FHA loans - New guidelines

Many of you might not know that the FHA provides a lot of loans to buyer's who are not in a position to put down 5% to 20% of the sales price. Thus, FHA has been an integral part in getting many homeowner's into their homes.

As of November 2, 2009, due to the crazy mortgage market, the FHA is issuing new guidelines. Unfortunately, for condo purchasers, this will make buying a condo a lot more difficult.

To begin with, FHA requires that the condo you are purchasing be FHA approved. In some instances, a developer or condo association will get the entire development approved. However, the vast majority has not. In the past, even though the development was not FHA approved, FHA would do what is considered a "spot approval." In essence, they would approve the one condo being purchased provided it met various guidelines. This allowed a homeowner to purchase in a development that was not entirely approved by FHA. However, the new change will be that there will NO LONGER be spot approvals. That being said, it means that a condo you might want might not be FHA approved and you will not be able to get financing from them. The only recourse is for the condo association or developer to go through the approval process for the entire development. If they are smart, I expect many will start to do that.

You may not think this is a big deal, but it is. For all of the wonderful complexes in the Downtown, Midtown and Buckhead areas, only a handful are FHA approved. I was amazed at how many developments were NOT approved. If you are wondering which complexes are approved at this time, check out this link:

https://entp.hud.gov/idapp/html/condlook.cfm

The other changes that are planned are:

There now will be a maximum of 30% of all units in a complex that can be FHA financed. Previously, there was no cap. What this means is that you could decide to buy a condo in a particular complex, only to find out you are not approved because over 30% of the homeowners were financed with FHA. That could be not only a problem, but a big disappointment.

At least half of the units in a development must have been sold before you can get FHA financing. This can be a problem for new developments that have yet to reach this sales quota.

At least half of the units will have to be owner occupied. For a vast majority of the complexes in the metro Atlanta area, that is not a problem as the HOA normally has a cap of 20-25% rentals allowed. However, there are a few developments in metro Atlanta that do not have any caps. If you are interested in buying using FHA financing, I suggest you find out which complexes will not meet FHA requirements.

I realize that the mortgage industry needs to be tightened up. However, some of these FHA restrictions will make it more difficult for many great homebuyers to achieve their dreams of a condo.

Pat Mistretta
Copyright 2009

Follow me on Twitter: LoftsInAtlanta

Some cool things to decorate your Loft with

I am always searching for things that I think will be really cool for lofts. I always post them on Twitter (twitter.com/loftsinatlanta), but thought it would be fun to list them here too.

Here is something that is called "Digital Wallpaper." Although it is not wallpaper in the truest sense, it is rather interesting and different. I can only imagine what the musicans can do with it knowing they can figure out a way to coordinate their music with movement of the digital colors. Wouldn't that be fun?

http://www.homedit.com/digital-wallpaper-by-strukt/


Another thing is the use of concrete. For those of you familiar with lofts, concrete plays an important role in a lot of them in floors, ceilings, countertops and sinks. Well, here is another use for concrete in "Concrete Shelving." I only imagine that it would be expensive to ship, but it could give you ideas on making your own molds:

http://www.homedit.com/low-cost-design-concrete-bookshelves/


Last, but not least, is an idea of "Glass Curtains." Actually, these are pretty cool and can be used not only as curtains, but as room dividers.

http://www.homedit.com/modern-glass-curtains-design/

So, keep checking back, as I will continue to post some great finds. Again, you can also follow me on Twitter.

Think you can't paint vinyl floors? Think Again!

If you are like me, you probably think you cannot paint vinyl floors I always thought that to be the case. However, one day ....

I was sitting in my apartment looking at some really old vinyl floors in my kitchen. I was glad my then landlord gave me free rein on doing whatever I wanted. I knew I wanted those floors changed, but I also knew that I did not want to put any money out on new flooring considering I did not own the place.

Out of desperate measures on not wanting to look at this golden brown floor any more, I figured anything would be better than nothing. Since it was one of those older style vinyl flooring that had raised areas, I figured they were going to be my biggest problem as far as wearing down first. I decided to take some light sand paper and gently sand down the floor. No major work or elbow grease as I did not want to wear it off. Once that was done, I took a clean rag and wiped off all of the dust from the sanding, making sure it was all removed.

