Trolley Place - Frequently Asked Questions:
What is the name of the community?
The original name of the community was “Huntington Townhomes Condominiums”. This name has changed under new management. The new name is Trolley Place Condos. The CC&R’s have been amended, but because the FHA approval was made under the name of Huntington TH Condos contracts should be made under the name “Huntington TH Condos, also marketed as Trolley Place”.
Where is pricing at Trolley Place?
Prices range from the $120’s - $190’s, but 41 of the 43 units are priced in the $140’s and $150’s. Pricing is about half of what they were going to sell for two years ago. Prices are well below market value in order to get enough buyers under contract to qualify for FHA and Fannie Mae. Multiple price increases will occur, probably in $2,000 increments. We will likely hold pricing for the first 13 buyers so that we can start closing units through FHA.
Will there be a Condo Model Home?
Unit 116, a Bristol, will be a furnished model home. Units 106, Cambridge; and unit 117, a Fairfax will be placed on “hold” for possible future models and/or parade home.
When will the Model Home be ready?
We anticipate that the model will be ready by May 5, 2010.
When will the rest of the units be completed?
It is anticipated that all the units will be completed (except for carpet, buyer to select) by mid-May.
How many total Condos in Trolley Place?
There are 43 units
How many bedrooms and bathrooms do they have?
All of the units have 2 bedrooms and 1.5 baths with exception of units 201 and 202 that are 1 bedroom and 1 bath; and unit 301, which is 2 bedroom and 2.5 baths
How many different floor plans are available?
There are nine different floor plans, but some are slight variations of others. Here is the breakdown:
Bristol (Dover, Ascot) - 22
Cambridge - 8
Fairfax (Essex) - 10
Brighton - 1
Kingston - 1
Hampton - 1
43
What options are available to upgrade?
· Upgrade carpet
· Security system
· Custom paint
· Appliances – Fridge, washer, dryer
Where and when can the options be selected?
Options and pricing will be available in early May at the Trolley Place model home.
How much is required for the initial deposit?
A minimum of $1,000, plus fifty cents on the dollar on the options added.
Will lower price offers be considered?
Ivory will only accept full price offers.
Is project FHA and Fannie Mae approved?
The project is FHA approved through Dec. 7, 2010. If 22 units have not closed then the seller will apply for recertification at that time. We are working on Fannie Mae approval? We hope to have Fannie Mae approved by July 1, 2010
How many units must be sold before buyer can get loan approval and close?
Cash buyers - can close as soon as carpet has been selected and installed.
FHA - 13 units must be under contract before a buyer can close with FHA funding.
Conventional/Fannie Mae – 30 units must be under contract (principal residence or second home) before a buyer can close with a Fannie Mae backed loan. Rates can not be bought down below market rates. Buyers must purchase “walls-in” insurance coverage. Borrowers may be required to have 700 credit scores.
What are the maximum number of units that can be funded with FHA and Fannie Mae?
Only 22 units will be able to fund with FHA if closed prior to end of year 2010. There is no maximum number with Fannie Mae as long as 70% of units are under contract.
How much down payment is required to qualify for a conventional loan on the condos?
15% down is the norm in current market
How many Condos must be owner occupied?
51% of the units must be owner occupied.
Will investors be allowed to purchase?
Initially, the seller has made provision for 4 investor purchases. Additional allowances may be made down the line at the sole discretion of the seller and Ivory Homes. An investor closing may be delayed if the balance of owner occupied vs. not occupied would be disrupted. No single owner can own more than 4 units.
Will those buyers who go under contract before the end of April 2010 be guaranteed the tax credit if they qualify?
The Seller and Ivory make no guarantees and will not refund deposits if a qualified buyer is unable to obtain the tax credit. If 13 units are not under contract for FHA or 30 units under contract for Fannie Mae with ample time for loan approval then buyer will still be required to close and no compensation will be given.
Will buyers be offered points with purchase?
