SR 05:330 - Laserfiche WebLink

Development/Developer Year Housing AU. Sq.Ft./ Initial Maximum Resale (Location) Built Type Homes Bed rooms Sales Price Household Income Restrictions? 1 Palomino Place / Callahan Pronertv Co. 1992 Townhomes 4 1,400 $176,000 120% of median Yes (Palomino Dr. /Bemal Ave.) (24 total) (2 BR) ($81,100 in 2000) 2 California Somerset / Kaufman & Broad 1993 Duet Homes 26 (~'~~) $142,000 95% of median Yes (3100-3300 W. Las Positas Blvd.) (152 total) $145,000 ($64,200 in 2000) 3 Rotarv Commons / Citv & Pis. No. Rotarv 1994 Townhomes 7 : :~~~ ~~:::~ $99,900 (:50~~ ~b'::.egg:;Ol) Yes (Palomino Dr. / Concord Wv.) (7 total) $124,400 4 California Reflections / Kaufman & Broad 1994 Single Family 16 1,074 $219,000 ] 200/0 of median No (Stanley Blvd. / Reflections Dr.) (108 total) (3 BR) ($81,100 in 2000) 5 Sycamore Place / Greystone Homes 1994 Single Family 6 944 $179,000 1200/0 of median Yes Rheem Dr. / Katie Ln. (36 total) (2 BR) ($81,100 in 2000) 6 Town Sauare / Kaufman & Broad 1998 Si~i~e t~:~ilY 3 (~,~7~) $200,000 ]00% of median Yes (Ray St. / Vinevard Ave.) ($67,600 in 2000) 7 Nolan Farms / SummerHill Develooment 2000 Single Family 5 (~'ii'~) $130,000 (i30;:~g~ r;egba;o) Yes Fair St. / Rose Ave.) l36 total) 8 Walnut Hills / KB Home 2002- Duet Homes 20 1,300 $199,000 (:~;:~g:;~egb~) Yes (Bernal Ave. /1-680 east side) 2003 (121 total) (3 BR) 9 Canvon Oaks / KB Home 2003 Duet Homes 26 (~'~O~) $199,000 80% of median Yes (Bernal Ave. /1-680 east side) 2004 (128 total) ($61,300 in 2003) 10 Carlton Oaks / Greenbriar Homes 2004- ~~~~ ~~tr;.~s 10 /,300 $199,000 {:~;~g:; ~egba;4 Yes (Bernal Ave. /1 680 west side) 2005 3 BR) The purchase of these affordable homes has generally been restricted to oW'ner-occupant, first- time home buyers. The homes have been designed to be affordable to households at varying income levels ranging from 50% to 120% of the Area Median Income (AMI). When the City's first-time home buyer program W'as conceived, it W'as envisioned that the program W'ould provide a transition to unrestricted home oW'nership for buyers W'ho had difficulty entering the housing market due to escalating prices. HoW'ever, since the increase in market housing prices over the past several years has been so extreme, the buyers of these homes have effectively found themselves W'ithout any other "move-up" options and have chosen to remain in their beloW'-market priced homes. This is exemplified by the extremely loW' rate of resale of existing beloW'-market priced homes: Out of 126 homes, there have been 26 resales (some homes sold more than once). Only tW'o (2) of these resales have taken place since 2000. All resales to date have been in homes priced at moderate-income levels (120% of AMI); there have been no resales of loW' or very loW' income homes. During the past several years, staff has had inquiries from several BMR oW'ners W'ho are interested in selling their homes and buying neW' homes in Pleasanton. The DP A program W'ould potentially provide a useful tool to these households. HoW'ever, the program is currently restricted to first-time buyers; therefore, current BMR oW'ners W'ould not be eligible as they already oW'n homes. Staff also receives frequent inquiries from persons relocating from out of our area, usually to pursue employment opportunities in the Pleasanton area. These persons often have already oW'ned homes in other parts of the state or country but are unable to purchase a home here due to high market costs. The DP A program could also serve as a useful tool to these prospective buyers if the first-time buyer requirement W'ere eliminated altogether. SR:05:330