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HomeMy WebLinkAboutC10-243 Sale of Acquired Sunrdige Condominiums BoCC Update: July 26, 2010 SALE OF ACQUIRED SUNRIDGE CONDOMINIUM Housing and Development Alex Potente, Managing Director Issue: Housing and Development received an offer of $185,000 to purchase Sunridge Condos Unit D204 with no deed restriction. Background: The County purchased Sunridge Condos Unit D204 out of foreclosure in April 2010. We had previously made two $10,000 downpayment assistance loans to the unit's owner in 2006. We purchased the unit in 2010 to protect our DPA investments. We gained possession of the unit on June 24, 2010. Upon inspection of the unit, we found approximately $8,000 of rehab work that needed to be done in order to make the unit marketable (new flooring, new appliances, cabinet doors, painting, bathroom rehab work, water heater). We began work on the rehabilitation in July. This unit was not deed restricted when the County acquired it out of foreclosure. Our original intent was to resell the unit subject to a deed restriction. We had not yet began marketing the unit when we received a referral of a buyer from a local lender with whom Kim Williams has closed Miller Ranch units. This buyer was not interested in purchasing the unit subject to a deed restriction. Discussion: The following represents what we have spent on the unit to date: Redemption cost (less DPA Repayment) $ 18,463.24 Additional Legal Fees $ 1,173.07 Additional HOA Dues $ 1,184.70 Locksmith Costs $ 270.75 First Mortgage Payoff $ 112,788.00 Rehab Costs $ 8,000.00 Closing Costs $ 6,163.50 TVHS Fee $ 3,700.00 Coop Broker Fee $ 5,550.00 DPA Repayment - CDOH $ 11,244.44 DPA Repayment - ECLF $ 12,627.99 Total Costs $ 181,165.69 Should we ursue selling the unit with a deed restriction, we would likely save the Coop broker fee of $5,400 lowering 9 Y P 5 4 $0 9 the total costs to $175,466. We have sold condos of this approximate size in Miller Ranch for between $169,000 and $180,000, however we have had fewer and fewer buyers with each new listing. The Sunridge market is fairly volatile right now. There are 10 comparable listings on the MLS priced from $148,600 to $299,000. Days on market for these listings average at 192 days. Two weeks ago a free market unit was sold at $165,000, because the owners just wanted to unload the property. This hurts the appraisal potential for the rest of the available units at Sundridge. If timing of the tough lending market, lack of qualified buyers, and saturation of market weren't currently issues, we would recommend a free market price of $190,000 - $235,000. Recommendation: Taking into account the tough lending market, lack of qualified buyers, and saturation of market, we recommend moving forward with the contract price of $185,000 with a pre - qualified buyer who is using a lender that we trust, that can close relatively quickly (August 25) so that we minimize risk and costs to advertise, market, and show the property. We would like to get this unit sold as quickly as possible as the Housing department may need to use the proceeds of the sale in the Riverview transaction. Although we are not adding to the deed restricted portfolio, the sale of the unit to this interested buyer, will cover all of our costs, replenish the DPA fund in full, pay TVHS for its time, and get the unit sold quickly. Given average time on market for these units, we believe that this course of action makes the most sense. 