FHA Condo Guidelines

FHA notice on delay in FHA condominium changes:

Implementation of FHA’s new policy guidance for condominium project approval and condo unit financing will be delayed until December 7th 2009. The new guidance, to be issued within the next two weeks, will: 1) offer additional leniencies to address the difficult market conditions and 2) augment some portions of FHA Mortgagee Letter 2009-19, providing additional information and clarification.

Until the new guidance takes effect on December 7th, 2009 lenders may continue to use the Spot Loan Approval guidance issued in Mortgagee Letter 1996-41. Further, the site condo and manufactured housing condo project changes that have already been implemented are not affected by this delay.

To read FHA Mortgagee Letters 1996-41 and 2009-19 please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee

This Month in Real Estate

3rd Quarter Condo Stats

This was the best Quarter for condo sales since the 3rd Quarter of 2007!

527 condos sold & closed during the 3rd Quarter of 2009. This is up 129 sales over the 2nd Quarter and up 15 sales over the 3rd Quarter last year. The 3rd Quarter of 2007 had 581 condo sales. The average sales price was $132,903 with 116 days on the market.

This Month in Real Estate

This Month in Real Estate

This Month in Real Estate

2nd Quarter Condo Stats

Improvement over the 1st Quarter is good to see!

398 condos sold & closed during the 2nd Quarter of 2009. This is up 102 sales over the 1st Quarter and still down 114 sales over the 2nd Quarter last year. The average sales price was $129,657 with 119 days on the market.

Red, White, and BOOM! The best downtown condos to view the fireworks!

Each year on July 4th the fireworks are set off at dusk from the top of the Regions Bank building. Last week I was showing a condo and commented that the balcony would be a great spot to view the fireworks.

There are many great places to view the fireworks but these are the first to come to mind:

• Rooftop decks at the Hudson, Lockerbie Glove Company, Mill No 9 and 757 Mass Ave.
• Next year 3Mass and 429 on the Park will be completed and will have great views.
• Any of the penthouse units at the Conrad. (Wonder how much the Chase Tower will block the view? I will have to make note to check next time I am there.)

Be safe and have a great weekend!

Taste of Indy hosted to be held at 3Mass

Thanks to Halakar Properties for agreeing to host "Taste of Indy" on June 11th as a benefit for The REALTOR Foundation! The Foundation seeks solutions for the homeless. So far JS Reutz Cafe, Scotty's Brewhouse, Agio, and Shula's have agreed to participate. More information can be found at www.realtorfoundation.org/awareness. Can't wait!

1st Quarter Condo Stats

292 condos sold & closed during the 1st Quarter of 2009. This is down 90 sales over last year. The average sales price was $112,004 with 124 days on the market.

1098 condos were listed for sale in the same time frame. This was 179 fewer condos than the 1st Quarter of last year. The average list price was $170,241.

BIG Surprise, Huge Honor!

Last night at The Ball for the Metropolitan Indianapolis Board of REALTORS I received the honor of being named "REALTOR of the Year!" I was floored...the youngest person ever to receive the award. (Which was a nice feeling since I turned 41 two days before!)

2008 Condo Sales Numbers Coming In...

As I predicted on April 5, 2008, condo sales for 2008 were down 21% from 2007.

Was it a just a good guess? No. It was based on market knowledge and observing the trends.

A total of 1713 condos sold throughout the Metropolitan Indianapolis area in 2008 compared to 2166 in 2007.

Other years have been as follows:
2006 - 2436
2005 - 2366
2004 - 2082
2003 - 1815
2002 - 1606
2001 - 1572
2000 - 1394