CONTRIBUTED CONTENT — Local families who are looking for attainable housing in Washington City and Hurricane will soon find more opportunities with two new condo projects from Blackstone Property Group. Both projects are to be approved by the Federal Housing Administration and eligible for government-backed loans with low down payments.
“They’re really doing a service for affordability,” said Brady Deucher, principal broker and managing member of Blackstone Property Group. “Affordable housing doesn’t exist in Washington County.”
Reservations are now being accepted for units in both developments.
Red Vista Condos, on the corner of 1100 East and Telegraph Road in Washington City, will feature 72 units in five buildings. Amenities include pickleball and a sports court. Prices start as low as $190,000.
Lone Rock Condos is located on 13 acres along Old Highway 91 in Hurricane. Two hundred units will be built in 12 buildings, and there will be a pool, park and pickleball courts. These condos are eligible for rural housing loans from the Department of Agriculture, which will allow qualifying buyers to move in with as little as $1,000 down.
The two-bedroom, one-bathroom condos measure 950 square feet and feature many upgrades, including quartz countertops. Each unit has been outfitted with extra insulation and soundproofing per FHA regulations.
Deucher said building permits for Lone Rock in Hurricane have been secured, and construction is set to start the first week of November. Building permits for Red Vista in Washington will be secured before the end of the year.
Blackstone Property Group is collaborating with Bruce Dickerson, who has developed numerous communities in the St. George area and northern Utah since the 1970s. Provo-based Jerry R. Anderson Construction will oversee the building process using local crews.
The first building in the Red Vista community is expected to be move-in ready in April 2021, Deucher said, followed by Lone Rock in May. FHA regulations require at least 50% of the units in each building to be sold before construction on the next can begin, but Deucher said he expects both projects to sell quickly.
“The best time to put your $1,500 deposit down is now, and you’ll be in the first building,” he said. “If people wait until the building is up, they’re going to be on Building D, and they’re still eight months away.”
Government-backed loans place homeownership within reach for buyers who may not qualify for a conventional mortgage, including those with poor credit scores and high debt-to-income ratios. FHA loans offer minimal down payments and closing costs. Deucher said this arrangement is particularly favorable for young adults buying their first home, who otherwise have very limited options in the St. George area.
“We have lots of kids that are coming to buy these,” he said. “They just barely got married; one of them has no credit and one barely qualifies, so they get one of their parents to co-sign, and it’s still an owner-occupied loan. They can get in with the same interest rate for about 3.5% down.”
Few rentals will be permitted, and the homeowners association must approve every sale on a case-by-case basis to ensure both developments remain within FHA compliance.
“We’re very careful about protecting the equity of the people who buy in there,” Deucher said. “These will always be protected for owner occupancy.”
Lone Rock and Red Vista will be the first condo developments in Washington County to be approved by the FHA in 15 years, Deucher said, as well as the only FHA-sanctioned condos available for less than $300,000.
Blackstone Property Group is based in Utah County and currently has three other affordable housing developments under construction in Orem, Provo and Springville. The process of securing FHA approval is lengthy and complicated, Deucher said, but worthwhile to provide attainable homeownership opportunities for young families and the working class.
“This is first responders, schoolteachers, people who are living with their parents, people who are renting,” he said. “Here’s 272 condos you can own by getting an FHA loan and putting minimum money down.”
To learn more about condos at Red Vista and Lone Rock, call Blackstone Property Group at 435-250-3002.
Written by ALEXA MORGAN for St. George News.
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Resources
- Red Vista Condos | Address: Corner of Telegraph Road and 1100 East, Washington City | Telephone: 435-250-3002 | Website.
- Lone Rock Condos | Address: Corner of Old Highway 91 and Foothills Canyon Drive | Telephone: 435-250-3002 | Website.
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