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.
Say Hello to affordable housing:
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.
Examples for Tracy, Ca:
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.
Know of any others?
Email me
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)
Floorplan1bd 1ba 755 sq.ft (currently rents for $985)
Floorplan2bd 1ba 840 sq.ft (currently rents for $1,075)
Floorplan2bd 2ba 930 sq.ft (currently rents for $1120) no Floorplan
Apartment Amenities:
Vaulted Ceiling
Club House
Patio Or BalconyFitness CenterFireplace
Sparkling Pool
Wood Burning Fireplaces
See More picturesI 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.
Get help buying your first home:
Talk with a experienced lender to work out the details about what kind of loan you may qualify for and what the total month payments would be. I have a trusted lender who is conveniently located in the parking lot of the Tracy Park Apartments. His name is Alex Alverez from National City Mortgage his office building is the great white house next to the bank of Stockton in front of the Park Apartments. Alex has over 20 years experience handling loans and can find you the best program available. Feel free to give him a call or stop by his office for some free advice(my lenders door is always open to prospective clients, as is mine.)
My lenders contact infomation:
Alex Alverez2880 N. Tracy Blvd. Suite #2, Tracy, CA 95376Phone: 209-839-2880 Fax: 209-839-2889
Check out his website here The San Joaquin County GAP Loan Program:
The San Joaquin County GAP Loan Program provides deferred, down payment assistance loans (potentially up to 20% of sales price), between $40,000 and $50,000, whichever is the lesser, to low income, first-time homebuyers for the purchase of homes in the unincorporated county areas. The loans are intended to bridge the "GAP" between the cost of a home and what a low-income household can afford.Call Kerry Sullivan @ 209-468-3124
San Joaquin County Down Payment Assistance Program: Currently no website just a phone number: (209) 460-4503
FYI
Tenant notice requirements:
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:
My Question is where will the next condo development be? Any scoops?
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
Brian W. Barringer
Brian@TracyHomes.com
800.894.7282
Made by Brian W. Barringer on May 6 2006 for
www.tracyrealestate.blogspot.com
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