My brother is planning on buying downtown at around $150,000 and would like to be near the bars. I know he is interested in the warehouse district but would probably fine with gateway as well. I was wondering if anyone had any suggestions on certain buildings. Thanks!

I don't know if there are any more for sale units in my building (The Pointe at Gateway) but it's the right price point.

There are a lot of units for sale in the Grand Arcade and they are within that price range.

Thanks guys. I think he might go check out The Pointe at Gateway soon. I showed him it online and it looks nice.

 

Is there any reason there are a lot available at the Grand Arcade? Should that be a red flag? He did tour those. He had mix feelings on the different ones they showed him.

I don't think so. There has always been high turnover in the building due to the low prices of the units and the average age of the unit owners. I felt confident enough to buy one for a rental unit. I know the reserves are pretty solid and the roof on the building is brand new.

The HOA fees are also pretty steep for the price range of the units in the Grand Arcade. I'm not sure how they compare to other buildings in the Warehouse District, but $330 a month for a unit that is only 125k can be something a lot of people aren't expecting if they don't do their research. That's almost another mortgage for some of the cheapest units in the building.

The HOA fee for the unit he looked at was over $500 and there is some issue with taxes based on the previous price it sold for. So he is no longer interested in that particular building. Any other condos at around 150k in that neighborhood? He might go the renting route in which I suggested the Bingham.

An HOA fee that high has to mean it's a double unit.

Not necessarily. My building's maintenance fee is $300 per month for a 900-square-foot unit. And that's for a unit two blocks off the lake near the Gold Coast.