0)0-2425 1 170321111782 T 4€ VAt1EY NOME STOfl 02:00:19 p.m. 07-23 -2010 1 112 the trolley Hoare Store Y+tt7ey Horne Store oft: 976.128. Fax • 56 6'611. 7137 € hh ph oho gOIWne di mis Mm1 . omega ksnerenteeted MOW* have room sec Db If* Cale aaS Rena Eltat/ {Carrtnt�p 9 391 tM„ T 481. - j tWI PORN NA! IMPOATANT LEt6AL, CONSEQUENCES ANO 134! PAM= SHOW) CONSULT LEGAL AND TAX OR OTHER COUNSEL WORE WINN . 4 1 OCRINTERPROPOSAL NNE . 42/oto 1. his Cate tero►wtsol stun superset* end replace we pievious monlettnorsosak This► u CounlerenvosM amends M Proposed mesa dn4d h2Q120T0 Oversell *two) o EIS* CasullY (gdlterl. one Susan M. Overran (Euyd1. looting to the snot 4,M ptnn:hase of the b*0*mg !sooty degrees rest senor to Ito County of EatNR Worse; t 1:102$4140; nutteinn ,D; Sundridge at Avert: Phaso 2; Unit 204 t s mom ass No. row waster* Crook Slot 11204 Avod CO 0 Tam fProP+ny). 1) 14 (NOT& $ *03 5*O lit 10 Malt et dM ISM "No Car m s" It treearool. N mono op Harmon. 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ATTACHMENT& Tim tolovAre are s oat at O►M Counleransposst 70 /WS CMr1p 31 NOW T1111 1103∎4 1Q MNCIOOUns Rims are attached MA meet a pee of the Cauniertsopeut 31 110 Clwvp! r 7+ 3, OTHER CHAS. Seabee 4.2 - *invest Money.14er41sps rifle CCntpony shah bold amass Money and be Mid 1v provide read soar* cooing services. &radon 1811 - Local Asnstsr Tax, The Buyer MN Ads lemur the cost tilt IM 2% transfer tan. J9 Aritetienal Provisions - Ears calory WWU aradit the Buyer wttiI 5000 towards Net Tra.RN Tax paid to tins Town of Avon. This Canes& re Bur and SON Rled Estate la aubp l to approval and ratification by Oa Hoard o/ County Commissioners et public session. 1n 0. ACCITTANCaE i AO1.INE. This Caret /propose shall 111pirrr viola aoeapled M tiering try Selby and (kei 41 v asnerd by Met signatures below ehe tta eating petty to eh dodudnrt **vas (OM ' r ar suns aaspMace on a beam 747110 54.00 PM IMO T Cate Tmme tit 0e0000; era nor 51 t. ors am 'nri d by Uwe Catintarproon!1. Stud b•Clenet is (braked 0ammen Sear anti Nrlur is Al caw temis and rer+d.tiona at thetheConvect draw moan the soma, • Serer r . /pin..+_ _ ... Cam: .. Et** Corny By',- Sara J. Fisher: Chau 1iis l Aodletum: 2S ANN Loft Una 200 J dyrerds, CO 81432 ' Seder 4 444_ CLItrt Add 9u1� t>rte 7.7S/ b u an Al ay.ry:my Mamoru ov.rrsr,379grnsd: com I .. 11'r,e• 4:4IM _ ..._ . .. _._ ......... , . . 37032/48782 THE VALLEY HOME STORE D201:03 p.m. 07-23-2010 3 fit Adams: r4ate.. Mein des CoanterproatrJa form s osst Out Contract is natio be signed by tbe piety fisitoOfte Otis countermove, aromas must compete and sign the Brows Actriamettrwm and Camenasson tbsebsto$ Moon at Ma Contract *Mb CP40440 COUNTOPROPOSAL 4 • S'703260782 THE VALLEV HOME STORE 42:01:43 p.m. 07 - - 2010 7 112 The Valley Moms Store The Krnett.rly 3 i -1015 Viflcy ►WntcStotF p{, 970 - 328 3776 far 866-6.1•'7237 t(ne er.nted pert.ev 7► Mot form, o4tpt edfoot.sted .Md, tots, not Ott /oMo•EA 7e 'I CcI IMO gum m4 41/00_j$19A3S•t0/3 Haan• •,y • 1 THIS FORM MS MIMORTAKT LEGAL CONSEQUENCES AND THE PARTIED SHOULD CONSULT 1 teaAL ANO TAX OR OTHER COUNSEL SEFOAE SIGNING. SOURCE Cr WATER ADD* UM TO CONTRACT TO RUT AND SELL REAI. ESTATE petal:. 