- test : Crescendo
by Pat O’Connor
Homebuyers interested in purchasing a new condo in an up-and-coming neighborhood should strongly consider the Crescendo at Aria development in Chaffee Park.
This neighborhood, adjacent to Berkeley and Sunnyside in northwest Denver, is increasing in popularity due to its attractive location near I-70 and downtown. Close to coffee shops, parks and open space, shopping, restaurants, and the popular Monkey Barrel and Goldspot Breweries, Chaffee Park residents love the urban vibe and the walkable aspect of the community.
Crescendo at Aria condos are priced starting at $394,000 and offer both one- and two-bedroom options, ranging in size from 776 to 1,112 square feet. Homeowners enjoy an open floor plan, oversized windows, solid core doors, 9-foot ceilings, walk-in closets, and views of the Denver skyline and the Rocky Mountains.
Best of all, there are some great loan programs available for prospective buyers including down payment assistance and grants which provide an affordable option for buyers getting into the market for the first time as well as those looking to simplify their lifestyle.
Synergy One is a preferred lender for the development, and VP Market Production Leader Eric Kulbe recently answered some questions about Synergy One’s involvement with Crescendo at Aria.
How did Synergy One get involved in the Crescendo at Aria project?
We have been involved with several new construction condominium communities throughout Colorado. A local attorney who specializes in condo project development referred us to the developer for Crescendo. We determined it would be a great fit to have Synergy One partner with Crescendo for the lending based on our experience, team structure, and competitive rate and product offerings.
Synergy One is a “preferred lender” for Crescendo. What does that mean?
As the preferred lender, we take pride in helping the developer and sales team navigate the project approval process. There are many behind-the-scenes details that go into making sure the condominium is warrantable and the buyers have as many options for loan programs as possible. We make sure to help manage the approval process for the condo from start to finish. This takes careful planning, high levels of communication, and specialization in what it takes to close mortgages in new condo developments.
We also know mortgage financing can be a confusing and complicated process for buyers. We pride ourselves in discovering the buyers’ financing needs both long and short term, and educating them on the options available to meet their objectives. The timeframe from contract to closing on new construction is often significantly longer than buying an existing property and even a single-family new construction property. We focus on staying in constant communication with the buyers and the sales team to ensure a smooth closing and a win-win for everyone involved.
What most excites you about this project? What are some of the advantages of buying a condo instead of a single-family home?
I am always excited to get involved with new projects as each one is unique. What excites me about this project is the fantastic location and future opportunity to be early in an up-and-coming neighborhood. The proximity to downtown and easy access to all highways is also a really great feature. If you work in the city and prefer a short commute, or if you just want to live affordably near urban hot spots, Crescendo is a great option.
The price point of the units is very competitive and allows for a variety of loan programs including down payment assistance and grants. As a result, it becomes an affordable option for first-time homebuyers as well as those looking to downsize. Many buyers find condo living a better fit for their lifestyle since they can come and go as they please and not have to worry about upkeep. In condos, residents outsource the heavy maintenance work. You’ll pay a fee, but you won’t have to shovel the drive or clear off fallen branches after a storm.
What, if any, are the special considerations when getting a loan for a condo home vs. a single-family home?
Condos typically will carry slightly higher interest rates than single-family homes if you are doing less than 25% down. HOA fees can also be an unexpected expense and can vary greatly between condo projects. Some condo projects aren’t approved for certain types of financing like FHA or VA. The Crescendo project will be a Fannie Mae and Freddie Mac approved project which will allow for a wide variety of loan programs and competitive terms.
What is the current rate and types of loans available for multi-family homes? Are there any restrictions?
The Crescendo project will be approved for Fannie Mae and Freddie Mac conventional financing. Rates vary based on the loan type, credit score, occupancy type, term of the loan, program type, and loan to value. Each buyer will be given a comprehensive analysis and presented with several options from which to choose. The current Freddie Mac national average for 30-year fixed rates is 3.13% as of 4/8/2021. Historically this is an incredibly low rate but we have seen quite a bit of volatility in the rate market so far in 2021.
Are you able to work with first-time homebuyers in securing a loan?
Yes! We love first-time home buyers and the price point at Crescendo is great for many first-time buyer programs. Another great thing is you don’t have to be a first-time homebuyer to take advantage of some of the down payment assistance and grant programs!
Why should people consider Synergy One when exploring lenders in the Denver area? What do you offer that tips the scales in your favor?
Our focus is providing the best experience to the next generation of home buyers while providing unparalleled support for our employees. We’ve created the Modern Mortgage Experience™, allowing buyers to seamlessly purchase or refinance their homes from their smartphone. Our team also has a tremendous amount of experience navigating the complexities of condo project approvals and financing buyers in an ever-changing mortgage environment. We also offer up to a 12-month lock-in period to protect our clients from future unknown volatility in the market.
Talk about the Denver real estate market and any current trends you’re seeing. How has the lending industry been impacted and what do you see for the rest of 2021?
In the lending industry, we are always evolving and subject to constant rate market and guideline changes. While we can never predict what’s going to happen, we do our best to make sure to be up to date on current changes and trends as well as communicate these to the sales team and borrowers. In Colorado, the inventory has been very low so being a part of a new construction project like Crescendo is a fantastic opportunity for us a preferred lender as well as home buyers looking to get in on a new and exciting project!
Check out the current homes for sale at Crescendo at Aria. Also, if you want to design your own home, get in early and help style your new home with exciting finish packages.
Be one of the first homeowners in this stylish, contemporary condo community. Call the Crescendo sales office at 720-593-9939 to schedule a tour or plan on attending a hard hat tour, hosted every Saturday from 11 a.m.-1 p.m. on-site. The address of Crescendo at Aria is 2877 W. 52nd Ave., Denver, CO 80221.