Pacific Commons was originally developed as a condominium project, and the opportunity to purchase the units on an individual basis will soon be made available to the public. As our current residents, you are our most valued clients, and thus, it is our desire to make available to you, the first opportunity to purchase the units.
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| How
soon will the units be made available for purchase? |
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Starting immediately, we can take reservations on the units. We have received what’s commonly referred to as a “Pink Report” from the Department of Real Estate (“DRE”). This allows us to take non-binding reservation deposits from buyers. Upon receipt of our final “White Report” from the DRE, we will be able to sell and close escrow on the units. At present, we anticipate receiving our White Report within by June, and estimate our first closings to take place around August of 2005.
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| If
I have at least until August, why do I need to do
anything now? |
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Tenants must be notified at least 90 days prior to any offering to sell, and if the tenant still resides in the unit, they will be given the right of first refusal to purchase the unit. By starting now, you can get a jump start on the process, get pre-approved for a loan, and perhaps even lock in your interest rate. Starting the process early also allows you to resolve any outstanding items that may exist, such as errors on your credit report that may need to be corrected, removed, etc.
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| Will
any improvements/upgrades be made to the property
or the units? |
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Many improvements and upgrades are planned to be made to the community including new electronic accessed security gates and perimeter wrought iron fencing; along with new roofs on all remaining buildings where roofs were not recently replaced. Buyers will have the option to purchase units in their “present” condition; in “turn-key” condition (similar to that of our rental model unit); or in an “upgraded” condition, which will include new flooring, kitchen cabinets, granite counters, appliances, and fixtures, along with many, many, more upgrades and features. Please note, the upgraded model units are presently in the process of being renovated and will soon be available to tour.
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| How
much will the units cost? |
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Until we receive our White Report from the DRE, we can only provide you with a non-binding estimated range of values. At present, we estimate the “standard” units to be in the $160,000 to $165,000 range, and the “upgraded” units to be in the $170,000 to $175,000 range. The prices are subject to change.
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| Why
would I want to purchase rather than rent my unit? |
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Owner occupants receive many financing & tax benefits that are unavailable to tenants or investors. 100% financing and the opportunity to take advantage of some of the best interest rates in decades are just an example. To that end, we have made arrangements with several different lenders that are familiar with our project and are anxious to discuss all of the many loan opportunities available to you.
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| What
will my down payment and monthly payments be if
I choose to purchase a unit? |
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There are so many loan programs available today that we highly encourage you to speak to our lender contacts to discuss all of the opportunities available to you. There is no obligation to use them.
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| Who
will assist me to determine if I can qualify to
purchase a unit? |
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The attached lender contacts can discuss all of the different financing options available to you. For example, units occupied by either the buyer’s father, mother, brother, sister or children of buyer or buyer’s spouse, are still considered owner-occupied, and likely to receive the most favorable loan rate & terms. Please call our lender contacts for details.
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| If
I choose not to purchase a unit, will I have to
move? |
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Not necessarily. Our governing documents will allow for up to 25% of the project (approximately 38 units) to be tenant (non-owner) occupied. Residents who do not purchase a unit, could continue to rent one of these units, based upon availability
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| If
I decide to purchase a unit, will I have to purchase
the unit I presently occupy? |
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No, however, existing tenants will have the first right to purchase the unit in which they occupy. Reservations will be taken on a first come, first serve basis. The Buyer Reservation Application allows buyers to select up to three different unit numbers, in order of preference, which
will be subject to availability.
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| What
do I have to do to reserve a unit? |
- Do we have access to the bike trail in the back of the community?
Yes! We have a secured pedestrian gate on the southwest end of the community with direct access to the bike trail. The trail runs along the Calaveras River.
- Do you have covered parking?
Yes! Every homeowner has one reserved covered parking space.
- Do you offer special financing?
Yes! Please contact our preferred lender(s) today to discuss the many financing options we have available for you.
- Are there available upgrade options?
Yes! We have options in selecting granite counter tops, flooring, stainless steel appliances, crown molding and more!
- What School District do you belong to?
Stockton Unified School District.
- Are you a gated community?
Yes!
- Do you have a security patrol company at night?
Yes!
- Do you offer you own washer/dryer hookups in the homes?
Yes! There are hook ups in each home.
- Does each home have its own water heater?
Yes! Every home has a separate water heater.
- Does the home come with a warranty?
Yes! We provide a 1 year warranty for the protection of your investment. Ask for details.
- Is University of the Pacific within walking distance?
Yes! The campus is directly across the street. The main campus is within a half mile!
- What hours are your models open?
From 11am to 6 pm daily.
Contact Our Sales Office Today
Our Sales office will be happy to answer any
questions you may have, and assist you in reserving
a unit. Please call (209) 477-6037
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