HomeMy WebLinkAboutAGENDA REPORT 1994 0803 CC REG ITEM 11KITEMJ !•!�- 0
AGENDA REPORT
CITY OF MOORPARK
TO: The Honorable City Council �TION,
FROM: Jaime Aguilera, Director of Community Developme
Deborah S. Traffenstedt, Senior Planner !�J)57-
DATE: July 26, 1994 (CC Meeting of 8 -3 -94)
SUBJECT: CONSIDER REMOVING CITY OWNED HOUSE FROM THE TRACT 3963
FIRST TIME HOME BUYER PROGRAM
Background
The intent of this report is to update the Council on staff's
efforts to sell the City -owned house on Mallory Court in Tract
3963, and to request authority to remove the house from the Tract
3963 First Time Home Buyer Program.
Discussion
A buyer has not yet been found for the City -owned house located in
Campus Hills, Tract 3963. Staff has been trying to sell the house
to a first time home buyer since January 1994. Additional
advertisement was done in May and June of this year. Ads of
varying size, as well as text content, were placed in three
different newspapers, and the Program was also advertised on the
local cable channel. The advertised sales price was $190,000.
Inquiries were received as a result of those ads; however, no
applications were submitted for the Program.
Staff has found that the value of the home ($190,000 to $200,000)
makes it very difficult for a moderate - income, first time home
buyer to qualify for the home loan. There were at least five
potential buyers that met the Program qualifications, and were
interested in buying the house; however, they could not qualify for
a home loan based on income and debt ratio.
The City has recently received three offers for the house and staff
is continuing to negotiate. None of the potential buyers is a
first time home buyer. Staff is recommending removal of the house
from the Program due to unsuccessful efforts to find a qualified
buyer.
Recommendations
1. Direct staff to remove the City owned house on Mallory Court
from the Tract 3963 First Time Home Buyer Program.
2. Authorize the City Manager to sell the house to any buyer for
the highest price that can be obtained, and /or to hire a real
estate agent to market the property.