Resale Restrictions Lifted on The Groves Condominiums in Thousand Oaks

The City of Thousand Oaks has long supported efforts to provide low-to-moderate income housing within the Conejo Valley. The vehicle most commonly used to maintain the status of such homes is through income-related resale restrictions, which limit the maximum income of a buyer. A thorough review of the financing structure is also done to help ensure a buyer does not get beyond their means.

So how do these restrictions work? The first criteria is fairly simple verification of annual income. Using a tax return, W-2 form, or other accepted form of reporting gross annual earnings the City compares the buyer's information to their maximum gross annual income limit, based on family size, and determines if the family makes too much money to qualify for the purchase of the property. For example, a newly married couple with no children would be considered a family of two. The City's gross maximum annual income limit for a family of two was $76,300 at the time of this writing (this number could change if, for example, the City decided to increase the gross income limits to adjust for inflation in the area) so the newly married couple would need to earn less than that number in total combined gross annual income to qualify for the purchase. The second criteria is not so simple, and I will not try to explain it here. Suffice it to say that the intent is to protect the buyer from extending beyond their means with their mortgage. If you would like to learn more about this you can contact me at 805-367-0007 or call the City of Thousand Oaks directly.

Most of the properties under such deed restrictions in the Conejo Valley have very long terms, in many cases 20 years or more. The Groves, a centrally located condo complex in Thousand Oaks, is a community that has been under such restrictions for fifteen years. For many of the homeowners in the complex this has recently changed as their resale restrictions expired this month, creating a larger pool of potential buyers for these properties.

Offering a wide range of amenities including spacious rooms, open floor plans, private balconies, private 2-car garages with additional private storage areas, a beautiful pool area, mature landscaping, central air and heat, laundry hook-ups, and fireplaces, these condos are great opportunities for first time buyers and parents helping their kids get started in homeownership.

As with all things real estate related, special circumstances may exist with a given property that changes the conditions of the resale restrictions. Be sure to double check directly with the City of Thousand Oaks to ensure you have the best information when considering the purchase of a property with resale restrictions.

The author of this article, Nick Cormier of Dilbeck Realtors, currently represents two owners in The Groves. To get details on these fine properties, please visit www.nickcormier.com and select Featured Listings, or call him directly at 805-367-0007 for all your real estate needs.