Protect Financing in Condominiumns

As many of you are aware, though purchasing a condo is similar to buying a single family residence, mortgages are more difficult to obtain for condominiums. Lenders impose different regulations and consider them higher risk, having to verify the fiscal and physical fitness of the project, resulting in higher interest rates. Below are a couple of guidelines that we touched upon in yesterday’s Tuesday meeting concerning respective programs and approved Condominium Project.

Conventional Warrantability:

No more than 10% units owned by one entity.

No more than 25% of square footage can be non-residential/commercial

Generally no less than 50% of units are used for investment purposes.

Check Fannie Mae approved Condo projects for Washington State here.

FHA Condo Approval:

No more than 50% units owned by one entity or used for investment purposes.

No more than 50% of square footage can be non-residential/commercial

Check a condo project’s FHA Approval here.

VA Condo approvals are subject to Veteran’s Affairs approval. Generally if a project is FHA approved, VA will also authorize lending there. This process can be several months in length. Contact one of us to see if a Condo Project is VA approved.

Non-Warrantable or FHA/VA Non-approved Condo projects may also be financed. At American Pacific Mortgage we have options for these types of condo projects as well. We have experience with Jumbo condo financing and financing for projects under litigation. Give one of us a call.

Thinking about buying call me as I am an owner and understand the property and the status, if you are thinking about selling your unit, please consider me as I know a lot about condominiumns and Waters Edge.

Contact:
Bret Bucher
360-600-5555
Real Estate Broker, Realty Pro Inc.
14201 NE 20th Ave Ste B102
Vancouver WA 98686
www.bretbucher.realtyproweb.com
bretbucher.blogspot.com

located in Salmon Creek, across from Albertsons.

Recent Real Estate Activity

https://drive.google.com/open?id=0B5aDpwRn1DH-RFI2MXVZWnNBaEk  [Waters Edge]

Other justifyable comparabe sold condominiums in Salmon Creek, point being said, in my opinion we need to protect our property values - get your property valued correctly to increase value accordingly to the market, as you can see with these comps in a 1.5 mile proximity to the subject property at 13216 NE Salmon Creek Ave; furthermore Waters Edge does have garages, adding more value.

https://drive.google.com/open?id=0B5aDpwRn1DH-WUozX0NnQ3Z3Nm8  [Salmon Creek Estates]

In Salmon Creek, a 2 mile radious search with sold condominiums the average price is $148,875, the average sq. ft. is 964, and averaging 13 days on the market. It's very important to have the correct price as we also have new siding, new roofs, new windows, new gutters, new railings - a multi million dollar project which does in deed increase the value quite significantly. Price your property correctly so the values reach the maximum dollar amount.

https://drive.google.com/open?id=0B5aDpwRn1DH-b2RXV2hDZTdLX3c  [Salmon Creek - Overall]

Rent Projection Portland Oregon Metropolitan Area - HUD

FY 2017 Fair Market Rent Documentation System

Final FY 2017 FMRs By Unit Bedrooms
	Efficiency	One-Bedroom	Two-Bedroom	Three-Bedroom	Four-Bedroom
	$946	$1,053	$1,242	$1,808	$2,188

The FY 2017 Fair Market Rents for Portland-Vancouver-Hillsboro, OR-WA MSA are based on the results of a local rent survey.

Recent activity

https://drive.google.com/file/d/0B5aDpwRn1DH-OEZ1dHdrcl9WV0k/view?usp=sharinghttps://drive.google.com/file/d/0B5aDpwRn1DH-OEZ1dHdrcl9WV0k/view?usp=sharing

Q2 Real Estate Report - Clark County WA

Wednesday, August 10, 2016

Clark County Real Estate Report - June Q2 2016

We still have a robust real estate market, the question remains for many local Realtors and Brokers how much longer is this market going to last? Great question, so lets look directly at the science and the activity and wow the data I am getting is fascinating. Indicating we have at least another year with this low inventory and a high volume of buyers.  

Right off the bat, the population-boom has been fueling the market for 3.5 years, no doubt the element behind the market, and why is that? Well, the Portland Metro area job growth is ahead of the National average, and is one of the top Five economies.