I then painted two coats of white primer paint. This primer paint was not made for floors, but for walls, doors, etc. I figured I had nothing left to lose but my time and a few dollars. I edged out the floors with a hand brush and applied the remainder with a roller. I was absolutely amazed how much just the white paint alone brighted up the entire kitchen!

I then looked at this white canvas and decided what kind of a design I wanted. Since I enjoyed seeing some white, I decided to paint my own black and white squares. Actually, what I did was just mark off where the black would be, using the white primer as my white portion. To add a little flair to the floor, I put in sporadic shapes as in circles, diamonds, rectangles, etc., all being a different color.

Once everything was totally dried, I applied 5 coats of clear polyurethane. I then held my breath not knowing if it would peel off from walking on it once it was dried. Guess what? It didn't! Yahoo!

The floor looked great and I was so pleased. Every time I washed the floor with a mild detergent, I just finished it off with another coat of polyurethane. It lasted for years!

So, if you have vinyl flooring and want to change it with just a minimal amount of money and more time ... go for it!

It works! Check the photo out.

Copyright - Pat Mistretta
2009

90 Fairlie Lofts

Nestled in Atlanta's Historic Downtown district is 90 Fairlie Lofts. On a side street surrounded by restaurants and shops, as well as area attractions, this wonderful loft building is a quiet secret. Although it does not have all of the bells and whistles as some of the newer loft developments with amenities, it has its own uniqueness and charm.

I had the opportunity to view one loft in this building the other day. Being a loft lover, I can say I usually like most lofts. However, the one I saw was very impressive. The size alone (2,600 square feet) was an attention getter. Add to that a gigantic circular kitchen of beautiful cherrywood cabinetry and top of the line stainless appliances, and I was immediately drawn into wanting to see more. Being an end unit, it had a wall of windows in it's large living area and master bedroom with various views of the City. Although there was no exposed ductwork, it did have the staggered cement ceilings to remind you that you were in a loft. Hardwood flooring throughout which made this already expansive space appear even larger. Cherrywood cabinetry continued through the bathrooms and the master bathroom had a very large walk-in shower with an added bonus of it's own private sauna. How cool is that?


The rooms in this unit were of a generous size, adding to it a dining area, as well as a divided space that would be perfect for an office.

I did wish that it had a balcony that you could sit out on. That would have just made it perfect! It did have a Juliette balcony, but I was hoping for an outdoor space. Time constraints preventing me from checking out the roof decktop, but I am sure that makes up for any lack of personal balconies.

Two things of my own personal taste that I would do to this unit. I would restain the flooring to the cherrywood. I have a personal love of that color for it's richness and quality. Second, I would add red bricks to the entire wall of windows. I have a fondness for red bricks, especially in lofts, and I feel that would not only enhance the windows, it would create an even greater loft feel. Again, it is all selective and that is just my own personal tastes.

I have to say, this unit impressed even me! I would even consider buying it. I am anxious to go back and check out more units, as well as the rooftop deck. I'll update my post with more info after I do that.

Studioplex Lofts

I had the opportunity to view Studioplex Lofts on Auburn Avenue and I have to say, I am impressed! What a great combined living space they have. Fantastic retail space/loft combos, as well as indivudal lofts.

It appealed to me because it has a very artsy feel to it. I guess because you start out with a fantastic hand blown glass store right up front. Great work in there and I had a nice chat with one of the owners.

There is an appealing courtyard where you just want to take a stroll and see the shops. Many people live in their lofts with their living accommodations behind their storefronts. How perfect it would be to have your own art studio, shop or business in the front and your living space behind a wall or curtain.

The second floor lofts have wonderfully high ceilings with skylights. Dave and Chuck of my office (Morris & Raper) are quickly selling the last of the units and I can understand why. It is one of those hidden gems tucked away. However, once you discover them, you are thoroughly enchanted.

To add to the flavor of the development, they have an Artists Walk every second Wednesday of the month. From what I hear, their following is getting stronger and stronger with each event. Their last event brought in between 300-400 people. Berlin, the property manager, takes great pride in the development and maintenance. He is a sweetheart.

