and up from another quiet street of houses, this home is ideal!

Located just across Timonium Rd from Valley Field North Park where there is a playground and fields, and a very short distance to 83N and South, shopping, and York Rd, this home is very convenient!

First Floor

Second Floor

Lower Level

Neighborhood: Timonium Real Estate in Baltimore County

The Valleywood at Five Farms community is located off West Timonium Rd at the intersection of Thornton Rd in the 21093 zip code.  The three streets that make up the community are non-through streets, so traffic is minimal! It is a tucked away suburban oasis close to shopping as well as larger communities.

Timonium is convenient to highways for access to Downtown Baltimore as well as up towards Pennsylvania. It is an ideal location for many! Join the numerous happy Timonium homeowners. You’ll be glad you did!

Charles St Ramp to Westbound 695 to be Closed

The Charles St construction continues and will cause more snafus beginning this week as the ramp to Westbound 695 will be closed beginning Tuesday.

The sign announcing the closure went up last week.

The Charles St entrance to 695 East is still closed.

It appears the ramp to Bellona from Charles St, with the entrance to 83N & 695W will be open at this time.

Alternate routes would be York Rd, which is not a far jaunt, and Falls Rd, which is to the west of Charles St off Joppa Rd, coming from the other part of Bellona.

Be cautious and watch for directional signs to help navigate through the closures.

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