Early Green: First in the Nation (circa 1979) Passive Solar Double Envelope Multifamily Development

A townhouse unit is now available for sale in Miles Gardens, a 6 unit condominium project that utilizes a unique “double” or “thermal” envelope type of construction. This is where an “envelope” of air circulates between an inner and outer wall, distributing warm or cool air, depending on the season, throughout the building. The drivers of this air circulation are the natural forces of solar energy, gravity, convection, equilibrium, heat radiation and transfer. No fans or other mechanical means are necessary to drive the system.

For more detailed and technical explanation of the “thermal envelope” concept, visit 5321 Miles Avenue website.

On the outside, the stucco-surfaced building looks fairly ordinary, except for the curious triangular outline. But step inside the front door (salvaged from a 1910 Craftsman style home) and you’ll find your self in a tropical jungle paradise.

Several species of fern, ficus and palm stretch as high as 20-30′ to bathe in the light from the southwest facing truss-supported skylights.

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The Berkeley Townhouse Cooperative
The only mid-rise development in Berkeley reserved for residents 55 years old and up.

Unlike most retirement communities located in the isolated suburbs, the 9 story residential tower located at 2550 Dana St known as the Berkeley Townhouse Cooperative (BTC) features urban living at its best. What is urban living? It is where opportunities for shopping, restaurants, cafes, and culture are all within walking distance.

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In a “normal” sale, the seller has money left over after paying closing costs, commissions and the outstanding balance of any loans/mortgages against the property. This money is known as “net equity”. It is the money the seller puts into her pocket after the sale (but before paying possible capital gains taxes). Unfortunately, there are a growing number of sellers who, due to a variety of reasons, find that they owe more on the property than it is currently worth. They are “upside down”, or have “negative” equity.

There are two ways to handle “negative” equity. First, if the seller had the funds available, he could pay off the negative equity by writing a check to the lender(s) at the close of escrow. This way the lender gets paid in full and there are no adverse consequences to the seller’s credit rating. The second way is with a “short sale”. The assumption here is that the seller does not have a load of cash to make up the deficiency. It is also often that a seller in this situation has stopped making payments on his mortgages and is suffering from a degraded credit rating because of this. Foreclosure could also be on the horizon.

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The Package

The technical skill involved in getting a short sale approved by the Seller’s lender starts with knowing which sellers are good candidates for a short sale and which are not. For instance, someone who is simply “upside down” but can otherwise afford to pay the deficiency is not a good candidate. Just because the seller says he cannot afford to pay is not sufficient. The agent will have to look closely at the seller’s complete financial profile (income, assets, liabilities, credit rating). I’ve come across a few short sale listings where the listing agent did not do her homework, and thus is really just wasting everyone’s time. The rest of the technical skill comes from knowing how to assemble and deliver a good “package,” providing all the information that the lender will need to make their decision. Each lender may have a different “punch-list” of documents that they require.

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