Over the years Old Forge Crossing has been relatively lenient towards investors, allowing owners who got transferred through work to rent their units easily. With the donwturn in the husing market and the need for condo complexes to be FHA approved, the levels of investor ownership has become a issue not just at Old Forge Crossing but at several local townhome and condo developments.
At the moment the ownership by investors in Old Forge Crossing is 38% and has never exceeded 40% however a recent change in the by laws will prevent the ratio of homeowners to investors going above 50%. So whilst their is no imminent danger of hitting the ratio limit it is something to be aware of as FHA loans and many of the banks who offer these loans demand a ratio of 50% or below for investor ownership in condo complexes.
Sales have been brisk with only one or two units remaining available for buyers to consider right now, there are several pending sales, however prices have been under pressure as there have been several distressed properties that have sold and these have affected prices for other sellers within the community, as a result appraisals have been a little tougher when upgraded and rehabbed units have come on the market as the comparable supporting sales are not there. Once again some of this is due to the stricter levels from the banks on appraisals and what they allow the appraisers to increase value for work done improving a condo that is for sale.
If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you, contact us or connect
Feel free to subscribe to our blog to stay up to date with our latest posts and information on the Tredyffrin Easttown and Main Line Real Estate Market.