Aside from the residences, they have the glass gallery, Jack's Art Gallery, salons, interior designers, musicians and so much more. Even SCAD has a space on the outer perimeter with regular art showings.

For anyone looking to live in a unique development that is far from a cookie cutter, then you really should consider Studioplex. Mere minutes from downtown and midtown, it is fast becoming a neighborhood of new developments.

I was thoroughly impressed. It is definitely worth checking out for either your next residence or a unique place to have your shop.

Tribute Lofts

Since I love lofts so much, my Mother's Day was spent looking at many developments. Tribute Lofts was one of them. I am amazed on how much has been developed in that area! And, it just keeps on going ...

The building seemed like a maze at first, but in relatively short time, you get the hang of the layout of the building. Nice units with great kitchens. For the most part, there are two separate plans for the 2 bedroom/2 bath units. I got to see both. I did not have a chance to view the 1 bedroom plans, but I am sure they are equally as nice.

Obviously, the best units are the ones with the fantastic views. I remember when I first moved to Atlanta and was driving into the city via Freedom Parkway I was awestruck by the views. I thought that was the best view of the city. So up close and personal, but still far enough away to catch the full spectrum of the buildings. An awesome site! The smart people snatched those units up right away. I don't blame them!

They have an open deck area that allows you to take all of the views in. Great modular furniture makes it a must see place to be and hang out. More perfect than that would be to have your own loft with the wide open space and views.

The pool is pretty small considering the size of the building. I suspect it will be more of a hang out and enjoy place.

It's a nice building with some here and I expect once that is all complete, it will be very much of a happening place.good features. Again, there is major development going around here.

High End furniture store opens in Atlanta

I just saw the article in AJC about this new store called Room & Board that just opened in Atlanta, and I am excited. Cool stuff from what I can see and I know already that I am going to really like this store! This looks like it will have wonderful furniture and accessories for lofts ... especially for those discerning buyers.

It appears that the wonderful Design District is really expanding. Not only with stores, but with boundaries. It will be much better when all the main streets are open for easy access.

Here's the link to the AJC article: http://tinyurl.com/d3a9dv

I will check this out and report on my findings.

Cindy Crawford furniture

For those who reside in Atlanta and other southern cities, you know that Cindy Crawford lined up with Rooms To Go to do her own furniture line. A good majority of her furniture is contemporary which is perfect for lofts! I especially like that she has added colors to her line.

However, the Buzz is that Cindy Crawford will now add her line to J.C. Penney's. It appears her new line will be unveiled in July in Penney's Manhattan store.

The agreement is that her furniture line for Penney's will not be sold in the same markets as Rooms to Go.

Lofty Ideas - Create the Loft Look you want

Not every loft has to be funky with bold colors. It’s all a matter of personal taste and style. I have seen many lofts that have a traditional feel that look absolutely wonderful. People that decorate their lofts in a traditional style like the appeal of the high ceilings and brick walls but want the earthy, warm tones with large leather sofas, lots of bookcases, oriental rugs and great antiques. It can look as appealing as every other style.

The best thing to do is show off your style in a way that pleases you. Make the loft your own. Let it show off your personality, your interests, and yes, your colors! There are no rules to how it should be decorated. There are many helpful hints and suggestions, but you need to incorporate YOU into your unique space. In being an artist, I consider everything my canvas – especially my home. Make your loft your canvas – your work of art.

There are many lofts out there that are soft lofts, or defined lofts. They already have walls and separations up. That delineation can help many people work on the defined spaces. However, if you are in a loft with no walls and separations, you have the ability to create whatever sections you want – if you even want sections. Most people though, will want to pick areas that will be best for the living room, the bedroom, den/work area, and other areas of appeal. So, if you have an open space, I would walk through it and look at the windows, the views, the floor layout and figure out where you would like your living room to be, the bedrooms, and such. Do a mental picture of how you would like to plan out your space. If it helps, take a pad and draw a rough sketch of the room. This will help you visualize better when you are not physically in the loft. Better than that, take photos. Photos will pick up the details you forgot.

