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HomeMy WebLinkAbout2010-08-20 Correspondence_1454 Jasmine Place_Janku - CITY OF " oYO GRAND CITY OF ARROYOGRANDE 7 CALIFORNIA °4:l�CA LIFORNIAJ,,'i irxwo . August 20, 2010 Ardy Janku 1454 Jasmine Place Arroyo Grande, CA 93420 Dear Ms. Janku: The City of Arroyo Grande has established programs and regulations to both develop • and maintain housing affordable to all sectors of the population. In order to maintain housing as affordable, designated properties are deed restricted and provisions for resale are set forth in a Buyer's Occupancy and Resale Agreement with Option to Purchase. Section 11.A of the Buyers Occupancy and Resale Agreement with Option to Purchase dated December 14, 2006 requires the property at 1454 Jasmine Place to • be marketed as a moderate rate deed restricted affordable unit at or below the maximum sales price for a minimum of 90-days In response to a request received from real estate agent Cathy Bezek, the City of Arroyo Grande hereby grants your request to waive this 90-day marketing requirement. The authority to grant this waiver has been designated to the City Manager by the City Council at the August 10, 2010 meeting and is based upon a determination that the maximum sales price exceeds the market value of the property at this time. This waiver will be effective for a period of one hundred and eighty (180) days from the date of this correspondence. An extension may be requested if the property has not been sold by that date. Please feel free to contact the City if you have any questions. Sincerely, Steven Adams City Manager cc. Cathy Bezek, San Luis Obispo Realty Jerry Rioux, San Luis Obispo County Housing Trust Fund Kelly Heffernon, Associate Planner CITY MANAGER'S OFFICE • 214 East Branch Street • Arroyo Grande, California 93420 Phone: (805) 473-5400 • FAX: (805) 473-0386 • E-mail: agcity@arroyogrande.org • Website: www.arroyogrande.org , . k_4 LUUIS , . . . ap iii„ D-v-D w, do z- r_,,' To: Steve Adams, Arroyo Grande City Manager From: Cathy Bezek, San Luis Obispo Realty Re: 1454 Jasmine Place, Arroyo Grande July 21, 2010 Dear Steve, I am writing this letter on behalf of my client, Ardy Janku, who is the owner of the above referenced property. Ms. Janku purchased this property in December 2006, and is now in a situation where she needs to sell the property. She purchased the home under the Moderate Income Program through the SLO County Housing Trust Fund. I have spoken to Jerry Rioux, SLO County House Trust Fund and obtained the appropriate allowable list price based on the Moderate Income Program. The list price is $370, 359. The property was listed July 16, 2010. The listing price is well over current market value and based on this, I do not expect this home to sell. I have included current comparable sales for your information as well as a print out of the current listing for the property. Because time is of the essence for Ms. Janku and because we do not expect the real estate market to change for the better and may even continue to go down in value, we are requesting the restrictions be waived and the deed restrictions be released as soon as possible. This would allow us to market the home at the true market value and get it sold. Please contact me if you need more information. We look forward to your response and thank you for your time in this matter. Sincerely, /3 / ` � Al-/- Cathy Bezek San Luis Obispo Realty Direct Office: 544-8241 E-mail: dcbezek@aol.com DRE #01105955 3910 Broad Street,Ste.3 San Luis Obispo,CA 93401 (805)544-9161 office (805)544-1031 fax For area listings: www.sanluisobispo-homes.com ' •.',iii' ..4,}, yj , --.. - .1'11,14,,,/ f 4 Itiff 1 R +,r 1 .n 'y I 1: 14' IP „k,�ukk1 f111111111- !1 II. �N i���' u'aa{ t"II ni k6 . .!. �u fb 1454 Jasmine PI Arroyo Grande, CA 93420-6025 $370,359 Beautiful,like