Weekly Update

REMAX 1st CHOICE

Issue # 66

October 19, 2010

To my Loyal Loft Loving Friends and Clients,

There was really very little movement in prices and status of Lofts in the RI market last week. As you can see below, the only changes to the site are the additions of properties that I had not previously listed.

I have been talking to the Pawtucket Department of Planning and Development about development opportunities. I am also meeting with the guys from Tax Credit Finance, LLC. These guys are major players in the sale of historic tax credits used for adaptive reuse of our historic Mills. Hopefully these meetings will allow me to be a part of a new project or two in 2011.

The owner of Unit 201 and the two raw units in Mile Square Lofts has instructed me to drop the prices by $5000 on each unit. This will result in some seriously aggressive pricing:

Unit 201 from $149,000 to $144,000
Unit 103 from $49,000 to $44,000 (RAW UNIT)
Unit 203 from $79,000 to $74,000 (RAW UNIT)

My client and friend, Liliana Fijman, has advised me of a wonderful show featuring local artists, sponsored by The Pawtucket Arts Collaborative, that is scheduled to open on November 11 at 5:30. I will post full details and a link below.

Another agent in my office has circulated a memo regarding the process of having a condo association FHA Conditionally Approved. At this point, there are no FHA spot approvals, so if a buyer is hoping to use FHA financing on a Loft, the whole condominium will need to be approved. As always, consult with a law firm (such as Pilgrim Title) that is familiar with this process, to be safe.

It is a gift to be able to help clients find homes that they love.

John

FHA Condominium Approval

A fellow agent from my office did the research and has itemized the step by step process of getting a condominium association FHA approved. As one time "spot approvals" are no longer allowed for FHA financing, this process becomes a very important step in the creation of a loft development. The HUD customer service representative estimated that the approval process will take at least 4-6 weeks.

There's a lot of misconceptions that a lender needs to be involved in the approval process. This is NOT the case. The condo association can submit package for approval on their own.

Here are the steps:

1) Go to: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-46bml.pdf

2) Print out 21 page document at above link. You could actually probably get away with just printing page 16. On page 16, refer to the "existing" column. Gather ALL of the documents with an "x" next to them in the "existing" column.

3) Once you have gathered all of the necessary documents, put together a simple cover letter- i.e. explain that the association is seeking FHA project approval, include contact information, so that FHA can follow-up if needed, etc.

4) Mail everything to:

Philadelphia Regional Office

Attn. Condominium Project Approval
The Wanamaker Building
100 Penn Square, East
Philadelphia, PA
19107-3380

5) To check on the package at any point in the process once it's been submitted, call 800-225-5342.

If any developer would like us to walk your development through the process, please give me a call.

Weekly updates

62 artists now exhibiting in 4th Annual 10x10x10 Show

Pawtucket Arts Collaborative Show

Exhibit: November 1, 2010 - January 7, 2011
Opening Reception & Sale: November 11 at 5:30 pm
Lecture by TEN31 Productions: November 11 at 7:00 pm
Pawtucket Arts Collaborative Gallery at Blackstone Valley Visitor Center, 175 Main Street, Pawtucket, RI

The Pawtucket Arts Collaborative (PAC) is pleased to announce that 62 artists will exhibit a total 144 works of art in the popular 10x10x10 show. Now in its fourth year, this annual exhibit has become a highly anticipated show and popular sale during the holiday season. Every piece in the show is for sale for only $150 - a highly discounted price.

The public is invited to preview the works now on display in the PAC gallery located at 175 Main Street, Pawtucket. The art sale will begin promptly at 5:30 pm on November 11 at the opening reception. Purchased works can be picked up prior to the holidays, so they make great gifts. A portion of the proceeds from the show benefit PAC, and this is typically the organization's largest source of revenue from sales in Pawtucket's tax-free Arts & Entertainment District.

"This year we expect a huge turnout for the show because we have dozens of very prominent local artists selling their work at an extremely favorable price," said PAC president Keith Fayan. "We just installed the show this week, and it looks really exciting. The caliber and diversity of work is amazing."

Following the opening reception, TEN31 Productions, a Rhode Island business specializing in living art performances, will present a lecture in the Blackstone Valley Visitor Center Theatre adjacent to the PAC Gallery at 7:00 pm.

TEN31 draws its name from the spirit of Halloween and the idea of transformation. As artists, they use the human form as a canvas. They design detailed costumes and characters based on historic and mythological references.

10x10x10 Show Exhibiting artists:

Jerry Aissis
Marjorie Ball
Deborah Baronas
Nancy Chapman
Diego Correal
David Delay
Ewa Dzwierzynski-Mann
Barnet Fain
Keith Fayan
Liliana Fijman
Christine Francis-Barta
Holly Gaboriault
Sylvio Gario
Nancy Gaucher-Thomas
Carol Giliberto
Allen Russell Halle
Dan Hann
Carol Hansen
Richard Harrington
Joan Hausrath
Deb Hickey
Mary Hird
Marc Jaffe
Bonnie Jaffe
Lisa Kretchman
Joanne Lefebvre
Suzanne Lewis
Emily Lisker
Sheila Clark Lundy
Saberah Malik
Thomas A. Mann, Jr.
Nicole Maynard
Eileen McCarney Muldoon
Tim McCarthy
Nancy McParlin
Charles Morgan
Morris Nathanson
Chris Nichols
Timothy Ohliger
Jane Parillo
Regina Partridge
M.A. Podolak
Jess Regelson
John Ricci
Mimo Gordon Riley
Betsy Ritz
Jennifer Rolfsema
Amy Jean Romero
Fae Rosenthal
Mary Ann Rossoni
Paul Roustan
Cynthia Scott
Fadi Shawish
Gretchen Dow Simpson
Alfred Smith
Sandra Solomon
Steve Subotnick
Thomas Terceira
Toba Weintrab
Cynthia Whalen Nelson
Sandra Yeghian
Melanie Rae Zapasnik

Weekly updates

NEWP	1 Bull St	1	$899,000	Active	New to site
Prov	101 North Main St	600	$945,000	Active	New to site
Woon	388 Vose St	3	$84,900	Active	New to site
Prov	72 Prospect St	2	$550,000	Active	New to site
Woon	99 Allen Street	209	$189,900	Active	New to site

Good luck in your search. I am usually available to help you find the home that you dream about.

Sincerely,