Providing below market rate homes is a requirement by the city of Walnut Creek, therefore, it is the city's job to promote the offer of these five units and they are," writes Sarah Fiske. "BMR units are part of almost every development these days. The developer either has them onsite amidst the market rate units or puts them offsite (often the way it’s done in SF) in a stand-alone project. "
I told her I didn't know that 555YVR had made any kind of announcement, and that I'm sorry for implying that the developer was hiding anything. Sorry to readers, too.
Fiske adds that 25 percent of the units are sold, and residents have begun moving in.
And here is the press release:
WALNUT CREEK, Calif. (Oct. 12, 2009) – 555YVR, downtown Walnut Creek’s new boutique condominium residences, are now accepting applications for five below market rate (BMR) homes.
555YVR is a four-story development at 555 Ygnacio Valley Road, a block away from BART.
The available condos include:
One-bedroom live/work, $135,000
One-bedroom, $133,000 (Two available)
One-bedroom plus den, $133,000
Two-bedroom, $148,000
Applicants first time homebuyers within the past three years and have qualifying income. Household incomes can not exceed $46,350 for one person, $53,000 for two, $59,600 for three and $66,250 for four people.
Interested buyers can access an application by contacting the 555YVR sales team by phone: (925) 280-8888, by e-mail:bmr@555yvr.com, in person at the 555YVR sales center (555 Ygnacio Valley Road Walnut Creek, CA 94596), or can download a copy from www.555yvr.com. Applications are due on Tues., Nov. 10, 2009 by 5 p.m. to 555YVR sales center.
An open house to view the BMR units will be held on Tues., Oct. 27 and Thurs., Nov. 5, 2009.
For more information, call (925) 290-8888; or, visit online at www.555yvr.com
8 comments:
Soccer Mom -
Though I think it's fine for you to apologize, I do not think you had to... there was enough commentary elsewhere to suggest that there was some lack of transparency going on.
Also, had I showed up to buy one, would they have said to me on the front end , "hey you might qualify for a cheap one?" - I think nada. I think they would not have told anyone that... so even though they may have complied with the law and announced it to media, I don't they would have shared that info with a walk-in customer without having their arm twisted...
That's all true, but avoids the key point.
Typically with luxury developments, the developer will build the required BMR units at a different location. Why give up your premium units to BMR when you can build crappy BMR units on the other side of town?
In this case, I would guess the developer initially planned to stick the BMRs somewhere else, but when it was obvious that the "luxury" condos weren't going to sell at luxury prices, they decided just to turn these units into the BMRs.
I will also go out on a limb and guess that non-BMR units will not sell well, and they'll turn them into rentals just like Mercer did.
Either way, a very bad idea to pay premium prices to live among people BMRing or renting for far cheaper.
well, right, they all had their heads up their proverbial you-know-whats on these -
I'd only pay $150K or so to live on YV Road anywhere - to bleepin' noisy -
so i think the know they over rated the demand and now know they won't get more than $200K or so for the units, so it does not matter if they put BMR's there
I agree with most of the comments, except the last where it's stated these units will go for around $200K... ie, as regular prices. If you think that, in a luxury development, in Walnut Creek, despite a busy street, you are out of your mind! MAYBE, the smallest, crappiest unit in the complex, but the average selling price for non-BMR units will be well over $200K, I can assure you!
re 6:48
look, there are constantly reducing prices, and will be in 2010 - see Case-Shiller and the 5 year re-sets on mortgages and we all will see what the data shows.
Facts are: these guys paid too much for the land and paid too much for the workers & they think others should be willing to pay them according to what they paid out - well the answer to that is: NO NO NO!
Get real people - you all think that there is unlimited inheritances or something that will support prices that are not accurately predicated on real wages... and wages are NOT going up... so get a clue - the only reason you care is that your own home will go down in value (and it should) if they don't get the ridiculous amounts - so you try to bully people on blogs, etc...
signed
Not willing to buy into the BS
Soccer Mom,
You sure have a lot of negative people commenting on your blog.
I bet some of them would even object to both World Peace & whirled peas!
For the record:
World peace - FOR
Whirrled peas - FOR (vegan only- no butter)
Overpriced condos - AGAINST
I love how they leave a lamp on in the window to look like someone has actually bought a unit.
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