new,low maintenance home with fully landscaped front and side yards.Kitchen features Corian counters,pantry and breakfast bar.Master bedroom has a wonderful walk-in closet and 3/4 bath.Convenient attached two-car garage with opener.Located across from park. Directions:Off Courtland between Grand and Ash. ML#167884 Year Built:2005 County San Luis Obispo Property Type Residential Sub-area Arroyo Grande Property SubType PUD Foundation Slab APN 077-127-017 Heating Forced Air,Natural Gas Beds:3 Baths(FTHQ):2(1 1 0 0) Covered Parking Attached Garage Garage Spaces 2 Listing Detail Other Approx SqFt 1364 Tax Records Possession Negotiable Lot Sq Ft(approx) 4574 Reports Available None Lot Acres(approx) 0.105 Roof Description Comp Shingle Price/SqFt $271.52 Sewer and Water Water-Cty/Util,Sewer Cross Street Courtland Air Conditioning None Map Coordinates 715,F6 Presented By: Cathy Bezek Lic:01105955 San Luis Obispo Realty - Marigold Primary:805-544-8241 Center Lic:00577121 July 2010 Secondary: 3910 Broad St.,Suite 3 Other SanLuis E-mail:dcbezek@aol.com Obispo,CA 93401 805-544-9161 Fax:805-544-1031 See our listings online: http://www.san-luis-obispo-realty.com ® The above featured property may not be listed by the office/agent presenting this brochure. �*1 Information has not been verified,is not guaranteed,and is subject to change.Copyright©2010 by the following Associations of REALTORS® ��1� 41 0.10' -Atascadero,Paso Robles,Scenic Coast,San Luis Obispo,Pismo Coast,Santa Maria,Santa Ynez Valley ^Y All rights reserved.Copyright 2010 Rapattoni Corporation.All rights reserved. i r Steve, I wanted to take a moment and explain the attached comparable information. You will notice on the CMA Report that there is only one property that has sold since January 22, 2010 that matches the criteria of the subject property. The criteria I used for the search was as follows: 1 . Residential Planned Unit Development 2. City of Arroyo Grande 3. Three bedrooms 4. Two total baths 5. Two car garage 6. 1200-1400 square feet of living space The one property that did sell was in the Jasmine Place Development making it an excellent comparable. It sold in May 2010 for $290,000. There were no other sold properties with this specific criteria in the last 6 months. If needed, I can widen the search by eliminating some of the criteria, however, this one property certainly is an excellent comparable. Please let meknow if you would like more information. MLS CMA Report(216) -, http://ccrmis.rapmis.com/scripts/ingrgispi.dll CMA Report Sorted by Area(asc), Price(asc) Listings as of 07/21/10 at 11:07am Page 1 `-y Property Type Residential Include Property Subtypes Condo,PUD City Arroyo Grande Status Sold(1/22/2010 or after)Bedrooms 3.00 to 3.00 Total Bathrooms 2.00 to 2.00 Garage_Spaces 2 to 2 Structure 1200 to 1400 RESIDENTIAL SOLD Properiies. Address City Map Bd Bth SqFt LotSz Year Date $/SgFtDOM/CDOM Orig Price List Price Sale Price SP%LP 1484 Ash StArroyo Grande714,G6 32(2 0 0 0)1,3700.131ac2005 05/27/10 211.68 48/48 319,000 293,000 290,000 98.98 Listing Count 1 Averages 1,370 211.68 48/48 319,000 293,000 290,000 98.98 High 290,000 Low 290,000 Median 290,000 Report Count 1 Report Averages 1,370 211.68 48/48 319,000 293,000 290,000 Presented By-Cathy Bezek Lic:01105955/San Luis Obispo Realty-Marigold Center Phone:805-544-8241Lic:00577121 Featured properties may not be listed by the office/agent presenting this brochure. (0040-0) Information has not been verified,is not guaranteed,and is subject to change.Copyright,2010 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 2010 Rapattoni Corporation.All rights reserved. 1 of 1 - 7/21/10 11:07 AM 'MLS http://ccrmis.rF7--'1).com/scripts/mgrgispi.dll?APPNAME=Cent... Listing Summary _... _._____ _^ ' Listing#163112 1484 Ash St, Arroyo Grande, CA 93420* Sold 1,(05/27/1Q) _D'OM/COON:48/48 �s $293,000 (LP) 9P, Beds: 3* Baths: 2 (2 0 0 0) (FTHQ)* Sq Ft: 1370* Lot Sz: 0.131 ac* Price/SqFt: 211.68 SP%LP:98.98 Area: 10 Yr: 2005* 1 .