Deal struck for work force condo that was available to all incomes
March 22, 2011
Someone in the first week of March signed a contract to purchase a unit in the Line Condominiums work force housing project, a rare sale of a unit in the work force stock that did not require the buyer to qualify through their income.
Scott Loomis, the executive director of Mountainlands Community Housing Trust, the not-for-profit housing group that built the Line Condominiums, said the person signed a contract to purchase the unit the day after the listing received media attention.
Neither Loomis nor the listing real estate agent, Rob Lea, had details about the buyer, and each of them declined to provide the sale price. The asking price was $129,000, down from the original listing price of $131,626. Lea said the sale price was close to the $129,000 that the owner sought. The unit had been listed since mid-2010. Lea had said he hoped to sell the place to someone who makes their living as part of the Park City work force.
"I’m glad for the seller. They were able to get it sold," Loomis said. "It should be a good deal for the buyer."
Loomis said the transaction is expected to close by the end of March.
The approximately 775-square-foot unit has one bedroom and one bathroom. The Line Condominiums are situated on Deer Valley Drive along the entryway to Deer Valley Resort.
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The sale is noteworthy in that restrictions that limit buyers at the Line Condominiums to people who qualify through their incomes were not in place. Since the unit did not sell within 120 days to someone who qualified through their income, the restriction lapsed for the sale. Normally units in the Line Condominiums cannot be sold to someone earning more than $74,720 annually, a number based on the median income in Summit County.
The income restriction on a resale will be in place again once the buyer closes on the unit.
Another restriction caps the appreciation at 3 percent annually from the purchase price.
The Line Condominiums were Mountainlands Community Housing Trust’s most ambitious brick and-mortar development. The group received financial assistance for the project from City Hall through the waiving of fees. The municipal government also provided loans during the construction.