Welcome to San Diego Blog | March 27, 2011

Parkloft FHA Approved

Downtown San Diego Parkloft Condos…

…just received it’s FHA financing approval this past Friday 3/25.  What does this mean for buyers of Parkloft Condos for sale?  First of all, buyers will now be able to secure financing with only 3.5% as a down payment!  Yes, that’s right…no cash for a down payment, no problem as long as you are willing to pay the MIP – Mortgage Insurance Premium.

If Parkloft Condos Downtown San Diego follow in the footsteps of other downtown projects that have their FHA approval, it will most likely increase the popularity of Parkloft Condos resulting in increased sales prices as well as decreased market time for sellers.  This is great news for owners at Parkloft East Village, but not so great for those buyers that have been dragging their feet. 

Park Loft Condo Repairs

Furthermore, since the Parkloft Litigation has been settled, the construction on bathroom repairs is well underway and the disbursement allowances have been determined as follows:

  • $21,548.81 – Bathroom with walk-in shower and soaking tub (master bath)
  • $13,972.54 – Bathroom with tub/shower combo
  • $12,987.07 – Bathroom with shower stall

The self managed Parkloft HOA set up a master schedule and all bathrooms are to be completed by January 31, 2013.  With the majority of the bathrooms in Parkloft being remodeled, we have seen almost all owners take the opportunity to highly upgrade their bathrooms from the standard white tile the developer delivered.  We have seen some of the residents spend as much as $80,000 on their master bathroom. 

Downtown San Diego Parkloft is located in an ideal location with a really great style of loft condos.  As the bathrooms are fixed and the neighborhood continues to develop, this building becomes one of the most desirable buildings in East Village.

For more information about Parkloft Condos downtown San Diego, send us a message-
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Written by: chad

Categories: Buyers, Downtown San Diego, East Village, East Village Real Estate, lofts, Relocation, San Diego Real Estate, Sellers

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