__w. Remarks This detached single story Jasmine Place _ . PUD offers 3 bedrooms, 2 bath, 2-car u4 ' :. •._ .tandem garage, high vaulted ceiling, and ,, ._ `i=: . • , a nice open floor plan. The home does K., need work. 1' +.�d h '1 tea. "S�^"' �K t.:•LS71:,,,As..,. .FtAlf.V..: - - . Y *S • 1a Pictures(10) ,e1:',..,% "s'. M ..ii4„so, t,:,...„,It'..... *':.,r,e;,. lic• • l• '''' ::-.s1 eNa '%.' ..: �• •;s _ "' ;' y, fti G1t .E e 4 1( t4l'� r 1 G : '- s �'� ' lea h '>'>'"4'2442.4:Z,=•,,` -c•^ w*',=•,,`i a,. ' • .«+. y Vii' q •.',' 9 � 't'33,3 ^,'.-" a.>ycH a.�., c ''-;,,,V1-11-4.'11 ,�s -fa 9 s Cex�1 '.34.. c...`e..:t Yb sx?R a,, �"° ,'-'4,r'- `IIt"v v ,- ', €b S' i Sj y'6ir• �'�. -'""44 Agent Kirk Najarian (la 01188188)Primary:805-471-6087 Secondary:805-772-7838 Other:805-772-1910 Lic:01188188 Office West Coast Properties(ID:SCWCP)Phone:805-772-7838, FAX.805-772-7921 Property Type Residential Property Subtype(s) PUD Age Restricted No Listing Type Excl.Right to Sell Scope of Service Status Sold(05/27/10) Area Arroyo Grande Sub-area Arroyo Grande Cross Street Walnut St; Commission Compensation to Co-o Variable Rate Commis 2.5% No County San Luis Obispo APN 077-127-028 Beds 3* Baths (FTHQ) 2(2 0 0 0)* Approx SqFt 1370* Sq Ft Source Tax Records Price/SgFt 211.68 Lot Sq Ft(approx) 5706* Lot Acres(approx) 0 131 Lot Size Source (Tax Records) Garage Spaces 2 Approx Year Built 2005* CCRMLS Public Site Yes Map Book San Luis Obispo Cnty Map Coordinates 714,G6 02/24/10 Listing Date Original Price 319,000 Expiration Date 06/23/10 Occupant Type Vacant Occupant Name Vacant Phone to Show 000-000-0000 Owner Name Onewest Bk Fsb Owner.Phone 000-000-0000 1 of 4 7/21/10 11:06 AM MLS -- http://ccrmis.rr ,s.com/scripts/mgrgispi.dll?APPNAME=Cent... Confidential Agt Rmks The mold has been remediated/removed as well as the lower kitchen cabinets.The seller will be putting the kitchen back together shortly.Please email offers to wcproperties@charter.net.All financed offers must have a pre-qual letter from a reputable lender prior to submitting.ALL CONTRACTS/OFFERS ARE SUBJECT TO INDYMAC SENIOR MANAGEMENT APPROVAL AND ANY OFFERS OR COUNTER OFFERS BY INDYMAC ARE NOT BINDING UNLESS THE ENTIRE AGREEMENT IS RATIFIED BY ALL PARTIES Buyer must pay a$75 doc fee at close of escrow Directions to Property South on Oak Park then left on Ash. Selling Information Selling Price 290,000 Selling Date 05/27/10 Listing Price 293,000 Pending Date 04/13/10 SP%LP 98.98 Original Price 319,000 Financing FHA Comments $9000 towards buyers closing costs Selling Agent Tim Riley(triley) Selling Office Century 21 Hometown Realty(SL43J Selling Co-Agent Selling Co-Office cyberhomes.com Yes Listing Information Under Construction No Lock Box Yes I Lock.Box Location Front Door Showing Instructions Vacant,Electronic Lockbox Reports Available None Listing Detail REO Terms Cash,Cash New Loan Possession Close/Escrow General Information Zone Description Pln Unit Dvl Story/Type/Level 1 Story Foundation Slab Lot Characteristics Level,Corner Association Yes Association Fee $58.00 HOA Fee Paid Monthly Association Fee Incl Com Area Mn,Other Covered Parking Attached Garage Site Improvements Paved Streets,Curbs/Gutter Appliances Included Oven/Range-Gas, Dishwasher,Microwave, Garbage Disp Flooring Carpet,Tile Laundry Laundry Rm/lnside Interior Features Cathedral Ceilings, Dual Pn Windows Room Information Mstr Bdrm on LR LVL Yes Dining Room Desc Dining Area,Breakfast Bar Additional Information Exterior Other Exterior Features Fenced Yard Roof Description Comp Shingle I View None Sewer and Water Water-Cty/Util,Sewer Heating Forced Air,Natural Gas Air Conditioning None _. Denotes information autofilled from tax records. 2of4 7/21/10 11:06 AM