CondoWest Condominium Conversion Project Sells out First Phase in One Week.18-Unit Building Opens Doors to Homeownership for First Time Home Buyers CANOGA PARK, Calif. -- Vassar Villas, a unique 18-unit condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. project located in Canoga Park, Calif., seems to be bucking the perception of a softening residential market. Phase one of the three-phase project sold out in less than one week. The former apartment complex, which is being developed by Pacific Realty Ventures' condominium division CondoWest.com, is located near Warner Center in Woodland Hills. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Behzad Dabiran of Pinnacle Estate Properties, who brokered phase one sales with partner Lena Mikhail, the units sold between $269,000 and $339,000. The price is primarily aimed at first time home buyers in the low- to moderate-income range. For Daniel Khakshouri, president and founder of Pacific Realty Ventures Corp., the concept behind Vassar Villas was very simple: "Our goal was to provide a high-end product to those who could least afford it," said Khakshouri. This is the ninth condominium conversion project for the company, which specializes in repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. and converting prime location apartment complexes throughout the greater Los Angeles area The Greater Los Angeles Area, or the Southland, is the agglomeration of urbanized area around the city of Los Angeles, California, United States. There are two "official" definitions—the Los Angeles metropolitan area consisting only of the Los Angeles and Orange . CondoWest.com purchased the apartment complex in 2006 and immediately set out on an 18-month renovation process that included refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur of the interiors with designer lighting, marble bathrooms and Italian cabinetry in the kitchen, as well as the exterior of the building and all the landscaping. "This is the perfect time for a first time, low- to moderate-income earner to become a home owner home owner home n → propriétaire occupant ," said Khakshouri. "In many cases, the cost of renting is equal to or more than the cost of actually purchasing a home." The firm points to its streamlined management process and its vertically integrated operation as drivers behind its ability to price high quality units at below market rates. According to Khakshouri, by running his own construction crews, buying quality materials such as marble and cabinetry by the container, and negotiating rates with home warranty A Home warranty is an insurance contract that covers the repair and replacement costs of home appliances. The warranty generally covers equipment and appliances such as dishwashers, plumbing systems, electrical systems etc. companies, title insurance and escrow fees, the firm is able to pass the savings along to the buyer. In addition, the firm provides borrowers with access to a variety of state-run loan programs. If the buyer qualifies, these programs can provide financing that serves as a silent second mortgage, thus offering additional financing. While the state may share in a percentage of the equity of the home, these plans may defer repayment until the house is sold or refinanced. Until then, the buyer pays no interest on this portion. And when the buyer sells the property, he shares a percentage of the home's appreciation with the state. Photos available, please call 310-373-0103. About Pacific Realty Ventures/CondoWest.com Los Angeles-based Pacific Realty Ventures Corporation is a multi-disciplined investment firm that owns and manages a portfolio of retail, office, and apartment properties located throughout Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Calif. Addressing the need for affordable housing for the first-time homebuyer First-Time Homebuyer An IRA owner who is exempt from the early-distribution penalty (which applies to IRA distributions that occur before the IRA owner reaches age 59.5) for distributing funds from his or her IRA to buy, build, or rebuild a home when having had no interest in a , the firm's condominium division, CondoWest.com, focuses on the redevelopment of apartment buildings into high quality condominiums specifically for the first time low to moderate income home buyer. The firm's portfolio includes nine buildings with a total of 122 condominium units located throughout the Greater Los Angeles and San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. area. For more information please visit www.condowest.com. |
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