Subject: RE: Vanguard Loft appreciation question
From: Dom Shurba (shurbadom@hotmail.com)
Date: Tue Mar 04 2008 - 19:13:16 CST
I'm no big shot fancy statistician, but per our web site we have 16 rented out of 100 units. So 16%.
Dom 612
----------------------------------------
> Subject: RE: Vanguard Loft appreciation question
> Date: Tue, 4 Mar 2008 12:20:53 -0600
> From: evelyn.chapmon.ca7a@statefarm.com
> To: vanguard-talk@venus.soci.niu.edu
>
>
> Brian, do you know off hand the percentage of rentals in the building at
> this time?
>
>
> _________________________
> Evelyn R. Chapmon
> Claim Team Manager
> A State Farm Insurance Companies
> Oak Lawn Service Center
> (Office) 708.499.9309
> E-Mail Evelyn.Chapmon.CA7A@StateFarm.com
>
>
>
>
> -----Original Message-----
> From: vanguard-talk-bounce@venus.soci.niu.edu
> [mailto:vanguard-talk-bounce@venus.soci.niu.edu] On Behalf Of Stankos,
> Brian
> Sent: Monday, March 03, 2008 10:28 AM
> To: vanguard-talk@venus.soci.niu.edu
> Subject: RE: Vanguard Loft appreciation question
>
>
>
> Everyone,
>
> I'd like to share a wider perspective on renting units at Vanguard
> Lofts. Fannie Mae and Freddie Mac, the two largest mortgage investors
> in the country, have regulations regarding the types of mortgages
> they're willing to purchase on the secondary market. They will
> generally not underwrite mortgages if the percentage of rentals is over
> 20%. Any mortgage in a condo building with more than 20% rentals will
> carry a higher interest rate as a result, which in turn affects the
> resale value of the units themselves. Furthermore, buildings with a
> high percentage of rentals generally have higher assessments due to
> increased wear and tear on common elements simply because many renters
> do not have the same level of respect for a property as unit owners.
> Also, common insurance prices increase dramatically as the number of
> rentals increase.
>
> As a board we understand that in certain situations owners may need to
> rent their units. However, a careful balance must be struck between
> renting units and any potential negative impact on the value of the
> remaining owner-occupied units in the building.
>
> Brian Stankos, #513
> Board Treasurer
>
>
>
> -----Original Message-----
> From: vanguard-talk-bounce@venus.soci.niu.edu
> [mailto:vanguard-talk-bounce@venus.soci.niu.edu] On Behalf Of Robin
> Raffel
> Sent: Monday, March 03, 2008 9:13 AM
> To: vanguard-talk@venus.soci.niu.edu
> Subject: Re: Vanguard Loft appreciation question
>
>
> Zach,
> I would rent it also. I just got my place reappraised and it went down
> $20,000 in 2 years. I would wait until the market picks up again to see
> it.
> robin
> --- genevieve sanchez
> wrote:
>
>> Zach,
>>
>> I would keep it and rent it out i have owned my unit for 8 yrs and
>> the pass 4 yrs it has been rented out with great tenants. I have used
>> North Cylbourn Group, Apt People & Craigslists etc.
>>
>> Genevieve
>>
>> Zach Simmons wrote:
>> Dear Neighbors,
>> I'm writing to ask your advise. My new position is forcing me to
>> relocate this summer. While I have enjoyed the last 5 years, my time
>> at Vanguard lofts will be drawing to a close. This of course raises
>> the question of what I should do with my condo. Do I sell or rent it
>> out? As you all know there is a great deal of local development,
>> especially with the West Loop Promenade being delivered in 12-18
>> months. I was wondering what people's thoughts were regarding
>> appreciation in the building. Basically, I'm trying to decide if I
>> should rent it out for 1-2 years to speculate on an increase.
>>
>> I would appreciate any thoughts/opinions.
>>
>> Best Regards,
>>
>> Zach
>>
>>
>>
>>
>>
>>
>>
>>
>>
>> ---------------------------------
>> Be a better friend, newshound, and know-it-all with Yahoo! Mobile.
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>>
>>
>>
>
>
>
>
>
>
>
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