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Home My WebLink About2009-08-01 Correspondence from Andrew James RECEIVED FARROYO GRANDE Andrew James 1348 Jasmine Place o� AUG PH 2: 26 Arroyo Grande, California 93420 August 1, 2009 Mr. Steve Adams, City Manager City of Arroyo Grande 214 East Branch Arroyo Grande, California 93420 Re: 1348 Jasmine Place, Arroyo Grande Dear Mr. Adams: The undersigned purchased the above-mentioned home under the City of Arroyo Grande inclusionary housing program in 2005. As you know, the real estate market has deteriorated significantly since I purchased the home. Last year I was transferred by my employer to the San Diego area. I have unsuccessfully attempted to sell the property for nearly a year. I have been paying rent in San Diego and paying full housing costs in Arroyo Grande. I can no longer afford pay the duplicate housing costs. The history of the Jasmine home is as follows: (1) It was purchased on 5/13/05 subject to the "Buyer's Occupancy and Resale Agreement with Option to Purchase"; (2) I notified the City of Arroyo Grande of my transfer to San Diego last year; (3) The City of Arroyo Grande attempted to find a buyer for the property under the inclusionary housing program for more than 90 days as required under the agreement; (4) I listed the property on 1/30/09 with Dennis Allan of Allan Real Estate Investments at$380,000; (5) The home has been aggressively advertised and marketed. On 2/16/09, I reduced the price to $370,000; (6) On 4/14/09, the price was reduced to $360,000; (7) On 6/13/09, the price was reduced to the current asking price of$350,000; I currently owe$320,000 on the home. The breakeven point prior to any payment to the City of Arroyo Grande is approximately$340,000. I clearly have a dilemma and my alternatives are as follows: >Default on my loan and simply"walk away"; or >Sell the property to the City of Arroyo Grande for the amount of the existing encumbrances; or >Get approval from the City of Arroyo Grande to terminate the inclusionary housing program and refinance the existing encumbrances and rent it out; or >Sell the home on the open market subject to the City of Arroyo Grande releasing the home from the inclusionary housing program with no payment to the city. Page 2 of 2 I would like to respectfully request that the City of Arroyo Grande either purchase the property from me at the cost of the encumbrances or release it from the inclusionary housing program without a payment to the city. I am aware that the City of Arroyo Grande will be reluctant to approve my request. However, if the city rejects my request, I will be forced to "walk away" and cause it to be foreclosed upon. Please consider my request at your earliest convenience. You are hereby authorized to discuss this matter with my agent, Dennis Allan. Thank you for your consideration. Very truly yours, o Andrew James MLS Agent Detail Report(293) Page 1 of 1 , ,,_1 Agent Detail Report Listings as of 08/01/09 at 8:42am. Active 01/29/09 Listing It 151453 1348 Jasmine PI Arroyo Grande,CA 93420-6024 Listing Price:$350,000 County:San Luis Obispo Cross St:Courtland Street Map:714,F6 44 "till; ( ll Prop Type Residential Prop Subtype(s) PUD k.� �� ! y 33 Area Arroyo Grande Sub-area Arroyo Grande . 74 III 4,31,1, Beds 3 Approx SqFt 1364 Tax Records # fel vw1, ;.0 c kt (I Baths(FTHQ) 2(2 0 0 0) Price/Sq Ft $256.60 1:::4,—,"4,1r5/4%. I` rl� ,' Garage Spaces 2 1',: 14� 2' 1 Year Built 2005 Lot Sq Ft(approx) 4530((Tax Records)) APN 077-128-004 Lot Acres(approx) 0.104 11'tt;1 , Mt ptrr: I w= Occupant Owner Andrew and Carol Phone to Show 916-601-8548 g1 -- `t" Owner Name Andrew L&Carol A James 916-601-8548 '!_k7.:4 ::. :;..._u.,1 4,..