712212010 9 to 1. ADOENODU TO CONTRACT TO BUY AND SELL REAL ESTATE. TIN Source of WNW • Addendum (Addendum) is mode* port of ltd Can to 9try and Sea Rase Estate beMean Sear 1 t end Buyer dated 7120!3110 _ (Cowed). for ere prrdra•s .rw sa of ter Properly Mown en No. i 1060 W Bower Crook faard. A{IW Aaron CO eia22 14 1$ Z. !OUNCE OF NOTABLE WATS& Seller Mutes* the Colt M Irdmrneeert Carr Me source of 19 patiofe now for NS Y 17 to pima end cbntplrM I, 2 Or 3 as appkeble.3 19 �e ❑ 2.1 flee 'Napery's cam of roar Jiff Woo z t M s WeN h Bee source of water far the Property. • copy of the COMM Wes Permit Or Ca ow snood. z1 r � a 7+ EP 2.2 The Weir Prouder for he Property can be Cantit:led et Eagle Now Water end Senttedon Name: 12M*fCm zi Address: 8tE wrier fraeq.VMR. CO afar 31 Web 9kr. orewe'lyld,Or3t ze Pao,* No.:17f7- a7N -741U 10 ❑ 21 Then is neither a Weil nor a Water Pfartder far Be Ptoper!y. The scums dwells i t for thb Properly is Idirsaribe some(: 3) 13 NOTE TO YUYE.Ift SOME WATER PROVIDERS RELY. TO YARYN% DEMOS ON NONNRNEWAIL OROUND WATEN. YOU MAY ITI$N TO CONTACT TOUR PROVWOER (OR s PANISTRIATS THE DSSCRISED SOURCE) TO DOTERMINR TNt3 IONO NM SUFFICCEMC& OF : .nee M�7ER SUPPLIES. Seier E'o gfa Coe Ayr Sera J. Fisher, CAahrnan • •fo arise 9u , ., M. Overran swASS -S-DT. MRCS Or' WATER AOOENDUM TO CONTRACT TO KM AND spu HEAL MATE 9703216752 THE VALLEY HOME STORE (12:01'17 p,Mt. 07-23 -2010 5 112 The Valley Nome Store Ktrncrth II, wallet -1 Vallr+y Homr Stae p 97,)- ;25.85 Jb Fix: 866.62 1 7237 Tee Dueled Dcrtrpni or tort torn, emoot eitlferrotte*0 oader.tM, fees been app'aeler b• true Cvt]tidr) Rest S+uea confronrorr. tar .4 5.041 _ ._ _ ,. ---- . SQUARE FOOTAGE DISCLOSURE • Tins d 0 made td gum. &id saw pu.+1Wr1 to O! natuwartionta of Colorado Rail Ewa won and Moon to knprored r*1. si iaa real el . Property Menem 1050 W &floor Crook Blvd. *MI Aron CO 81620 1. MOAN itntIvrnrtent Lift Weems, 13 Nun N.s Net meowed tat swore e of the maiafMtee Oltaiftf19 sb Po 11Upgtne standard, methodology or meaner CI tow* rowourement n/a nit C2 FHA ruts atfa © Ahl$I nit rule 0 Local swam niaa Ws OM Q Other n/a rata rNa a- Mat Swam of Mnwrt/mlmt : uaferc Licensee 0 ii Kt b Not provirary tafonnotion on square Ndowp of ma rosieef oe from maw sounSet1N $s Indicated below CE Pratt appestat tow or ascemextt We We ri MOPS pion. Mott or Oeognontl nfa R!. 0 Amt sF oface t oats at aocwnenti n/0 rota C3 Othsr rag n/a nit Mettme.ment la for the purpose of ice. may not be end and 0 0 fat tort, vi i0/ Orr or betw purpee., n exact aafa.to feetrge N a camera, ehm property should be Indop.ndsmty,nsas fleet u z4r slid Seer are advised o verify ins informant My independent nteeearemenI or Investgalloo **old be tomplidao on 7 , 1 the iw Objet ton Dwane of Dos '717.47 twang ucen �fy 8. Wawa ' The uncsaiugn.d receipt of has disclosure. gases_ ff a on 8y: Sir* J, fisher. Chairman < 53 --1: .). 9trysr, Sawn Ai_Mton S.O+i -% -tai SQUl* FOOT ;' hi -- •Suns �+ a � rF ..- - - -- ,