Exceptional Value, But With a Catch That's Maybe Worth It.
Today was Broker's Tour Day! That's when all us active agents go out and tour the new listings in San Luis Obispo. Part of the reason I love my work is that I get to be nosy and go see other peoples homes...I love it
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A very unusual property has come on the market. Actually there are two units available in the complex, and I think they are worth noting.
These units are at the western entrance to campus, and were designed as lower cost housing offered exclusively to Cal Poly Professors. One of the reasons Cal Poly has trouble hiring is because of the high cost of real estate here, so Cal Poly devised housing on land the university owns. The prices were set lower than market value and they would be available to Cal Poly teachers only. But, lately, for a number of reasons, two that have been available ONLY to Cal Poly have not sold and have been made available to the general market at substantially lower than market, but there are catches.
First, the property must be owner occupied. Second, when the property is sold, the price is set by adding the Consumer Price Index percentage annually to the sales price. Third, the property must be offered to Cal Poly professors exclusively for the first 120 days that it is for sale. There are probably some other restrictions, but these are the main ones.
The units are nice; One is listed at 365K for a 3/2 1300 sq ft, and the other is 395K 3/2 1600 sq ft. The HOA fee is about 200/mo and there is a $48/ mo ground lease charge. (Cal Poly owns the land)
Great Prices! Here's some pictures. Call me if you want more information. 805-801-5529. Thanks, Liz
