Real Estate Blog - Tracy, Ca

The buzz around town is that Tracy Park Apartments on 2800 N. Tracy Blvd may soon be converted into condos. The owners of the apartment are in the pleminary stage of working with the city to get the plans approved. I think if the owner has the right intentions this can be a very positive thing for Tracy.



The city of Tracy in the last few years has not been too keen on making affordable housing developments. Now they are starting to pop-up.

Oxford Square Was originally planned to be an apartment building but was shot down by the city. So instead they are building high density homes. Most units are 3-storys(first 3 story home development in Tracy that I know about) with zero lot lines(close together, no parking, and no backyards) Starting @ 450K. They are now laying concrete for models and first phase homes. While they are technically single family homes they really do have the feel of condos.

There is no parking on the streets and garages are accessed from alleys in the rear of the home, no parking in the alleys either(even at this price its quite a disappointment that there is such a lack of parking, prehaps there is guest parking somewhere in the area. Reminds me of parking at the Palm circle condos, which is very hard. Also 14 of the models are "duets" which means they are attached. This was something the builder had to do to get around the measure A requirements.
Avalon First Apartment/condo conversion I have ever seen in Tracy. About a year ago they were starting at 270K now going for over 300K. Built in 2002 and located in a nice area of Tracy on the south side across the street from the cemetery.
Cambridge Place condos by Pulte(starting selling about a month ago starting at 389K for 1299 sq.ft, HOA's of $180 @ Mountian House). Call me for more information on this one.

There are also many examples I can site in Stockton, Lathrop, Manteca and Modesto.

For the Tracy Park Apartments we should expect seeing new windows, carpet, kitchen countertops, and remodeled bathrooms. A public release might be as far out as one year to two years. I will post more when I learn more.

Units discriptions:
1bd 1ba 718 sq.ft (currently rents for $950.00) Floorplan
1bd 1ba 755 sq.ft (currently rents for $985) Floorplan
2bd 1ba 840 sq.ft (currently rents for $1,075) Floorplan
2bd 2ba 930 sq.ft (currently rents for $1120) no Floorplan

Apartment Amenities:
Vaulted Ceiling
Club House
Patio Or Balcony
Fitness Center
Fireplace
Sparkling Pool
Wood Burning Fireplaces



See More pictures

I am all for more affordable housing in Tracy, but its anyone's guess how the owner will price the units or how they will sell them. The best way to sell these units would be to use a local Broker with a good marketing plan and good full time team(The Barringer Team). If they are planning on pricing these aggressively you can expect prices below 280K. They would sell like "hot cakes" at 250K. I don't really know much about this but I am excited.

True opportunity for current residents to become homeowners: Current renters may want to stay in there units and exercise there right to purchase to enjoy all of the benefits of ownership. Right now is the time to prepare. By California state law once the project is underway there is a 90 day window in which to consider whether or not you want to buy your unit, which will come in the form of a written offer or notice from the owner. The tenants at the Tracy Park should have already received there 60 day notice of intent to convert, which is a notice sent out 60 days before the owner even starts anything with the city. Even though the city may just shoot down the project and many things could go wrong for the owners between now and then to prevent the conversion now is the time to look into special financing and other options such as local relocation assistance funds and/or first-time homebuyer assistance programs provided by San Joaquin County.


San Joaquin County Down Payment Assistance Program: Currently no website just a phone number: (209) 460-4503



Apart from normal eviction notice requirements, all tenants to be evicted because of condominium conversions are entitled to extensive written notices which must be in correct form including.

(a) 60-day notice before filing tentative tract map application:
(b) 10-day notice re application for public report:
(c) 10-day notice of final map approval: .
(d) 180-day notice before termination of tenancy:
(e) 90-day notice of exclusive right to buy:



Additional Reading
Good read on tenant right in a condo-conversion
More on rights
GAP Loan Program
American Dream Downpayment Initiative(Federal Program)
California Housing Finance Authority (CalHFA)
Homeownership by California HUD



Made by Brian W. Barringer on May 6 2006 for
www.tracyrealestate.blogspot.com

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