There’s no shortage of inventory right now in the SOMA, Rincon Hill, and South Beach developing neighborhoods of the city. What there has been a shortage of is opportunities to obtain financing. This past week we found that Blu, a new high-rise development located at 631 Folsom, is now condo FHA/VA approved.
What this means is the buyer can use a smaller down payment at 3.5% and generally close and move through the transaction a lot quicker. There are also requirements that need to be in place in order for a condo building to be endorsed for FHA/VA approval. These same requirements such as owner occupancy rate, reserves, and percentage of pre-solds ensure a purchaser a viably stable investment for the long term.
Some interior highlights include:
- Floor to ceiling windows
- Viking and Bosch appliances
- European kitchen cabinetry
- Marble bath floors and vanities
The Building features:
- 24 hr. door attendant
- Concierge services
- Private rear garden with fountain, and a BBQ and catering set-up facility
BLU is located in the vibrant SOMA neighborhood, so close to everything you need for shopping, dining, work, and nightlife.
Six different 2 bedroom plans on floors 2-19 starting in the high $600s
*Pre-approval is required with their preferred lenders