1600 Ardmore “The Commodore” Gets FHA Approval

Great news for lower priced condo buyers in the South Bay.  As you may know if you’ve been reading our newsletter and this blog for a while, the FHA requirements for condominium approvals changed early this year to eliminate the ability to do  “spot” approvals on condominium complexes.  As a result, only homes in those complexes that had been through the lengthy full approval process or units that were fully free standing, which typically were more expensive.could get FHA low down payment loans.  The only complexes around here that really qualified were Brookside Village in Redondo Beach.  Now, ” The Commodore”, a large condominium project at 1600 Ardmore Avenue in Hermosa Beach, right near Pier Avenue, has gotten full FHA approval.  This means that these very cute 2 bedroom units, generally running in the  mid $400,000’s to low $500,000’s, can be purchased for owner -occupied for only 3.5 % down!  For example, unit 313, currently a short sale at $440,000, could be had for a mortgage payment of under $1200, not including mortgage insurance and taxes and HOA, but also NOT including the tax advantages — by the time you add these into the equation, this is definitely cheaper than renting in this area!   There are currently three units up for grabs in this complex right now — and I say grabs because given this FHA approval, these should go flying now!

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