{"id":4411,"date":"2013-02-13T00:00:00","date_gmt":"1970-01-01T00:00:00","guid":{"rendered":"http:\/\/lesliedinaberg.com\/wordpress\/?p=4411"},"modified":"2014-03-10T18:41:39","modified_gmt":"2014-03-11T01:41:39","slug":"first-time-home-buyers-going-condo","status":"publish","type":"post","link":"https:\/\/lesliedinaberg.com\/wordpress\/?p=4411","title":{"rendered":"First Time Home Buyers: Going Condo"},"content":{"rendered":"
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The quest to buy a condominium on the South Coast can be grueling on the nerves. “It was crazy. You’d go out and at every open house … you’d see all the same people all the time,” said Cari Thomas, who recently purchased a San Roque<\/a> condo with her husband Sam. “They started looking like your competition. Like you didn’t want to smile at anybody.”<\/p>\n

“I think our biggest surprise was the amount of demand and the fact that there were multiple offers over the asking price,” said Sam. The Thomases looked at dozens of condos and were outbid on six different places before purchasing their new home at 3663 San Remo Drive for $560,000.<\/p>\n

We feel like we lucked out, said Cari.<\/p>\n

“Once you get a firm understanding of the market, your standards change a little bit. There were places the first weekend we looked that were significantly less money that were not as nice, but a month and a half later we were wishing we would have made offers on those ones that we saw early on,” said Sam.<\/p>\n

As is the case with many first-time homebuyers, the two-bedroom, two-bath place the Thomases purchased was more expensive than what they originally budgeted for. When their realtor, Judith McDermott from Village Properties<\/a>, urged them to “Just drive by and see what you can get for that amount,” they immediately liked it enough to call their loan broker and make the arrangements to make an offer.<\/p>\n

“We put five percent down and are using an interest only loan. Some of the money was from savings, some was from a previous 401K plan, and some was an investment from friends,” said Sam.<\/p>\n

Part of what sold them on the condo was its immediate livability. “The paint, it’s amazing what paint and color can do. And it was decorated really nicely and the mountain view was pretty,” said Cari. She also liked the fact that the condo overlooks a pool and the rooms were pretty spacious compared to other condominiums.<\/p>\n

“It definitely felt modern and we liked how they redid all the architecture on the outside,” said Sam, noting that the kitchen appliances were upgraded three years ago when the complex was converted from apartments to condominiums.<\/p>\n

The fact that the association fees were comparatively low was also a plus for the Thomases. Another advantage was the location, close to downtown and their workplace, Cima Management.<\/p>\n

At the time of their purchase, they simply saw the Hope School District location as a plus for the condominium’s resale value. However, the Thomases have since learned they’re expecting their first child in November.<\/p>\n

“It (the school district) wasn’t something we were searching for initially, but now it worked out great,” Cari said.<\/p>\n

Originally published in South Coast Beacon<\/a><\/h6>\n

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