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Spread the word:Condos for sale in Vis Valley - Below Market Rate

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  • rmorine@aol.com
    Hello All: I just learned about a very important opportunity that I’d like to share with as many Vis Valley residents as possible in the hope that you or
    Message 1 of 1 , May 22, 2006
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      Hello All:

       

      I just learned about a very important opportunity that I’d like to share with as many Vis Valley residents as possible in the hope that you or someone you know might benefit.

       

      This Sunday, the developer of the new 4 story, 12 unit building at 2428 Bayshore had a open house. Normally, open houses are no big deal, but this one should have been a big deal because all the units are being sold below market rate (BMR) to first time buyers with limited incomes. How much? $222,813 to $335,011! (Plus HOA fees). This is an incredible bargain in the SF housing market. The units may not be to everyone’s liking (not private yard), but for a single person or small family starting out, this might be cheaper then renting.

       

      The how and why behind this building is a long story, but the bottom line is that the City approved this project because they (the Planning Commission) thought that Vis Valley needed affordable housing and they felt that the residents of Vis Valley would benefit. This is were I have a problem.

       

      As far as I know, absolutely no outreach was done IN Vis Valley for Vis Valley residents. I found out about the open house purely by chance on Thursday, and did not know that they were accepting application (which are due in about 2 weeks) unit I dropped by.

       

      The developer’s representative said they had done “outreach” in the Chronicle and in Chinese and Spanish language newspapers. I read the Chronicle and checked this Sunday’s open house section and did not see the ad. Because I was aware of the project, I’ve regularly checked the company’s website to see if it was listed, it never was. In fact, unless you type in a special address, it can’t be found by searching the site (I also found this out on Sunday). It’s very possible that I missed this, but I am literally around the corner from this building, so if I had not heard about the open house in a timely manner I question their sincerity in doing outreach. To be fair, there were a lot of people in attendance, but how many from this neighborhood?. The agent said about 400 people came in the 2 hours they were open (why only 2 hours??!!)

       

      Because homeownership is such an important step in life and the approval of this building was granted because of the “need” in this community, I strongly feel that the Vis Valley community should at a minimum be given a fair chance to apply. I don’t think this can happen because we were not made aware in a timely manner (if I am wrong, please correct me). I plan to send a version of this letter to Sophie Maxwell, The Planning Commission, the Mayor’s Office of Housing with the request that the developer extend the deadline 2 weeks and require them to schedule a meeting in Vis Valley to explain the process. Why? Because in six months, after all the new families move into the building, we all should be able to accept them and the project because we the process was fair, open, and equable.

       

      Like many of you, homeownership in Vis Valley is a privilege that we can proudly claim. We know how special this neighborhood is and eagerly tell our friends and family about open houses so that they might someday become Vis Valley residents as well. With that being said, tell your family and friends about this opportunity. If you feel that more outreach should be done and the deadline extended, contact those with the influence and authority to make that happen.

       

      Russel Morine

       

       

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      Type Of Unit

      Below Market Rate Development

       

      Address:                 2428 Bayshore Blvd.

       

      Bedroom size                    12 Units, 1, 2 and 3 bedrooms

      Selling Price            $222,813-$335,011

      Homeowner Dues: $301-375 Per month

      Contact Person:                  Casey Caruso

      Phone:                    (415) 321-7022

      Email:                              casey@...

       

      Application deadline:          June 5, 2006

      Lottery:                            June 8, 2006

       

      www.vanguardsf.com/bayshore

       

      Download application here:

       

      http://64.143.174.35/bayshore/BMR_Application.pdf

       

      2428 Bayshore Boulevard - BMR Applications

      IMPORTANT DATES:

       

      Sunday, 21st May 2006 - Open House 2 - 4 pm

      Monday, 5th June 2006 - Applications Due by 5pm

      Thursday, 8th June 2006 - Lottery Day (5pm)

       

      Return your application by 5th June to:

       

      Casey Caruso

      2501 Mission Street

      San Francisco, CA 94110

      Items you must include in your application:

       

         1. Complete set of past three years’ Income Tax Returns (signed & dated) and W-2 forms.

         2. Three recent and consecutive paystubs (or equivalent: For self-employed, a copy of Income and Expenses Statement)

         3. Three recent bank statements.

         4. Pre-approval Letter

       

      PREFERRED LENDERS:

       

      Bank of America

      Josie Spavone

      415.622.0472 phone

      josephine.a.spavone@...

      Fill out this questionnaire: download

       

      Washington Mutual

      Eliza Wu

      415.242.6304

      eliza.wu@...

       

      Wells Fargo Home Mortgage

      Peter Conte 415.247.1247

      peter.conte@...

       

       

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