Now, what is very interesting is new construction permits is up 24% at 145 million dollars from this very same time from last year, and last year same period it was at 134 Million up 49% so this all signals a very thriving market with no real indication of when it slows down or transitions into a "normal" market, these numbers indicate that it is absolutely impossible to meet the consumer demand. Great news for a seller, but a challenge for a home buyer.

One more important point here, notice the upper-properties and the days on market and how many are selling in 30 days, this indicates a very strong market all throughout the price categories in Clark County, not just at the median homes price which is $277,000.  

At Watersedge, this means the condominiumns are possibly going to be up 13-16% by the end of 2017.

Thank You for reading this outstanding report. Please help me expand my business if you know a co-worker or a family member or a friend looking to buy or sell, please call me at your best convenience 360-600-5555


Closed Sales Residential

811 Closed Transactions

Down 4.6% compared to June 2015

Up 6.4% compared May 2016

New Listings

1,144 Residential up 7.6%

Strongest amount of new listings since 2008

Pending Inventory

930 Residential Pending Sales up 4% compared to same period of 2015

944 Pending Compared to May 2016 down 1.5%

Clark County WA Q2 16 Summary

Closed sales up 6.2%

Pending Sales up 4.4%

New listings up 2.3%

Compared to same period 2015

Actual “Real” Inventory August 9th 2016

1,221 after you subtract short-sale-pending, under-construction, proposed, and bankruptcy.

1611 active, 1781 sale pending, 726 sold 30 days back.

New Construction: 169 proposed, 148 under-construction, 87 vacant turn-key.

Description of New Construction

New Construction: 169 proposed, 148 under-construction, 87 vacant turn-key.

30 days history (sold): Average Sale Price $359,348, Average Sq. Ft. 2,180, DOM 64 days.

Average and Median Homes Sales Price

Average Home Sales Price: $312,400 up 9.1%

Median Home Sales Price: $277,000 up 8.6%

Both compared the same period of 2015

Hottest Areas in Clark County

Evergreen:      75 closed residential transactions, average sales price $257,600

Camas:           69 closed residential transactions, average sales price $440,900 

Brush Prairie: 53 closed residential transactions, average sales price $394,800

Breaking Down the Sales in $75,000 increments 1 month history 8/09/2016             $1 -$75,000 = 5       Average Sq. Ft  929    Average Sq. Ft. $49.00 $76,000 - $151,000 = 18      Average Sq. Ft. 1,267 Average Sq. Ft. $89.00 $152,000 - $227,000 = 93     Average Sq. Ft. 1,249 Average Sq. Ft. $160.00 $228,000 - $303,000 = 227   Average Sq. Ft. 1,631 Average Sq. Ft. $161 DOM 26 days $304,000 - $379,000 = 135   Average Sq. Ft. 2,199 Average Sq. Ft. $148 DOM 34 days $380,000 - $455,000 = 86     Average Sq. Ft. 2,488 Average Sq. Ft. $166 ft. $456,000 - $531,000 = 50     Average Sq. Ft. 3,106 Average Sq. Ft. $161 DOM 33 days $532,000 - $607,000 = 24     Average Sq. Ft. 3,413 Average Sq. Ft. $170 $608,000 - $683,000 = 13     Average Sq. Ft. 3,112 Average Sq. Ft. $208 DOM 89 days $684,000 - $759,000 = 12     Average Sq. Ft. 4,173 Average Sq. Ft. $173 $760,000 - $835,000 = 5       Average Sq. Ft. 4,035 Average Sq. Ft. $201 DOM 94 days $836,000 - $911,000 = 3       Average Sq. Ft. 4050 Average Sq. Ft. $215 $912,000 - $987,000 = 2       Average Sq. Ft  5,046 Average Sq. Ft. $189 DOM 34  days    1 Million - 2 Million = 3      Average Sq. Ft. 3103 Average Sq. Ft. $263 DOM 41 days One Month History - highest Sale from 1million to 2 million $1,150,000 95.65% Sales Price Versus List Price, in Steamboat Landing Columbia River Waterfront 4103 Sq. Ft.

Multifamily Rental Report Q2 16

Average Rent Cap/Vacancy Rate:

 1bd/1bth            2bd/1bth               2bd/2bth             3bd/2bth
  $926 ($1.30)     $1,013 ($1.10)     $1,184 ($1.10)     $1,313 ($1.06)1.6% is the vacancy rate in Vancouver possibly one of the lowest if not number one in America. Since 2012 the rent has gone up 35 percent in Vancouver WA.

