Norfolk Waterfront Condominiums Are “it” For the First Time Homeowner in Tidewater

Norfolk condominiums are the new wave for first time homeowners in Tidewater. One of the greatest benefits to owning a Norfolk condominium is minimal maintenance requirement, more space as opposed to an apartment, and additional security provided by the condominium association and community. To keep with Tidewater fisherman’s way of life, several waterfront condominium communities have been built in Norfolk to cater to the waterfront enthusiasts.

Waterfront living is essential in Norfolk. Norfolk is home to one of the largest naval bases in the country, so water is a way of life. Many of Norfolk’s residents are happy boat owners. Norfolk’s most popular social activities are hosted at the waterfront whether it is a Spirit of Norfolk cruise at Waterside, or a fireworks display at Town Point Park.

A Norfolk waterfront condominium owner can experience the beauty and enjoyment of waterfront living, whether is it boating, jet skiing, or just enjoying the beautiful waterfront scenery. Several Norfolk waterfront condominiums, such as Tanners Landing in Norfolk, have amenities such as boat slips to supply boaters easy access to their vessels.

Security in a living space is essential, and Norfolk condominiums provide that. Most Norfolk condominiums are gated communities only accessible by numerical passwords given to unit owners. Tanners Landing is also a good example of a Norfolk condominium with added security benefits. 24 hour surveillance is provided as well as keyless tele-entry and electronic gates as both entrances (including its own parking garage) into the property.

Price is a main concern when it comes to owning a Norfolk waterfront condominium. Compared to housing prices, the cost of owning a Norfolk waterfront condominium is surprisingly reasonable in comparison in regard to both size and overall cost. While an owner will sacrifice a larger living space, Norfolk waterfront condominiums provide ample living space with additional benefits such as back yards, patios, and more.

One of the greatest cost-effective benefits of owning a Norfolk waterfront condominium over a waterfront house is the level of routine maintenance required, which is little to none. Within the cost of owning a Norfolk waterfront condominium is routine maintenance fees. In short, this means that anytime something breaks or needs to be fixed, or if your yard needs tending to, service members employed by the condominium will take care of it for you.

The benefits of owning a Norfolk waterfront condominium are endless. Enjoy the scenery or take a boating trip while feeling secure in your investment. Norfolk condominium living is on the rise, so don’t miss out on a great investment with a plethora of perks.

High-Rise Condominium Living – A Buyer’s Guide

Before considering an investment in a high-rise condominium home, it is a good idea to educate yourself about the benefits of condominium living. Get to know your options before selecting a location.

Condominium homes come in a number of varieties, including: townhouses, apartments, semi-detached, detached and hotel condominiums. Condos – as they are also known – are the preferred locations for many individuals and small families who want to maintain an active lifestyle. They are often situated in an urban or resort-type environment.

If you are considering a specific high-rise condo property, you can confirm with the landlord or real estate agent whether or not it is a condominium. There are several advantages to choosing a high-rise condominium for your home, including the following:

Premium Locations

Most high-rise condo homes are located in premium locations, often being situated near hotels, close to restaurants, on waterfronts or around shopping hot spots. They are even sometimes located near famous public places or major business centers. The majority of high-rise condominiums are available at or near the center of a city.

Ready Access to Public Transportation

High-rise condominium homes are usually situated very near to key access points to public transportation systems in the area such as train stations, bus stations and light rail. This makes them ideal for the on-the-go professional.

Luxury

One piece of good news for individuals, couples, and families considering high-rise condos is that they offer luxury at an affordable price. These homes offer a place for people to relax on weekends and evenings, entertain guests, and enjoy home life.

If you are considering investing in a high-rise condominium living opportunity, you will benefit from considering these advantages as you make your decision about where to live.

Buying a Condominium – Beware of the Risks

Buying a condominium can be a very risky decision. Any condominium is vulnerable to depreciation that can be caused by other condominium owners within the building. Today many investors that have bought condominiums couple of years ago are finding themselves to owe more for the mortgage than the condominiums are worth leading them to abandon their investment properties. However, this leaves the surrounding condominiums to feel the side effects. In areas such as Miami and Las Vegas builders are leaving the preconstruction sites or investment properties. Now imagine yourself being in a building that has couple apartments being foreclosed within its building. There is a high supply of condominiums in your apartment building, but little demand for them. This leads to fast depreciation of your condominium.

There are also other problems with surrounding condominiums being foreclosed. Those owners are not paying the association fees prior to foreclosure, and once the unit is foreclosed it is even harder to get those association fees. Not having the association fees paid can lead to two results. First, there are not enough funds to support maintenance and repairs of the building, this leads to deterioration of the building and further decreases the value of the building. Second, the assessment fees can be raised to compensate for those condominiums that have bee foreclosed and are not paying their association fees. However, this leads your condominium to cost you more, and also leads to the depreciation of the property.

As with any financial decision, try to learn as much as possible before jumping on board.

