Medical worker signs deal for Line condo available to all incomes
A deal was recently struck for a second unit in the Line Condominiums work force development that was on the market and available to anyone regardless of their income.
Scott Loomis, the executive director of Mountainlands Community Housing Trust, the not-for-profit group that developed the Line Condominiums, said a medical worker employed locally signed a contract to purchase the unit after its availability was publicized. The deal is expected to close by the end of May, Loomis said.
The medical worker earns slightly more than someone who is normally allowed to purchase a unit in the Line Condominiums, Loomis said. If the income restriction was in place on the sale, the condominium would have been available to a single person earning no more than $52,320 annually, a figure based on the area median income and family size.
"She’s a local worker and wants to live in town and own it," Loomis said about the person who signed the contract.
The income restriction was not in effect for the sale since the condominium sat on the market unsold for more than 120 days. If a unit in the Line Condominiums does not sell in that window, it is made available to people of all incomes. The income restriction would be put back into place on a later resale for the 120-day window.
Other restrictions remain intact on the sale to the medical worker, including a requirement that the owner lives in the condominium on a full-time basis. Another restriction caps the appreciation on a resale at 3 percent annually.
The 775-square-foot condominium has one bedroom and one bathroom. Recent promotional material priced the unit at $134,000, down $3,000 from an earlier asking price. The seller, Evan Wise, was an original buyer in the Line Condominiums who plans to move to the East Coast to be closer to family and friends. The condominium was put on the market in December.
"It provided a great place to live at a reasonable rate. It’s very convenient. It nailed it," Wise said.
The Line Condominiums are located on the 500 block of Deer Valley Drive, on the entryway to Deer Valley close to the Old Town roundabout. Loomis said he is not aware of another unit in the Line Condominiums that will be put on the market soon.
A contract was signed in March for someone to purchase the other unit in the Line Condominiums that was available to all incomes. That deal was negotiated after the condominium’s availability was publicized. It had been on the market upward of eight months.
Loomis has said the demand for work force housing fell during the recession and potential buyers are encountering difficulty obtaining financing.
Mountainlands Community Housing Trust built the Line Condominiums as its most ambitious brick and-mortar development, opening the project in 2006. The organization received financial assistance from City Hall for the development through the waiving of fees and government loans during the construction.
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