If you do not know your “style” so to speak, then pick one or two of your favorite things that are in your possession or that you plan on purchasing. Decorate around those items. That will start the tone and trend for what you are going to create. It’s a good starting point for those who feel overwhelmed on where to begin. These favorite pieces can be anything from a piece of furniture to a family possession. They can be from a favorite hobby such as a guitar or a handmade ceramic vase. Whatever it is that you have joy and pride in – incorporate that into your loft. Use that as your starting point.

Whatever you do, have fun. Enjoy your loft. Enjoy its uniqueness and add your own special uniqueness to it!

Pat Mistretta

Copyright 2009

LoftsInAtlanta.com

Lofty Ideas - The Magic of Paint

Whether you are an artist or not, you already know that color in itself can greatly affect things. Whether it is vibrant colors as in my logo, beautiful warm, earthy tones, or something monochromatic – the very colors say something. It creates a mood, an ambience, a feeling.

Whether you have the advantage of having a decorator, or are doing things on your own, the easiest and cheapest way to decorate is with paint. Think about it – everything in your life has a color. Your car, your clothes, your furniture, your bedding … everything! So, everything can be colored and painted. That includes your walls, your ceilings, your floors, your cabinets, your furniture, your appliances, your accessories and your fabrics. And I have to say, I have personally painted every one of these things!

The great thing about painting is that it can be changed. What mood or theme you created last year can be easily and quickly changed this year by just changing your colors with paint.
Paint, to me, is the easiest and cheapest form of decorating. You can paint a wall solid in one color, with a contrasting color on the opposite or adjoining wall. You can outline designs with tape on the wall and paint that wall with different colors. You can create stencils, reliefs and paint over them for a design. Painting a wall, floor, ceiling or anything else, does not have to be solid. Think outside the box. Let your creativity and imagination take over. If you have any doubts, get the various color chips from the paint store and spread them out – move, manipulate and work it so you can see how the colors work against each other. Get small sample paint cans of the colors and test them out. And, if that is even too daring, get colored pencils and color pieces of paper.

I once temporarily lived in a vintage quad. It had some good “bones” but was so vintage and outdated that I cringed just looking at it. Although the most of the house had beautiful hardwood floors, white walls and thick molding, the kitchen was in bad shape. I looked at this kitchen and thought it needs a lot of work and I was up for the task. Naturally, since it wasn’t m own place, I didn’t want to spend the money updating it. However, I used the cheapest decorating tool I knew of to make vast, major changes. Paint!

I had no preconceived idea of what I was going to do. All I know is that I needed to make some changes. One of the worse things in this kitchen was the refrigerator. It was clean inside, worked well, it was older than dirt and colored Coppertone. Now for all of you of a young age, you won’t even know what I am talking about. Coppertone was a brownish bronze color very popular at one time. I knew that since I was starting with a dark base, I wouldn’t get a good result with a light color. Adding a primer to this kind of an appliance with a color on top of it would be just too much and not finish well. For reasons beyond me, I didn’t want to make it the typical black that one would expect. So, I went to Home Depot to see what colors were available in spray paint. I didn’t even look at “appliance” paint. I went for the typical acrylic spray paint. I looked at the limited colors available and decided which ones would work for my cabinet and which one would work for my refrigerator. Since the entire kitchen was going to be redone, I started out spraying the refrigerator right in the middle of the room. I used a Christmas green. Not a color anyone would expect to use. However, I wanted something different. The trick I learned was to spray paint in even strokes going slightly lower than the last stroke. That brought out an even, consistent shine with no areas of light, dark and shiny. It worked out perfectly and I was rather pleased with the results.

Another project in the kitchen that definitely needed attention was the flooring. It was old vinyl linoleum that was gold in color with some intricate designs. That wasn’t going to work for me. Since I didn’t want to go through the expense of laying a new floor in a kitchen that wasn’t mine, I decided to see if I could paint it. I had no idea when I started that project if the end result would last. For all I knew, in two days, my hard efforts would scrape off. I lightly sanded the linoleum and put down two coats of a white primer. I then sectioned out my design and painted it onto the floor. Once that was done, I put four coats of polyurethane to protect the design. I marveled at the results and was even happier when it withstood walking, cooking and washing for the entire time I was there. Again, just the simplest of tools (paint) and a lot of imagination, I created my own personal design and got rid of that dreadful floor.

