Work force condo in the Line put up for rent, a rare scenario
August 24, 2010
Someone has put their place in the Line Condominiums up for rent, an arrangement that is normally not allowed in the work force housing development on Deer Valley Drive.
In an online posting, the person offers the two-bedroom, two-bathroom condominium at 555 Deer Valley Drive for $1,500 per month based on an annual lease. The person also asks for a $1,500 deposit and indicates the place may be rented on a six-month basis or a one-year basis.
The posting, which appeared on Aug. 18 on Craigslist, touts the vaulted ceilings and that the condominium does not share a wall with any of the other units. "Minutes to Main Street, Deer Valley Resort, Park City Resort," the ad boasts.
But the Line Condominiums were built as and remain a development for the work force, meaning that prices were set much lower than a typical condominium in the neighborhood and buyers had to qualify by meeting income restrictions.
People who bought in the Line Condominiums are supposed to live in their places on a full-time basis, making a rental like the one advertised unusual. Mountainlands Community Housing Trust, the not-for-profit organization that built the Line Condominiums as one of its most ambitious construction projects, is aware of the advertisement and agreed to allow the unit to be rented.
Scott Loomis, the executive director of the housing trust, said the person who owns the unit that is up for rent has been trying to sell the place for a year and has already rented it for six months.
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Loomis said the $1,500 rent that is advertised will not make the owner extra money, explaining that the amount would cover the mortgage on the unit, homeowners association dues, taxes and insurance. Loomis said the housing trust must sign off on a lease if a renter is found, and the not-for-profit has been "pretty strict about the owner-occupied in all cases." The owner is also trying to sell the place, according to Loomis.
The person was an original buyer in the Line Condominiums in 2006 and paid approximately $180,000 for the unit, Loomis said, indicating the person is moving out of Park City to take another job.
The housing trust will review prospective renters to ensure they meet the restrictions attached to the unit. Loomis said a single renter cannot earn more than just less than $50,000 each year to qualify. If a couple wants to move in, they cannot earn more than approximately $56,000 to qualify.
Loomis has been told there has been interest in the unit from both possible buyers and renters.
The Line Condominiums are one of the larger work force developments inside Park City, with the housing trust situating them close to the Old Town roundabout and on the road leading to Snow Park. The project entails 20 condominiums and two houses that resemble houses that were already on the property.