New Construction Valuations in Clark County WA Q2 16

Residential Permits: 398 compared to 343 from 2015 same period, up 16%. Historically 218 issued from 2007 – 2016. YTD 724 permits.

Valuation of Residential Construction: 145 million up 24% compared to same period of 2015

Lot Development: 314 preliminary approved up 91% compared to 164 lots same period 2015. YTD 425

Bret Bucher
360-600-5555 cell phone please call anytime
Real Estate Broker

Realty Pro Inc.
14201 NE 20th Ave
Vancouver WA 98686

http://bretbucher.realtyproweb.com/search/multisearch.php

*Equal Housing Opportunity*

The information supplied herein is from sources deemed reliable but not guaranteed.  Some of the statistics come from the RMLS.  Realty Pro INC accepts no responsibility should the information prove to be inaccurate or incomplete. Other information comes from Public Records from Clark County Official Government, I deem this acceptable.

Sign of [Changing] Times

{

I predict real estate values with the completed project at Waters Edge:

One Bedroom Flats updated at $140,000.00

Two Bedroom Flats updated $160,000.00

Town Homes updated $190,000.000

One level Units updated $190,000.00

Clark County home prices up by 11 percent for 2016.

Clark County homes prices up 9 percent 2017.

Be aware to not under-price your investment most agents are not aware Waters Edge is not distressed they are pulling past comps in the neighborhood that is not how this should be evaluated. This is a major construction project total rehabilitation to the exterior adding significant value and Obviously Waters Edge is in Salmon Creek so the comparable properties should be in all of Salmon Creek. This is a Multi-Million Dollar project so again obviously that adds incredible value.

Thanks for the great leadership skills and devotion by the Waters Edge Board of Directors.

Protect your Real Estate do you realize how important your property is today! Your no longer a distressed property, your King now or even Queen, you have it all now, a large property, you have beyond imagination, you have a great place!  Be pleased. Be advised it is going to get expensive here locally with housing. Vancouver WA is Number Place for Migration in America!

White Hot Market -- "We have never seen this market."

Meanwhile in Vancouver!

[A]ND in 16 months possibly by the year 2018:

One Bedroom Flats updated at $168,000.00

Two Bedroom Flats updated $192,000.00

Town Homes updated $228,000.00

One level Units updated $228,000.00

Hard to digest but this is possible!

Now lets look at vacancy rates and rent prices as an average in Vancouver WA:

  1bd/1bth            2bd/1bth               2 bd/2bth             3bd/2bth
  $926 ($1.30)     $1,013 ($1.10)     $1,184 ($1.10)     $1,313 ($1.06)

 1.87% is the vacancy rate in Vancouver possibly one of the lowest if not number one in America. Since 2012 the rent has gone up 35 percent in Vancouver WA.

http://www.kgw.com/news/local/bay-area-buyers-help-fuel-portlands-hot-real-estate-market/78398528

http://money.cnn.com/2015/01/08/real_estate/oregon-moving/ 


When they say Oregon that means Portland as Portland is over 55 percent of the State's population.
For 3.5 secutive years Portland has been number one for migration, so this also is Clark County because we have had 10,000 people move here from 2014 -2015 and most likely the year 2015.  And we can not keep up with the demand as we have 107 million dollars under construction that is residential, it is impossible to keep up with the demand because it takes years to build a subdivision or an apartment.  Cash transaction are easily 1/3 of all sales in Clark County!

"We have never seen this market in Clark County"

1Q Residential Real Estate Report Clark County WA

Waters Edge is no longer a distressed property as the renovation project appears to be 75% complete meaning the property is at overall real estate values in the entirety of Salmon Creek. The project will be complete by August 2016 with landscaping. Below is an amazing detailed Clark County Market Report:

The local market is white hot in Clark County and Vancouver Washington, and we are talking extremely aggressive market conditions on all aspects inside the industry.  First if you are a buyer being aware and educated with the market is essential when searching for a home. Another key is positioning in the market with financing having the right loan is so important and a great lender for a successful closing.

To explain the scene, as an example at $235,000, I showed a client a house and from 4:30 to 6:30 there was 15 showings in 2 hours, and Realtors in a line waiting to show the house to clients.

