Not Every Condo or PUD in Sacramento is Eligible for VA Financing...GRR...

I have been having a heck of a time over the last 10 days or so trying to find a Sacramento area condo that is located in a community has been approved for VA financing. My client can spend up to $150k, and is looking for a newer construction condo with a garage. Should be simple, right? No. While an MLS search yields practically 100 matches, there are only 2 units that are VA approved...those units are in areas where my client is not interested in living (Elk Grove and Fair Oaks).

It turns out that there are only 35 condo communities that are approved in ALL of Sacramento County. In order to get VA approval, the community's CC&R's (covenants, conditions & restrictions) documents and HOA (home owner association) documents must be reviewed and approved.

In the past, VA offered a "spot approval" for unapproved units...they have pulled the plug on that.

Frustrating.

City of Sacramento Preservation Commission

I recently had the chance to attend a City of Sacramento Preservation Commission meeting. Preservation Commission meets regularly on the first Wednesday of every month at City Hall downtown. The purpose of the commission is to ensure that Sacramento maintains its character by doing things like defining historic districts, registing local historic landmarks, reviewing development and redevelopment projects, developing and recommending to the city council certain preservation policies, etc.

Sacramento has literally thousands of registered historic landmarks (including single family homes, commercial buildings, factories, churches, bridges, statues, and parks, etc.). It also has a couple dozen "Historic Districts" and "Survey Areas."

Most notably on the agenda for the meeting I attended was a proposed project to redevelop the R Street Historic District, and a proposed residential solar project for a single family home in Southside Park...among other things. The R Street project was pretty interesting - it is a commercial area full of warehouses built around the turn of the century, and right down the middle is the first railway that went through Sacramento. It is proposed to improve the roadway surfaces, drainage, parking, and pedestrian access, while preserving the rail tracks and overall character of the area. The residential solar project was also interesting - the owner of this single family, victorian style home wants to completely change the look of the home to a different style, and rotate the second story of the house to face due South for optimal sun exposure. This project is was a pre-application exploratory conversation...so no decision was rendered.

What does this mean for you as a property owner in one of these districts, or if you own a property that is a registered historic landmark? It means that if you want to remodel your house (or business if you own a commercial building) and substantially change its appearance and character, it is likely that you may have to meet with the Preservation Commission to get your ideas and project plans approved. They also review residential and commercial new construction in these districts to make sure they are consistent with the character of the area. The commission meets the first Wednesday of each month at 5:30pm at City Hall in Downtown Sacramento...interesting stuff if you can find the time to attend...

Neighborhood Spotlight: Tapestri Square in Midtown Sacramento

Not long ago, I had the opportunity to tour the new Tapestri Square community in Midtown Sacramento. Located at at 20th and 21st Streets and T and U Streets, I had been driving past the building site several times a week on my way to and from Lyon's Land Park office to either the Downtown or Sierra Oaks offices, and was anxious to see the newly built model units. I was pleasantly surprised at what I discovered.

So there are a total of 58 single-family Brownstone style units under construction, and three very different floorplans varying in size from 1,300 square feet to almost 3,000 square feet, and ranging in price from the upper $300k's to the $800k's. All of the units feature garages, state-of-the-art appliances, walk-in closets, designer light fixtures, and are SMUD Advantage Gold Level Homes (highly energy efficient) - just to name a few things. There are some great optional amenities as well - even elevators are available in some units!! The surrounding area is ideal. Within close proximity there are many restaurants, boutiques, art galleries, coffee shops, etc. Downtown Sacramento is brief walk, bike ride, or car trip, and public transportation is readily available.

The developer behind Tapestri Square, MetroNova Communities, is also in the process of planning on a mixed-use project at the Crystal Creamery site in Alkali Flat industrial section of Downtown Sacramento. If you are interested in knowing more about this project or would like to arrange a tour, just let me know!

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