It could use a good scrubbing- but this place is way cooler than the pictures suggest.
It must be loft week. Hot on the heels of Unit #501 at Cliff Street coming on the market (multiple offers this weekend, I’m curious to see how much it goes for) this awesome 1 bedroom loft at The Bridge just came on the market for only $118,900. This is government owned so it will probably need a good scrubbing and some foofing up- but use your imagination- it’s awesome.
This building does not normally qualify for traditional financing (if you don’t know what I’m talking when I talk about condo financing check out my video here) but in this case the owner is Fannie Mae. The cool thing about Fannie Mae is that when they sell their foreclosed units they provide financing for them with only a 3% down payment. Which brings us to the pros and cons:
Pros
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Gas stove, cool island.
If you qualify for Fannie Mae Homepath Financing you can buy this bad boy for only $3,540 down
- No Mortgage Insurance (that’s normally present when you put down such a small downpayment)
- It’s a GREAT location right next to City Hall and only a minutes stumble to The Mix, The Silverstone, Stink, and Puget Sound Pizza
- The HOA recently started making some changes to help the building qualify for financing in the future (capping rentals)
- Awesome neighbors. I know lots of peeps who live in this building and they’re all cool. I can’t vouch for every single person, but I know lots of cool people who call The Bridge Lofts home.
- Private Deck. VERY FEW condo buildings in Tacoma have private decks, and NONE of the loft buildings that I can think of do- besides a few of the units at The Bridge. If you want a loft and you require private outdoor space- this is pretty much your only option.
Cons
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This is a really big private deck.
Even though YOU can finance it no one else can, so between when you buy it and when you sell it you better participate in the HOA and work to help the building become eligible for financing so prices can go up (if you’re still confused about this financing talk- seriously, watch my video)
- No Parking. There IS a lot next door and you can have a space there- but it’s not quite the same as having a deeded space. That said, that’s why it’s only 118k!
- Coffee Shop Downstairs. Coffee shops sell muffins and scones. Muffins and scones can make you tubby. That said, there’s also coffee- and coffee is WONDERFUL.
This unit is a big open space with a huge wall of windows overlooking your private deck, a nice big kitchen with a gas stove, and room for a full size set washer and dryer. Also, it’s in the St Helens Neighborhoods, which is one of my favorite places to live. This unit is half a block from Opera Alley, home of the Downtown Tacoma Block Party, Tacoma’s Gay Pride Celebration, The Grand Cinema, and The Pantages. In other words, right in the middle of awesometown.
If you want to see it Contact Me. It’s a good deal with easy financing for the right person.
Special shout out and thank you to Pamela Vanderlinda & Libbie Lozier at Parkside Realty for being the classy kinda Realtors who give me permission to blog about their listings. Thanks ladies!
