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HomeMy WebLinkAbout2010-08-20 Correspondence_1472 Ash Street_Fairfield CITY OF '•'' OYO GRAN CITY OF , G • AFIYOGRANDE ^,,'CALIFORNIA/,� CALIFORNIA August 20, 2010 Glen and Kenny Lee Fairfield 656 Strauss Ave. Winchester, OR 97495 Dear Mr. and Mrs. Fairfield: 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 June 10, 2005 requires the property at 1472 Ash Street 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 Missy Harris, 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 notbeen sold by that date. Please feel free to contact the City if you have any questions. Sincerely, Steven Adams City Manager cc. Missy Harris, Keller Williams Realty - Central Coast 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 Steve:Adams From:. Rapattoni Corporation [MLSEmail@rapattoni.com]on behalf of.Missy Harris [missy@missyharrishomes.com] Sent: Friday, August.20, 2010 12:06 AM To: Steve Adams Cc: kleefair@yahoo.com, glenpar72@hotmail:com • Subject: 1472 Ash: Comparable Properties Steve, - I've attached comparable neighborhood properties.for 1472 Ash. Note that almost a year ago 1460 Ash sold for$361,000. This i current-Moderate Income Housing.formula:.The only-home that's sold.in the neighborhood•this year was 1484 Ash, for$29.0;000 before being taken off It was last listed at$349,000 and it didn't sell. Finally, 1454 Jasmine hasbeen on the market at the Afton without receiving a.offer. Each of these comparable properties confirm that the market value for homes.in this neighborhood is ft calculated value. • Thank you for taking note of this.when considering an early removal of the.deed restriction and exemption•from the Affordable H Ash. Regards, - Missy Harris View Listings provided.by: Missy. Harris:{Lic:.01820774) Keller Williams Realty-Central Coast:(Lic: 01378563) 350 James Wy. Suite 130 Pismo Beach, CA 93449 Primary: 805-458-9382 rnissyCa missvharrishomes.com http://www:missyharr'ishomes.com View Listings link will be available for 30 days:If you do not see a link,dopy:this text to.the•address line in your browser: http://ccrmis.rapmis.com/scripts/mgrgispi.dll?APPNAME=Centralcoast&PRGNAME=MLSLooin&ARGUMENT=OefBCTDHEWMwiNeD%2Fr9obvlbeQEonRzC%; 1 Realist Page 1 of 2 • Property Detail Report Subject Property - i G_-`? f -- --; . t1 . 1; 'i -_i _ t 1 1. 1472 Ash.St• ...i _l _. --.!n. -._t�: . 1.,_ _ R r' "Asci^Si. Arroyo•Grande, CA 93420-6022 . .r..,.51--�=_ w.H. }-__`$ -- =k•` -. • San Luis Obispo County } moi - , z. 'e -- 63 1s Owner Info: • Owner Name : Fairfield Glen E Recording Date : 06/15/2005 Owner Name 2 ; Fairfield Kenny•L Annual Tax : $3,308 Tax Billing Address : 1472•Ash St County Use Code : Pud Tax Billing City&State : Arroyo Grande CA State Use : Subdivision Tax Billing Zip : 93420 Universal Land Use : PUD ' Tax Billing:Zip+4. ; 6022 Location Info: • School District :''.Lucia Mar Carrier Route : C002 ' Census Tract : 119.02 Zoning : St Tract Number : 2505 Map Page/Grid : 714-.G6 Tax Info: Tax ID : 077-127-026 Total Assessment : $322,455 • Tax Year : 2009 %Improv : 56%. Arinual Tax :$3,308 Tax Area : 001000 Homestead : Homeowner Tax Appraisal Area : 001 Assessment Year 2009 Legal Description ; Cy Ag Tr 2505 Lt 46 'Land Assessment : $140,716 Lot Number 46 • Improved Assessment :$181,739 Characteristics: Heat Type : Forced.Air Lot Acres : .0898 _ Garage Type : Garage Building Sq;Ft : 1,364 ' Stories : 2 Construction : Wood • Quality :•Average Total Rooms : 5 • Bedrooms : 3 Total Baths : 2 Full'Baths : 2 year Built: 2005 Topography Type Unknown Last:Market Sale: . . . . . . . . . . . . . Recording Date ; 06/15/2005 Owner Name ; Fairfeld•Glen:E Settle Date : 05/31/2005 OWner Name 2 ; Fairfield:KennyL Sale Price : $298,000 Seller : Jasmine Place Document No :.48555: Price Per Sq Ft : $218.48 _ Deed Type Grant Deed • Sales History:. • - Recording Date : 06/15/2005 Sale Price. : $298,000 • Buyer'Name :.Fairfield Glen E& file://C`:\Documents and Settings\sadains.CAG\Local Settings\Temporary Internet Files\Co... 8/20/2010 Realist Page 2.of 2 Kenny L - , Seller Name : Jasmine Place Document No. : 48555 Document Type. Grant Deed Mortgage History:' . . . Mortgage Date : 12/12/2007 10/16/2007 06/15/2005 06/15/2005 Mortgage Amt $20,000 $270,259 $268,133 Mortgage Lender.; Wells Fargo Bk Na Wells Fargo Bk Na Wells Fargo Bk Na Private Individual Mortgage Type :Conventional Conventional' 'Conventional Private Party Lender • Courtesy of,Missy Harris CCRMLS. The.data within•this report is.compiled by CoreLogic from public and private sources.If desired,the accuracy.of the.data contained herein can be •independently verified by the'recipient of this report with the applicable county or municipality • file://C:\D.ocuments and Settings\sadams.CAG\Local Settings\Temporary Internet Files\Co..: 8/20/2010 Area Market Survey for 1472 Ash, Arroyo Grande • q yrs-'ct'y�t'� J"tZ •R� ' '�. `.���.•y .� 1ic�. }i rf " ,�i: �_`f3`�.kf 'c+ Arroyo Grande• 4" t r t a a.s;.� . in4 w ; Listings as of 08/19/10 at 11:37pm Property Type-Residential Include Property Subtypes Condo,PUD,SFR Stick Built Area Arroyo Grande Status Sold(2/20/2010 or after) Bedrooms•3.00 to 3.00 Total Bathrooms 2.00 to 2.00Garage_Spaces.2 or more Structure 1000 to.1500 Sold Selling Price Range Quantity Average DOM Summary Price Information $250,000 thru$299,999 2 30 Minimum $250,000 Maximum $435,000 $300,000.thru.$349,999 4 89 Average. $347,192 Median $350,000 $350,000 thru.$399,999 6 60 $400,000 thru$449,999 1 2 13 60 Equal Opportunity Housing*All information deemed reliable,but not guaranteed. 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: • This is a summary of Arroyo Grande properties that have sold.inthe past 6 months that have the following criteria: 1) Residential.condos, PUDs(such as 1472 Ash'), and Stand Alone Homes(SFR Stick Built) 2.)3 bedrooms/2 bathrooms 3).2 Garage spaces 4) Square footage:. 1000-1500 sq.ft. Theaverage sale:price for properties that fit this criteria.is$347,192. Keep in mind this includes stand alone homes(SFR), whereas 1472.Ash is a PUD. Therefore, $347,192'is likely a higher value than could be obtained in the current market for a PUD. Pleasesee thecomparable properties.and commentary. that were sent in.a separate email:to.compliment this market analysis.