360axis 88.com - Floors, Financing, Benchmarks - all bring deals in the high rises

There is a reason why certain units in some new condo buildings are better priced than others. It's of course due to square feet, higher floors, floor plan functionality, views etc. - but what many people don't realize is the impact of construction and resale financing on pricing. Few lenders - especially in today's tight lending marketplace - are willing to lend on a new construction condo building that is not yet 50% sold. This means requiring new purchasers to use limited financing sources, higher down payments and harder qualifications. Once a building hits the 50% sold benchmark, then many lenders jump in to offer loans on the remaining units - this accessibility to financing then boosts sales activity and sales prices. Developers also deal with the structure of their construction loans. For a premier high rise twin tower development in San Francisco, the developer was under pressure to sell out the first tower in order to pay off the construction loan that was nearing default. Once the loan was paid off, then the special deals went away, the developer was more financially sound and the prices went up on the remaining units. These forces are common place in new developments - and far more evident in a slow market with the additional dearth of financing. A strategy is to sell off the lower floors at a discount - sometimes even without profit - and to expect far better pricing on the upper floors once financing and momentum take hold. So... when and what to buy? There are deals out there, let us guide you.

360axis88.com - 360 Residences Sales Office Now Open

As of yesterday, the move is official from the off-site office near the Fairmont Hotel to the actual building which is still being finished. The one bedroom plus den model is gorgeous. A very nice flooplan for someone looking to live long term in a one bedroom unit. The den offers room for a sofa bed so your envious guests can spend the nights in downtown with you. This unit has the feel of some of the great new buildings in San Francisco (think Infinity and One Rincon Hill). The wide lap pool, deck and spa are gorgeous. There is also a very nice lawn space all on the 5th floor for entertaining and just nice views. Talk to us about the great values that can be had in this wonderful building.

360axis88.com - Awesome deal on a 1 bedroom with Rare Private Balcony at The 88

Very nice floorplan 1 bedroom unit with a very rare for this building private balcony offered at $378,888. 832 square feet of living space a few hundred extra square feet on the balcony. Let us show you this great unit and the other hot deals at the downtown luxury high rises.

360axis88.com - Down Payment Assistance for High Rises in San Jose

The City of San Jose just opened up the downpayment assistance program to the new high rises in downtown. These will included The 88, City Heights, 360 Residences and Axis. Assistance of $50,000 for one bedroom units and $60,000 for two bedroom units are available. These are no payment loans - the cost of the loan is the pro-rata appreciation of the unit when you sell in the future. Example, if you buy a $400,000 J plan one bedroom at The 88 and use $50,000 from the City for a downpayment, this is 12.5% of the purchase price. When you sell, you would pay back the original $50,000 plus 12.5% of the profit. Very good deal. This paired with some fantastic deals in price that are being offered and you have a great opportunity to buy your first home. Call us for the current best values in downtown.

360axis88.com - 3.99% Interest Rates on Select Units at the Axis

Let us show you what you can get with such great financing at the Axis. Financing is by the seller paying buy down points - so the deal needs to be structured a certain way to get the rate down. This gives you a fixed rate for 30 years! Very good way to buy into your new home and perhaps keep as a long term rental investment. Let us show you the numbers on this and other buildings in the new downtown.

360axis88.com - Plan A Jr. 1 Bedroom Rental Available at The 88!

Approximately 650sqft Plan A with views of the east foothills. Walking distance to everything that downtown San Jose has to offer. Underground gated parking for one car. Brand new building that just started move-ins for new owners. This is a very rare opportunity to live in a fantastic condo rental in the best building in downtown San Jose. Amenities include a wonderful outdoor pool, community patio and bbq area, outstanding workout facility, concierge, community lounge that can be reserved which includes a gourmet demonstration kitchen, huge flat screen for movies and billiards room. New Safeway opening on ground floor in a few weeks. Offered at $1495 per month furnished or $1295 unfurnished.

Mario Pinedo & Christine Kim
Intero Real Estate
mario@interorealestate.com
chkim@interorealestate.com