So what is going on? That is a great question, so lets understand how critical this is, first of all, supply and demand motivate the market, we have no supply, the inventory is low because of a population boom, approximately 10,000 people moved here just from 2014 - 2015, and most likely 2015 had simular results.  Historically when the housing crisis began in 2008 the home building industry stopped building, but migration patterns did not and by 2013 we simply ran out of houses and apartment rentals, as the Clark County has the lowest vacancy rate in the Nation or in the top.

Comparing this same period to 2015, stronger market conitions, in fact "history is in the making" here locally, I do not think Clark County has ever had these market conditions. 2006 was a different market, why? Because there was affordable housing, not the case anymore as the median sales price is $270,000 up 9.3% from last March. There is no brand new entry level homes.

Lets look at residential new construction, now this is important to understand, new construction up 23% from this time last year, and take a look at the low inventory this means it is impossible to meet the market conditions, that is a key ingredient to this market, and indicating the migration is strong.

Please take the time to read this awesome real estate report, and please help me expand my real estate business if you know anyone looking to buy or sell please call me at your earliest convenience 360-600-5555.

Closed Sales

699 closed transactions

Up 14% compared to this same period of 2015

Up 61% compared to February closed sales

The last time we had this sales volume was 2006

New Listings

971 better than March of last year up 1.3%

16.7% higher than February 2016

Pending Sales

Down 1.1% compared to this same period of last year

Up 19.6% compared to February 2016

Inventory

1.7 meaning it would take 1.7 months to sell the existing inventory

Actual “Real” Inventory 4/20/2016 RMLS 11-80

814 Total

1099 Active listings

102 Short Sale Pending

23 Short Sales

5 Bankruptcy

27 Bank Owned REO

178 Proposed

93 Under Construction

61 Vacant Turn Key Brand New Homes 2016 the Average Sq. Ft. 1716 and the Average List Price is $312,433

Average and Median Sales Price

$304,600 average up 9.4%

$270,000 median up 9.3% the median is the majority of all transactions

Hottest Area’s

Evergreen 170 sold homes the median sales price $238,500

Brush Prairie 141 sold homes the median sales price $330,713

Camas 117 sold homes $393,000

(3 months back)

Breaking Down the Sales in $75,000 increments 1 month history 4/20/2016

1 -$75,000 = 3                            Average Sq. Ft  1,174    $108.00 ft.

$76,000 - $151,000 = 20            Average Sq. Ft. 1,024    $108. Ft.

$152,000 - $227,000 = 109        Average Sq. Ft. 1,313    $144 ft.

$228,000 - $303,000 = 231       Average Sq. Ft. 1,696   $146 ft.  Median Sales Price $270,000

$304,000 - $379,000 = 114        Average Sq. Ft. 2257    $148 ft.

$380,000 - $455,000 = 74         Average Sq. Ft. 2,688    $159 ft.

$456,000 - $531,000 = 55         Average Sq. Ft. 3,015    $160 ft.

$532,000 - $607,000 = 21         Average Sq. Ft. 3,394    $168 ft.

$608,000 - $683,000 = 11         Average Sq. Ft. 3,805    $148 ft.

$684,000 - $759,000 = 8           Average Sq. Ft. 4,451    $155 ft.

$760,000 - $835,000 = 2           Average Sq. Ft  4,180    $223 ft.

$836,000 - $911,000 = 1           Average Sq. Ft. 5,669    $276 ft.

$912,000 - $987,000 = 2           Average Sq. Ft  5,420    $229 ft.

1 Million - 2 Million = 3           Average Sq. Ft. 5576     $263 ft.

One Month History - highest Sale from 1million to 5 million 1 Sale $1,395,000 94.98% Sales Price Verse List Price.

Terms of a Sale 30 days back

Conventional 336

FHA 122

Cash 114

VA 74

USDA 5

Residential Development 1st Quarter 2016 Clark County

326 permits issued up 20% compared to this period of 2015 when 272 permits were issued

The historical average in Clark County from 2007 – 2016 is 188 issued permits

Construction Activity 1st Quarter 2016

Total Construction Up 25% compared to this period of 2015

138 Million Dollars compared to 110 Million

The historical valuation from 2007 – 2016 is 86 Million

Commercial Construction up 47% at 28 Million compared to this same period of last year

Residential New Construction 107 Million Dollars up 23%, last year same period was 87 Million