The Saint Paul Condo Blog

A question I get asked from time to time is "What is a HO-6 policy?"  Then the follow up to that is typically is "Do I need it?"

Well, for starters, a HO-6 Policy is a type of Home Owners insurance (hence the H.O.) It's designed for condominium owners, since just about all condos have a master insurance policy that covers the building.

While a master policy is a good start, and lenders will allow you to purchase the property without any additional coverage (unlike a single family home).  What's not covered under this policy is your personal belongings.  This could also include the appliances, cabinets, lights, & etc.

This is where the HO-6 kicks in.  You set the limit on your own coverage (now nice is your stuff?), and your own deductible. 

One really important add on for your policy is deductible coverage.  This is one item that gets missed a lot!  AND it's extremely important!!!

Most master policies have deductibles ranging from $5,000 to $10,000.  If for example you had a kitchen fire in your condo which cause damage (usually mass amounts of WATER damage) to the building, you, as the condo owner, would be responsible for the associations' deductible!  If you don't have coverage for this deductible, the association could file a lien against the property!

If I were building a new development, I would require all owners to carry a HO-6 policy, it would make for a healthier association.

For more information on HO-6 policies, Visit the For Buyers Page or click What's Condo Insurance

He struck only once in 2007, and he's back already!  The price slasher that is.  Two big developments in downtown will roll out with major price reductions, starting on Friday (02/01/2008).

It all started back when the Lowry decided to cut their prices by 20% to help move the last 16 units in the 100+ unit development.  When it turned out to be a big success, and they moved nearly all of them with almost no time at all, other developers took note.

From what I hear, both Printers Row and River Park Lofts are going the same route.  Both projects are also shaking things up a bit, bringing in new sales staff as well.

It will be interesting if any other developments bite and also go with the price cuts.  If I see any other major price cuts around town, I'll add a new post!

Happy House Hunting!

This time, it's Printers Row's turn.  The developer is placing two units on the block at this weekends mega-auction being held at the convention center.

Last time, it was Armstrong Quinlan that gave it a go with little success.  Will Printers Row luck be different?  I doubt it.  I noticed in the postings, there was a reserve for each listing.  I can understand when a developer wants to cut their losses and run, but I don't think the auction is the right method.

When people hear auction, they think pennies on the dollar.  At the Armstrong auction, the bidding didn't even get up half of what was the previous listed price!

A more recent successful "developer blow out" was the Lowry's 20% off list on the remaining 13 units.  That moved the inventory very quickly, and people knew what the price was going to be.

The two properties at Printers Row are scheduled to be auctioned tomorrow (Saturday) afternoon.  As soon as I hear what the high-bid was for, I'll update this post.

Good Night!

Add another notch to the post for troubles at River Park Lofts!

Saint Paul City inspectors closed the parking ramp attached to the River Park Lofts building on Friday afternoon.  River Park Lofts uses this ramp as their leased parking option, and as their access to second level of their owned ramp.

The parking ramp was labeled "dangerous" and order closed.  Saturday, temporary repairs were made to allow them to open again, but MAJOR repairs on hopefully on the way.

The Lowertown Parking Ramp is not owned by the condo association, it's owned by the original developer, GMT Corporation.  The one shining element about all of this, it will be on GMT's dime to repair it, not the homeowners!  Permanent repairs must take place by February 19th, knock on wood!

Letters to the ramp owner