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4 Good Reasons To Love Condominium Living

There are plenty of reasons to love condominium living! Condominium living is a swiftly growing market, as more and more individuals seek to live in urban environments, near to their jobs. However, condominiums can be found almost anywhere, from quiet, suburban neighborhoods to busting metropolises.
If you’re interested in condo living, you owe it to yourself to consider its benefits.

1. The benefits of homeownership, without all the work – From an investment perspective, condominiums are extremely similar to owning a home. Condominium owners can enjoy the many tax benefits of homeownership, and they get to enjoy the procedure for building equity within their investment. Unlike apartments, in which the individual pays rent and earns nothing, condominium owners are able to benefit from the perks of living in a multi-family structure whilst investing in homeownership. Many people choose condominium living instead of paying rent in an apartment. Condominium living is also very popular because exterior maintenance and work aren’t an issue. Instead, condominium owners can enjoy their weekends rather than mowing lawns and painting shutters!

2. Tons of amenities – If you would like the perks of resort-style living, then you must think about condo living. Many of today’s condos offer everything from state-of-the-art fitness gyms to lovely rooftop pools. Actually, the amenities of numerous of today’s condo properties rival those of four-star resorts. Think about parking, storage facilities and recreational amenities when searching for condos. Keep in mind, however, that you could count on paying more for any condominium with high-class amenities; you may also count on paying higher HOA fees for these amenities too, although most condo owners will agree how the additional fees are very well well worth the use of wonderful amenities.

3. As well as services, too! While talking about amenities, you will find fabulous services available at many new condominium buildings and properties. From concierge plan to valet service and 24-hour security, expect your needs and wants to be fulfilled if you buy a more recent condo. Many upscale services are owned by condo owners in cities and high-rise condo buildings. Once again, you will probably pay more for any condominium if it has resident services, but having someone valet park your vehicle following a long trip to the office is really invaluable for most condo owners!

4. The perks of urban center dwelling – Many of today’s high-rise condominium buildings can be found in bustling cities, plus they are quite attractive to a wide range of buyers, from urban professionals to active empty nesters. Aside from the obvious advantage of being close to your place of work, living in a town means that any number of fabulous locations, for example restaurants, shops and nightlife destinations, are just steps away. If you want the excitement of city living, then you must explore it in a condo!

State and Federal Disclosure Requirements For Unbuilt Condominiums in Nevada

The requirements for a valid Public Offering Statement are found in Nevada Revised Statutes116.4100 et seq. entitled “For the Protection of Purchasers.” Under NRS 116, et seq., sellers of unbuilt condominiums are required to provide a prospective purchaser with a Public Offering Statement, which must conform to requirements of NRS 116, et seq. In the event that no Public Offering Statement is delivered to prospective purchasers prior to purchasing an unbuilt condominium unit, then the purchaser is entitled to rescission, and/or other remedies, as follows:

NRS 116.4108 Purchaser’s right to cancel.

1. A person required to deliver a public offering statement pursuant to subsection 3 of NRS 116.4102 shall provide a purchaser with a copy of the current public offering statement not later than the date on which an offer to purchase becomes binding on the purchaser. Unless the purchaser has personally inspected the unit, the purchaser may cancel, by written notice, the contract of purchase until midnight of the fifth calendar day following the date of execution of the contract, and the contract for purchase must contain a provision to that effect.

2. If a purchaser elects to cancel a contract pursuant to subsection 1, he may do so by hand delivering notice thereof to the offeror or by mailing notice thereof by prepaid United States mail to the offeror or to his agent for service of process. Cancellation is without penalty, and all payments made by the purchaser before cancellation must be refunded promptly.

3. If a person required to deliver a public offering statement pursuant to subsection 3 of NRS 116.4102 fails to provide a purchaser to whom a unit is conveyed with a current public offering statement, the purchaser is entitled to actual damages, rescission or other relief, but if the purchaser has accepted a conveyance of the unit, he is not entitled to rescission.

Unbuilt Condominiums Resemble Unregistered Securities. While unbuilt condominium units are classified as interests in real estate, they are not like common parcels of real estate that can be personally developed, managed and improved and for this reason have often been seen as resembling securities, which require securities registration due to the reliance upon the management of third parties who are responsible for the rise or fall of the investment. In this regard it has often been mused that unbuilt condominium units are a hybrid interest, requiring greater disclosure than the sale of a parcel of dirt which can be inspected. When unbuilt condominium units are sold as “investments,” they come even closer to being an unregistered security than a typical interest in real estate.

Recognizing the need to protect unsophisticated purchasers of unbuilt condominium units, both federal and state laws were enacted to protect unwitting buyers from condominium developers with superior bargaining power, sophisticated expertise and form contracts of adhesion.

NRS 116, Section 4101, et seq. is titled For the Protection of Purchasers. Clearly these provision are important and developers must comply. When they fail to comply it is at their own peril, because purchasers are able to rescind. These provisions seem to recognize the dual if not hybrid nature of an unbuilt condominium unit, and seem to be offered up to the public in lieu of requiring securities registrations for unbuilt condominium units.

