Even millionaires qualify to buy work force condo now on market
March 1, 2011
A Park City condominium built as part of the local work force housing stock is on the market and is available to anyone, regardless of how much they earn, a result of nobody purchasing the unit within a specified time.
The place is in the Line Condominiums, a work force development built by Mountainlands Community Housing Trust on Deer Valley Drive. People normally must qualify through their income to purchase a unit in the Line Condominiums, but that is not the case with the one that is being marketed.
Scott Loomis, the executive director of the housing trust, said the unit did not sell within 120 days to someone who qualifies through their income. Since it did not sell in that timeframe, Loomis said, the income restriction lapsed.
Other restrictions, like capping the appreciation at 3 percent annually if the unit is resold later, remain intact. The asking price is $129,000, down from the original price of $131,626, according to Rob Lea, the real estate agent listing the condominium. He said the unit has been listed since mid-2010 and was under contract once. That person, though, purchased another unit at the Line Condominiums, Lea said.
"It opens the pool up to a little higher income," Lea acknowledged when talking about the lapsing of the income restriction.
He nevertheless hopes to sell the place to someone who makes their living as part of the Park City work force, Lea said.
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Normally places in the Line Condominiums cannot be sold to someone earning more than $74,720 annually, a figure based on the median income in Summit County. The person who purchases the condominium must live there, a requirement that prohibits someone from buying in the Line Condominiums and then using the place as a ski getaway instead of living there on a full-time basis. Loomis said the income restriction would be in place again once it is sold.
He said the person selling the place, a man, is an original buyer who has since married and had a child.
Loomis said he is unsure how long the unit will be on the market, indicating that it is difficult for potential buyers to obtain financing and homeownership is not as desirable to some as it was in the years prior to the recession.
The unit Lea is marketing has one bedroom and one bathroom. It is approximately 775 square feet. The project is situated on the entryway to Deer Valley and close to the Old Town roundabout. Marketing material describes the condominium as within walking distance to Main Street and close to a bus stop.
One-bedrooms in the Line Condominiums were priced at between $110,000 and $125,000 when it opened. Two-bedroom units in the project reached to $180,000.
Mountainlands Community Housing Trust built the Line Condominiums as its most ambitious brick-and-mortar project. The group received financial assistance from City Hall through the waiving of fees. The municipal government also provided loans during the construction.