FAQS

Swissvale Schoolhouse Condominiums

Questions and Answers

When will the units be ready for move in? Timelines are still being finalized but we expect the first residents to be able to move in by the end of 2019.

What is the price of a unit in the building? These 1, 2 and 3 bedroom homes will initially be priced between $150,000 and $210,000, with up to a $50,000 price reductions available for as many as eight income qualified buyers, thanks to second mortgages provided by Allegheny County Department of Economic Development, more details below.

When can I view the residences? We expect to begin tours in May. Please contact Christa Ross, RE/MAX Select Realty, to arrange a showing.

Will I be able to customize my unit? For buyers who select their home early enough in the process we will be offering three finish packages to choose from. In addition, there is the opportunity for early buyers to make custom choices beyond the standard selections. Buyers will be expected to make a full, nonrefundable payment upfront for custom selections.

When can I reserve a residence? Initially we will take reservations on a first-come, first-served basis for units. Buyers who are interested in specific home may put their name on the list to be the first person to have the opportunity to sign a sales contract for that residence and will be contacted once purchase agreements are prepared.

When can I sign an agreement to purchase? We expect to start signing sales contracts on residences by the end of March 2019, once documentation has been finalized and standard finish selections are available. We also expect to be able to offer building tours by that date to allow potential buyers to view the space they are considering.

What is the deposit amount? For most contracts we expect a minimum of $2,500 deposit which will remain refundable until 60 days prior to the expected closing date. After that date deposits become non-refundable.

What is the Homeowners Association Fee? The HOA is expected to be $250 a month or less. The fee will include maintenance of common areas, landscaping, parking, building insurance and fire and security monitoring.

What parking is available? Each unit will have 1 off street parking space in the building lot. There will be 6 parking spaces available for visitors. Parking for additional vehicles is available on the street.

Is there an elevator in the building? No, units on the 2nd and 3rd floors will only be accessible by steps.

Are there any units without steps? Yes, units on the ground floor will not require steps to access the units or have stairs within the units.

Are any of the units ADA compliant? Units on the ground level are considered ADA visit-able. 1st floor units can be customized if purchased early enough in the process to make them ADA compliant and wheelchair accessible.

Do any units have outdoor spaces? Unit 5 on the 2nd floor is the only unit with a private outdoor patio.

Are pets allowed? Yes, one dog or one cat may be kept by residents as a pet.

Is there space for gardening? Yes, residents will have access to space on the property for gardening.

What kind of financing is available? We are working with a lender to offer mortgage for the residences which will be available for qualified buyers with as little as 3-5% down with at least a 620 credit score. This lender may also make an extended rate lock available for up to 360 days. Please contact the agent for more details.

Who is developing the project? The Mon Valley Initiative (MVI), in cooperation with Swissvale Economic Development Corporation (SEDCO) has hired LGA Partners to design the new spaces and DRS of Greater Pittsburgh as the general contractor.

How do I qualify for the special pricing incentives? Allegheny County Department of Economic Development is making $50,000 second mortgages available for up to 8 buyers who make 80% of the Area Median Income (AMI) or less. These zero interest, zero payment loans are available to qualified buyers and are used to reduce the purchase price on their desired unit by $50,000. AMI is calculated on household size, please see the chart below to determine if you qualify. Lower deposit amounts on signed contracts are also available to these buyers. If you think you may qualify for this program please contact Christa Ross to discuss further.

 

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Email : info@schoolhousecondos.com

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