I have had the advantage of being gifted as an artist. As such, I have an innate sense of design and color, as told many times over the years by my art instructors. Although I can see a color, walk out of the room and recreate that color in another room, I have never studied the theory of color. Thus, I personally do not get into “warm colors,” “cool colors,” etc. I haven’t had to. However, many of you will struggle over your sense of color and which colors work best with each other. It is for that reason that I include some basic information to help you and the end of this article.

Just remember, paint is cheap, can easily be changed, and will create a total different look for you. Whether it is solid colors, or faux finishes with the look of marble or stone, paint is magical. Enjoy!

Pat MistrettaCopyright 2009

LoftsInAtlanta.com

1*A Color Wheel - shows the interrelationships of the 12 basic colors. Color schemes based on the wheel - even in lighter or darker values - maintain color balance.
A color wheel helps you see the relationships between colors. Red, yellow and blue are primary colors. Orange, green, and violet are considered secondary colors: each is created by combining two primary colors. Tertiary colors are a mixture of a primary and a secondary color.
Harmonious color schemes can be diagramed on the color wheel. Choosing colors that are opposite each other - blue and orange, for example - are complementary colors and good decorating partners. For three-color harmony, use colors equidistant from each other on the wheel (triad scheme), or pick a base color and the two colors on either side of its complement (split complementary scheme).

1* http://easy-house-painting-tips.com

Glen Iris Lofts

Yesterday, I went and previewed some lofts for sale at Glen Iris Lofts. Unfortunatley, I was only able to see 2 of 4 lofts. That was because the agents on 2 of the lofts did not have the lockboxes on the premises. Although the listings wer "active," there were no lockboxes. How exasperating!

In any event, Glen Iris Lofts are very nice and consist of two buildings. The ceilings are high, cement floors, updated kitchens, brick walls and very nice windows. They do have balconies, which is a great feature. Nice community swimming pool and conveniently located in Midtown. There are no gyms or other amenities as in concierge or 24-hour security. The garage though is gated so that is does give you some security.

The first unit was a two-story unit. Massive windows and very bright and sunny! It even had a fireplace. There was an additional stairway that led you to a private, large decked balcony. It was only missing cityline views, but still a great place to hang out. The only thing that I was surprised at, for a unit in this price range, was the washer/dryer area. Not only were they stackable, but were very difficult to get to. I cannot imagine how one would be able to comfortably do their laundry. For the money they spent in upgrades (and they certainly did sink a lot of money into this place), one would think they would have turned the stackable unit around to face you for ease of washing. However, it is a simple solution for any future buyer.

The second unit was a one level and very, very nice. It was also the lowest priced 2/2 unit presently up for sale. Great kitchen, nice size rooms and a balcony that faced the quieter side of the development. I liked this one much better than the penthouse. But remember, that is my own personal opinion and taste.

Glen Iris Lofts are probably the closest thing to loft-style living with brick walls, high ceilings, etc. that is in the Midtown area. Somewhat on the order of my favorite Mathieson Exchange Lofts. It is also similar to Central Park Lofts, but in a closer to Midtown location.

All in all, I do like this building. I personally would have no problem with the lack of concierge and other amenities.

Might I mention, it has a strong Homeowner's Association and included in the HOA fees in 138 (plus or minut) cable channels, as well as very high speed T-connection internet. When you factor in these two amenities, the HOA fees are low.

This is a building worth checking out!

Pat Mistretta, REALTOR
Loft Specialist
Morris & Raper InTown

REALTOR magazine article

For those of you who haven't seen it, a while back, REALTOR magazine asked me to contribute to their article on the condo craze ... more specifically lofts. I was honored to be asked out of the thousands of members they have.

Quick access to the article can be found here:

http://tinyurl.com/dz58x7

The entire article is very interesting, and of course, I really loved talking about lofts!

Website error results

I was recently informed that my website had errors on it. Apparently, some loft listings that are available did not show up. In just returning from vacation, I took a quick glance and was surprised to see these problems. Thus, I need to go back and readdress every development to see if it has problems in the search results. I guess I have some sort of bug develop in the system. Since I created this puppy (an act of Love), I will fix it.

Give me a few days (or a week at most) and it will be running smoothing and correctly.

