Terrace Falls Condominiums

The developer of Terrace Falls envisioned this as the home of the Jet Setters. Terrace Falls has one amenity my wife loves - a large furnished shop, great for the project lady or mister.

Currently there are 3 units listed in the MLS that are for sale here in Terrace Falls. That doesn't mean there aren't more, they just aren't with a REALTOR, which one must be to place listings in the MLS.

As of June 14, 2014

#1: Listed at $365,000:  1972 square feet 2 bedroom 2 + bath. It has been on the market for 272 days.
#2: Listed at $375,000:  2184 square feet 2 bedroom 2 + bath. It has been on the market for 243 days.
#3: Listed at $599,000:  1798 square feet 2 bedroom 2 + bath. It has been on the market for 39 days.


There are 48 units in Terrace Falls. In the past 12 months two have sold. Interestingly both at listing price. Both were on the market for 95 days. Sales prices: $344,950 ($177.00 sq ft) and $232,500 ($150.00 square foot)

Terrace falls was built in 1985.

Buying A Condo As A Rental: Not Necessarily A Good Idea.

More and more home condo associations are persuading their owners to put restrictions on rentals. It usually takes a super majority of home owners to add such restrictions to bye laws but Canyon Road Towers is an example of getting it done. It took a  year for concerned residents to persuade the needed votes, yet they did get it through.

There are two major reasons for restricting rentals. The first is financing, the second is care of the building.

From my mortgage background I know that various secondary market lenders aren't always all the same on rules, but a good rule of thumb is that if the building is is less than 75% owner occupied it won't qualify for conventional underwriting. In the good old days that were lax great credit scores overcame that issue. But as the mortgage crises entered the scene lenders were looking for any reason to abort condo financing and owner occupied ratio was a target.

The second reason is care of the building. It's logical, who cares most about the building, an owner or a renter? Kathleen and I saw first hand in our last building the damage and lack of care renters exhibited. We live in Canyon Road Towers and haven't seen the neglect even though there are renters here.

Canyon  Road Towers has a less than 25% maximum renters. The building is within 5 of that max. Terrace Falls has a more restricted approach; 2nd home rentals are maxed out currently and if buyer is an investor they need to live in building for a year before entering the lottery for a rental. Primary residence units allowed to rent for a max of 4 consecutive years. Terrace Falls also has a cap on rentals.

Home owners dues, taxes, and considering the amount of rent the market justifies also detracts from the viability of condominiums as a rental.