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Portland Condos: Not Just Human Filing Cabinets

Local developers are taking on the challenge of redefining condominiums in Portland.

Presented by Summit Mortgage July 7, 2017

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When you think of the modern condo, you may conjure up an image of a closet-sized, cookie cutter unit, stuffed into a pricey, high-rise building. And while some condominiums live up to this stereotype, some newly constructed condos in the Portland area have benefits and amenities that shatter the cookie cutter mold.

Why consider buying a condo in Portland? How does ‘homeownership without the hassle’ sound? Condos are ideal for the person that wants to own a home, but doesn’t want or have time for certain homeownership responsibilities, such as yard maintenance. Owning a condo means you’re building equity and investing in property, but still living in a community that is similar to apartment-style living.

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 The condo game is certainly changing in Portland and now there are more options for condo buyers than ever before. New developments, like the up and coming Lair Hill Crossings, are seamlessly integrated into the existing Portland neighborhood. And like Lair Hill Crossings, many of these new condos are located within minutes to Downtown Portland and easy access to major freeways and area shopping destinations.

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 Local developers are taking on the challenge of redefining condominiums in Portland. Grand + Benedicts for example, with over 80 collective years working in the  construction business, had a vision to bring their passion for building stronger communities by creating environments that surround you and create a sense of home. Each Lair Hill Crossings condo is unique and flawlessly designed. The character and charm employed in the stylings of each home is something that is rarely found in most developments. These duplex-style condominiums are the perfect solution for the single professional, working couple, or could even make a great second home option. Lair Hill Crossings is situated in an otherwise historic Southwest Portland neighborhood – but you’d never know it. Each townhouse boasts its’ own unique presence while easily blending into the surrounding neighborhood’s Victorian charm and character. These condominiums perfectly align with the lifestyle and values of the Portland professional who loves the surrounding greenspaces like Duniway park, biking paths like Tilikum Crossing, walkability, and the long history of the Lair Hill neighborhood, but doesn’t want to worry about the landscaping maintenance that comes with typical homeownership.

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 Think qualifying for a mortgage loan for a single-family home is a challenge? Try applying for a mortgage to buy a condo. Condominium buildings and associations must meet certain requirements to be approved by Fannie Mae, Freddie Mac or the Financial Housing Administration in order to be eligible for loans backed by those entities. Freddie Mac requires the lenders it works with to review condo associations to make sure that they are financially healthy and have enough insurance to cover unexpected damages and loss, and that the property is in good condition. That is why it makes sense to work with a developments’ preferred lender. They have already done their due diligence so you may acquire financing. For example, Lair Hill Crossings has Local Lender Summit Mortgage Corporation as their preferred lender. Summit Mortgage Corp has been serving Portland and Washington for over 20 years and are a direct resource for all things condo financing in the Portland area. Miles D Rusth, NMLS 84660 and Ryan Young, NMLS 113296 are the Senior Mortgage Bankers working with this development. They are offering a $1500.00 Closing Cost Credit to qualified buyers of newly constructed condos or homes. And yes, this includes Lair Hill Crossings!

With real estate inventory continuing to be a challenge in Portland, a modern condominium is more than a viable option!

Fine Print: Summit Mortgage Corporation NMLS 3236 licensed in CA by the Department of Business Oversight under the Residential Mortgage Act. Questions concerns or requests to opt out of future email correspondence may be directed to [email protected]. EQUAL HOUSING LENDER.