Thanks to Darryl for the email alert!

Lofts in Atlanta

I want to thank everyone that has made LoftsInAtlanta one of the top ranking websites. In a relatively short period of time, my website has been ranked consistently in the top 3%.

This logo has become a fast recognition symbol for those interested in lofts. I had fun designing it and knew it would be well received.

To the countless people who have registered and written, I want to thank you all again for making Lofts In Atlanta one of the best websites for information regarding Atlanta Loft Living! Thank you, thank you, thank you!!!

Mathieson Exchange Lofts

There are relatively few lofts in the Buckhead area so pickings are slim in that location. However, one of my favorite loft buildings in Buckhead is the Mathieson Exchange Lofts. I really do like that building and I especially love the lofts in there!

They offer high ceilings, great red brickwork and wonderfully large windows. The kitchen have some really nice finishes with great, bathrooms too.

I saw an end unit in there that just made my heart soar! Fantastic expansive windows all around that just accented the brick walls and high ceilings. I just loved this unit. Although the foyer was somewhat dark, it had a lot of wall space to highlight art work. All it needed was great lighting.

Does this building have all of the bells and whistles that some others do? No. But, it offers some of the best lofts in the area. They don't even have these type of lofts in the Midtown area.

So, if you're looking for a great loft in a prime location, you need to check this building out. I'd love to show you what they have in this place!

Sky Lofts

Sky Lofts is offering some great incentives for anyone interested. They have access to information regarding City funds and grants to be used as down payment, etc. Big discounts going on over there.

Twitter too

Just created a LoftsInAtlanta account on Twitter. Also have one under my name, Pat Mistretta. Now to combine Twitter, Facebook and Blogs to have real, indepth coverage on lofts!

YouTube posts

Here are some of my latest tours posted on YouTube regarding lofts in Atlanta:

http://www.youtube.com/watch?v=mC6hnDrFAz0

http://www.youtube.com/watch?v=eoyz28LCH18

http://www.youtube.com/watch?v=ULe-wgnJaLA

http://www.youtube.com/watch?v=GTWtqqMIzuI

Time flies ....

Goodness, I had no idea it had been two months since my last blog. Geez, where does the time go? I am still ever working on my website which takes up more time that one would expect. I signed onto Facebook and have posted several great Loft Tours on YouTube. Just look for Lofts In Atlanta and you will get all of the tours. I still have two more to post, but seem to be having a YouTube problem in getting them up. I shall try again this weekend when I am not rushing around.

Renovations at Peachtree Lofts

I recently heard that there will be renovations going on at 878 Peachtree, more commonly known as Peachtree Lofts. Word is that they will be replacing all of the windows at a pop of $500.00 per window. Obviously, that will mean a special assessment to the homeowners although the exact cost is unknown at this time.

Peachtree Lofts is a great building in the heart of Midtown. If you know where the Vortex Restaurant is, then you will see Peachtree Lofts above.

It has a fantastic lobby and nice amenities. Certain condos have fantastic views!

I will keep you posted.

Pat

Loft Specialist

Morris & Raper InTown

http://LoftsInAtlanta.com

the most comprehensive website

on Atlanta Loft Living

News about 805 Peachtree Lofts

Although not true industrial lofts, I have always been fond of the 805 building on Peachtree. It is one of those small, boutique buildings that use to be a government building. The lobby is great with a 24-hour Concierge. Great clubroom, pool with cabanas.

Although I have not yet confirmed this, I heard today that there is a special assessment going on in that building. It appears the developer and owner of the building didn't construct the pool area very well and water is leaking into the garage. As a result of this, a lawsuit has been pending against the builder. (That should be interesting since he has a beautiful penthouse unit in the building!) However, in the interim, the homeowners decided to get the problem fixed. They will be having that repaired, as well as the front of the entire building will be repainted.

Word is that the assessments will run $7,000 and more depending upon the size of your unit.

Regardless of it's problems, it is still a great building in a fantastic Midtown location. When the Midtown Mile project finally gets underway, I expect values to go up, up, up!

Pat

http://loftsinatlanta.com/

LoftsInAtlanta - the most

comprehensive website on

Atlanta Loft Living