� . i,,ti,C. DOM/CDOM 184/184 Directions Off Ash Street,across from Soto Field Public Remark This Jasmine Place home is in excellent condition. It has bamboo floors,high ceilings and lots of light.There are tile floors and a pantry in the open kitchen.It also has a two car garage and is located across from the park. Agent-Only Rmrks Please give seller 24 hours notice hour notice before showing. Listing Agent Dennis Allan(ID:PC612730)Primary:805-473-7500, FAX:805-473-2753 Listing Office Allan Real Estate Investments(ID:PC2124) Phone:805-473-7500, FAX:805-473-2753 Listing Type Excl.Right to Sell Listing Date 01/29/09 Expiration Date 08/28/09 Commission 2.5% Variable Rate C Yes Listing Information cyberhomes.com Yes Age Restricted No Lock Box Yes Lock Boit Location Hose bib right of front door Showing Instructions Appointment Only,24 Hour Notice Under Construction No Reports Available None Listing Detail None Terms Cash,Cash New Loan,FHA Possession Close/Escrow , General Information Story/Type/Level 2 Story Stairs to.Entry No Foundation Slab Association Yes Association Fee $73.00 HOA Fee Paid Monthly Association Fee Incl Com Area Mn Covered Parking Attached Garage Appliances Included Oven/Range-Gas, Dishwasher,Microwave Flooring Carpet,Wood,Tile Interior Features Dual Pn Windows Room Information Mstr Bdrm on LR LVL No Additional Information Exterior Stucco Exterior Features Fenced Yard Roof Description Comp Shingle Sewer and Water Water-Cty/Util Heating Forced Air Air Conditioning Ceiling Fans Presented By:Dennis Allan Lic:00961923/Allan Real Estate Investments Phone:805-473-7500 Lic:00961923 Featured properties may not be listed by the office/agent presenting this brochure. Information has not been verified,is not guaranteed,and is subject to change.Copyright 2009 by the following Associations of REALTORS®-Atascadero, Paso Robles,Scenic Coast,San Luis Obispo,Pismo Coast,Santa Maria,Santa Ynez Valley.All rights reserved. Copyright 02009 Rapattoni Corporation,All rights reserved. http://ccrmis.rapmis.com/scripts/mgrgispi.dll 8/1/2009 - _ Page 1 of 1 APN: 077-128-004 1348 Jasmine PI,Arroyo Grande CA 93420 Listing#: 151' 53 Commission History Picture History Listing Agent:Dennis Allan Listing Office:Allan Rea!Estate Investments Listing Date:01/29/09 DOM/CDOM: 1841 184 Listing Price 350,000 I Date i I Time I.New Status I Old Status U New Price I Old Price i Selling Date 'DOME.,Change Type I Changed By I 07/21/09 A .;1 2:35:58 pm Active Cancelled 350,000 350,000 173 Status Vincent Allan(01421798) l RI 07/21/09 L.it, 2:17.40 pm Cancelled Active 350,000 350,000 173 Status Vincent Allan(01421798) 06/13/09 12:34:21 pm Active Active 350,000 360,000 135 Price Dennis Allan(PC612730) 06/02/09 9:07:18 am Active Active 360,000 360,000 124 Field Changes Vincent Allan(01421798) 06/02/09 8:48:45 am Active Active 360,000 360,000 124 Field Changes Vincent Allan(01421798) 05/29/09 4:30:07 pm Active Expired 360,000 360,000 119 Status Vincent Allan(01421798) 05/29/09 12:08:10 am Expired Active 360,000 360,000 119 Status Rapattoni Staff(rapstaff) 04/14/09 2:15:39 pm Active Active 360,000 370,000 75 Price Vincent Allan(01421798) 02/16/09 1:34:17 pm Active Active 370,000 380,000 18 Price Vincent Allan(01421798) 02/08/09 2:43:29 pm Active Active 380,000 380,000 10 Field Changes Dennis Allan(PC612730) 02/02/09 1:17:37 pm Active Active 380,000 380,000 4 Field Changes Vincent Allan(01421798) 01/30/09 4:45:03 pm Active Active 380,000 380,000 1 Virtual Media Vincent Allan(01421798) 01/30/09 4:37:52 pm Active Active 380,000 380,000 1 Pictures Dennis Allan(PC612730) 01/30/09 4:33:30 pm Active Active 380,000 380,000 1 Pictures Dennis Allan(PC612730) 01/30/09 4:31:02 pm Active 380,000 0 0 New Vincent Allan(01421798) Information has not been verified,is not guaranteed,and is subject to change.Copyright 2009 by the following Associations of REALTORS®-Atascadero, Paso Robles,Scenic Coast,San Luis Obispo, Pismo Coast, Santa Maria,Santa Ynez Valley All rights reserved. Copyright 02009 Rapattoni Corporation.All rights reserved. http://ccrmis.rapmis.com/scripts/mgrqispi.dll?APPNAME=Centralcoast&PRGNAME=MLSReportProperty... 8/1/2009