The federal government has also recognized an important need to regulate sellers of unbuilt condominium units and the result was the passage of the INTERSTATE LAND SALES FULL DISCLOSURE ACT which requires sellers to provide adequate disclosure, including Property Reports and Public Offering Statements, unless exempt. The most common exemption is sought by developers who maintain they do not have to comply with the ILSFDA if they unconditionally commit to build the subject units within 24 months of signing a purchase agreement. Often developers proceed upon the assumption that they are entitled to the 24 month exemption and therefore fail to provide the required disclosure, only to find out later that they were unable to complete and deliver the subject unit within 24 months as promised. This situation gives rise to litigation, wherein the purchasers of unbuilt units are allowed rescission in the event the developer has no provided the Public Offering and Property Report and does not have a valid exemption.

Purchasers of unbuilt condominium units should be careful because many times they are buying a unit that will not be built within 2 years, if it is built at all. If the developer promises to deliver within 24 months, but does not, the chances are that the developer also has not provided full disclosure under ILSFDA without a proper exemption and purchaser has the right to rescind and receive a complete refund of any and all earnest money deposits. If the developer gets into financial trouble, as is often the case, and the development is foreclosed or bought out, there are also other grounds for rescission. In such cases a purchaser should contact a lawyer that is an expert in these arcane areas of the law that are often contradictory and confusing.

Thinking of Investing Into Time Share? Do Not Even Think About It

When you are trying to go into real estate investments, you have to be extra careful. This is because real estate is unlike any other investments. The stakes are higher than other common investment models like funds, stocks and so on. But if done (with research and opportunity at the right time) properly, real estate investment could very well be your most profitable investment. However, there are two types of real estate investments that you should stay away from. The mentioned real estate is time share.

What is time share?

Time share is a type of right or ownership you can have over a property. Usually, the said property is a resort condominium unit. But at the same time, there are other parties who have their rights to the property. The result is there is only a specific time in which an owner can use the property. People often utilize a resort condominium for vacation purposes.

Disadvantages of time share

You should avoid this because of the obvious reason; unreliable investment. It will cause you to lose money. That is for sure. The way it works is like this. With a time share, you will be purchasing an ownership (a period of one or two weeks) or a usage of a particular house or condominium per year.

For example, if you are paying $10,000 a week with the miscellaneous fees included, you are actually paying for more. If compared another house or condominium unit nearby, you could often find them to be lower priced. What have you paid for? You have just paid for various commissions that belong to salespersons, administrative department and the developer.

So why is it that people keep buying time shares? This is because they are lured into the idea of buying one. This often occurs when a person is on a leisure trip or in a stress-free environment. Therefore, during vacations, salespeople are more likely to score a victory in their sales pitches. People on vacations are more likely to spend and this is true. In fact, most salespeople would even lure the potential “relaxed” clients by offering them a free stay at the particular unit they are offering to sell. They often do this in their presentation. Therefore, this might raise a red flag whenever a salesperson talks about free night stay or related offers.

If you still insist on time share, then you should consider buying a second-hand one. This would mean a used one. This is because you will find good deals from buyers who had already lost a good amount of money. Therefore, you can easily buy from them at bargain prices.

Time share also lets you take your vacation in other places (not your particular unit they are selling to you). But you should be warned. This is a great inconvenience. What happens is you will be charged extra fees. Your choice is usually limited when it comes to suitable schedules.

A Commercial Condo Is One Option When Buying Investment Property

When someone mentions the word condo, people are more familiar with residential condominiums. However, there is another type of condominium for those who are interested in buying investment property. Commercial condos are built for non-residential uses such as offices, retail shops, hotel rooms, etc.

Like residential condos, owners of commercial condos can rent or sell individual units to interested buyers. Even though all the units are attached to each other, a different person or business owns a separate piece. There are multiple owners, similar to a residential complex. The question becomes what are the advantages for investors and business owners for choosing a commercial condo when buying investment property. The biggest advantages of commercial condos are flexibility and affordability.

Since each condo unit is a separate, transferable piece of property, the unit can be sold without seeking approval and permission from multiple parties. Commercial condominiums also provide an option for investors who cannot afford to buy an entire building or complex. Each condo unit is only a part of a building or complex and therefore more affordable.

When buying investment property, you should look at combining a commercial and residential condo units for a mixed-use development. Some common examples of mixed-use developments include medical office parks or retail condos at street level and residential condominium units in the upper level. Combining the two types of condos into one development increases the pool of possible owners and tenants.

A commercial condo also provides business owners an alternative to renting or leasing space and gives them tax advantages. Some of the advantages to businesses who are owners of commercial condos instead of tenants of rented or leased space include deductions for property taxes and interest, building assessments, utilities, insurance, repairs and depreciation.

When buying investment property, commercial condos are a good option for both investors and business owners. It is important to look at any agreements with condominium associations to see how any regulations or fees can affect the value of your investment. This is especially important to investors who are renting their condominiums to tenants because it must be decided who will pay for any regular maintenance and assessment fees.

Commercial condos are a good starting point for investors and businesses that have a smaller budget, are interested in buying investment property and want to take advantage of ownership benefits. It is important to do your research and make sure buying commercial condos is the right fit for you.