Yes, three points (3) will be offered if financed with Ivory Mortgage and one and a half (1.5) points will be offered with an outside lender or for a Cash buyer. Points may be applied toward closing costs, rate by down for FHA loan, upgrades, HOA fees. Points cannot be used towards lowering the sales price.
Will the buyer have the opportunity to do a walk-thru and orientation?
Yes. Tom Henriod is the project manager and he will be available for walk-thru’s/orientations.
What about trash removal?
A trash dumpster will be located on the West side of the building accessed from visitor parking. The trash will be collected every Monday and Thursday.
What about fencing?
A vinyl fence will be installed on the North and South sides and metal security fences with be on the East and West sides.
What about security?
The parking garage and pedestrian access will only be accessible through a card reader or by typing in a code.
Can buyers have pets?
Yes, but pet requirements must comply with SLC ordinance. See CC&R’s for specifics.
What about parking?
Each buyer has the option of selecting one or two parking stalls based on the price list. Each parking stall is numbered. The parking stalls assigned will be determined by the Seller and Broker and will be communicated to the buyer by closing. The parking stall(s) will be included on the deed. As we sell more units we may require the buyer at the signing of the contract to one or two stalls, depending on availability. Fourteen homeowners will have one parking stall and the remainder will have two.
What is the HOA fee and what does it cover?
The HOA fee is $96 a month and $200 will be required at closing to capitalize the account. The HOA fee includes trash removal, maintenance and repair of common areas and landscaping, snow removal, security, elevator maintenance, wall to wall insurance, and water and sewer. See Trolley Place budget and CC&R’s for details.
What about the warranty?
The seller will purchase a 1-year warranty for the home owner serviced through Landmark Home Warranty. Ivory Homes 10-year comprehensive warranty does not apply.
What are the commissions at Trolley Place?
2%, just like other Ivory towns and condo projects
What are commissions to outside realtors?
3%, just like all Ivory Homes.
Who insures the unit and building?
The HOA will obtain and maintain a “blanket” type policy of casualty and property insurance covering the property as is customary condominium projects. Liability and Supplemental Insurance will also be maintained. See CC&R’s. Homeowners must obtain their own personal property insurance.
Who is responsible for maintenance and repairs?
Each owner is responsible for maintenance, repairs and replacements within their own unit which includes all windows, doors, interior walls, paint, floor surfaces, etc. See 3.10 of CC&R’s. The association is responsible for non-exclusive limited common area like building exteriors, landscaping, open areas, common patios and balconies, structural support components and roofs. See CC&R’s for specifics.
Who pays the utilities?
Gas and electricity is paid by individual homeowners. Water and sewer is covered by the
HOA.
Is the owner permitted to alter or remodel the interior non-supporting walls?
Yes. After closing, a home owner is allowed to make alterations such as plaster, drywall,
paneling, wall paper, paint, and flooring. See CC&R’s for specifics.
What about access and security of units?
There will be a system providing secure assess to the building entrances and each owner
will have his or her own unique residence entry key. Visitors will be able to call the
resident via intercom and be allowed access remotely.
Are there any storage units available for purchase?
There are eight storage units available for purchase from $4,000 to $8,000. See pricing list for specifics. A storage unit can be included with the price of the unit and deeded to the owner at closing.
Storage unit # / Dimensions / Sq. Feet / Price1 / 6’7” x 6’3” / 41 / $ 6,400
2 / 6’7” x 6’3” / 41 / $ 6,400
3 / 6’7” x 4’11” / 32 / $ 5,000
4 / 6’7” x 4’11” / 32 / $ 5,000
5 / 5’5” x 4’11” / 27 / $ 4,000
6 / 5’5” x 4’11” / 27 / $ 4,000
7 / 9’2” x 5’7” / 51 / $ 8,000
8 / 9’2” x 5’7” / 51 / $ 8,000
How soon will buyers be required to close on condo?
Settlement Deadline must be within 45 calendar days of contract date.
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