SR 05:103 - Laserfiche WebLink

Table 5 - Pleasanton House Sales Prices, 2005 Reprinted with permission of the Bay East Association of Realtors~, JanuaP/ 2005 (w~wv. bayeast, org) Year Single Family Homes Condominiums # Sales Avg. Med. # Sales Avg. Med. 2005 29 $927,948 $759,000 16 $447,907 $437,500 (year to date) 2004 1,007 $869,282 $722,500 345 $433,376 $426,000 2003 1,059 $696.840 $585,000 376 $384,675 $379,495 2002 1,048 $638,674 $550,000 387 $365,050 $349,900 With the high cost of ownership housing, it is very difficult for even moderate income households to become homeowners. Initial down payment and closing costs, as well as high on- going mortgage and other costs, are significant barriers to homeownership. High rents in the area make accumulation of initial capital needed even more difficult. First time home buyers, who do not have the equity windfall from the sale of their previous home, face increasing costs. Younger working households are moving further out of the urban areas in order to afford a home, reducing economic vitality, adding to jobs/housing imbalances, and increasing congestion and environmental concerns. The high costs of ownership can also lead to neighborhood destabilization as homeowners sell to investors who then offer the properties for rent, rather than first-time homebuyers who may become long-term residents of the community. Objectives The objectives presented in this section reflect the broad areas which will be pursued under this priority. Implementation will be contingent on current and projected need, availability of financial and other resources, and regular re-assessment of the proposed objectives and accomplishments. Five Year Objectives Five Year Goals Performance Measures Assist moderate and middle income, Continue to offer down payment Down payment loans will be first-time homebuyers through assistance loans through the Down provided to 20 households during provision of City-assisted down Payment Assistance program to help the five-year period. payment assistance and second bridge the gap between a minimum mortgage loans, down payment and first mortgage and increase buying capacity. Continue to make available, on a Second mortgages will be provided project-by-project basis, low- to 20 households during the five- interest, deferred payment second year period. mortgage loans through the City Housing Fund to qualified low and moderate income homebuyers as part of the PHAP. DRAFT - Strategic Plan - FY2005 - FY2009 City of Pleasanton Page 13