Developers Lure Buyers with Teaser Rates

Posted by: Chris Palmeri on April 29, 2009

barker.jpg

Remember when mortgage companies lured home buyers with low payment interest only, adjustable rate loans that spiked after a few years? Now condo developers are doing the same thing. Here’s a pitch from the Barker Block, a loft development in downtown Los Angeles, a market that has a glut of lofts for sale.

There is a big difference between now and the boom. A few years ago, buyers were lured into a paying a lot of money for properties. Now prices are lower. A couple of years ago, the developer would have been asking $600,000 for this condo.

Barker Block’s Residence #238 -
It’s Yours.
Barker Block continues to put stylish and spacious living within reach. We’ve always made home ownership easy and affordable. And now, with new financing tools in place, we’re taking that one step further.
Here’s how, what, why, when & where:
• Residence: #238
• Price: $369,000
• Approx size: 1,020 sq.ft. (that’s big)
• First year interest rate: 2.375%
• First year mortgage: $1,150
(we’re picking up the HOA!)
• Second year interest rate: 3.375%
• Second year mortgage & HOA: $1,693
• Years 3 through 30 interest rate: 4.375%
• Years 3 through 30 mortgage & HOA: $1,862
For less than rent, you can own access to our rooftop pool, spa, outdoor fireplace and cabanas, fitness center, serene courtyard - all just steps from Urth Caffé.
A 30-year fixed, 4.375% interest loan gives you buying power that has never been seen - and will most likely not be seen again. Plus, there is still a small window of eligibility for the $18,000 in Federal and State tax incentives! But know: these numbers are only valid on Residence #238 and will surely soon be sold. Check it out today!
That’s the deal - what you see is what you get, no surprises or hidden fees. This truly is a rare and phenomenal opportunity to purchase a new home.
Give us a call today and make an appointment to speak with our onsite lenders and to view this home. We’ll tell you everything there is to buying at Barker and show you why we’re downtown’s best value.
Enjoy!
The Barker Block Sales Team

 

About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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