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Fair Oaks Walk HOMEOWNERSHIP COMMUNITY FOR EDUCATION EMPLOYEES SPONSORED BY CAL POLY POMONA FOUNDATION, INC.
SPONSOR CAL POLY POMONA FOUNDATION – Nonprofit auxiliary of Cal State University – Supports Cal Poly Pomona’s educational mission – 40 years of experience – Manages Fair Oaks Walk housing program – Has similar program for single homes by campus
Primary Program Objectives • Foster Cal Poly Pomona employee recruitment & retention • Provide a desirable Academic Residential Community near campus. • Provide Affordable homeownership • Preserve future affordability & availability
Builder THE OLSON COMPANY www. Olson. Homes. com – 20 years of experience building award-winning infill townhome communities (i. e. Village Walk in Claremont) – Past two years one of top builders in the nation in Homeowner Satisfaction.
Community Location - Pomona • 141 E. Foothill Blvd at Equation Rd, East of Garey Ave • 15 minutes to campus • Convenient to freeways & Metrolink stations • Near schools, parks, shopping, restaurants • Just west of historic Claremont Village
Community Features • 34 homes on 2. 5 acres • Quiet Pomona Neighborhood • In prestigious Claremont School District • Views of Mount Baldy • Large Green Common Area with Tot Lot, Picnic Area, Barbeques. • Walk to Restaurants & Shops
Home Amenities • • 3 bedrooms 2. 5 baths 9’ Ceilings Fireplace Laundry Room 2 -Car Attached Garage Pre-wired for Interactive lifestyles – Cat 5, Cable, Phone • Walk-in Closets • Front Porch
Plan 1 Floorplan • 1, 548 Sq. Ft. • Open Floorplan Downstairs • Large Master Bedroom with a Sitting Area • Priced $339, 529 $355, 000
Plan 2 Floorplan • 1, 741 sq. Ft. • End Units • Upstairs Loft/Living Space • Large Kitchen Island • Home Office Nook • Priced $376, 529 $390, 000
Condominium Ownership at Fair Oaks Walk Homeowners: • Individual interest: Ownership of Condo Unit • Shared interest: Ground Leasehold in Common Area (land) • Membership in homeowner association (“HOA”) • Elect HOA Board of Directors
Ground Lease: Forerunners 2, 700+ Homes in California University of California • 1 st : Irvine in 1985 • UCLA, UCSB, UC Santa Cruz, UC Berkeley CSU • 1 st : Monterey Bay in 1997 • Fullerton, Channel Islands, San Luis Obispo Private Universities • Stanford, Pepperdine, USC
Ground Lease Specifics • Home is to be Primary Residence • Preserves Program in the Future: – Affordability • Resale price: indexed to CPI (+ upgrades 15% + fix-up 5%) • Cannot sell/finance/refinance above this maximum – Availability • Resale by buyer: priority offerings to Sponsor, Cal Poly Pomona Foundation, before offer to other potential buyers. . • Repurchase Option for Sponsor: if mortgage default or ineligible employment / ownership / occupancy status
Ten GREAT Reasons to Buy NOW at Fair Oaks Walk
Ten GREAT Reasons to Buy NOW at Fair Oaks Walk 1. Risk-Free Buy Back Option • For three years, your home can be sold back to Cal Poly Pomona Foundation for your original purchase price. 2. Affordability • • • Prices for 3 BD / 2 ½ BA homes start at $339, 529. Interest Rates are at Historic lows. Cal Poly will subsidize a portion of your HOA Dues for three years.
Ten GREAT Reasons to Buy NOW at Fair Oaks Walk 3. Home Buyer Assistance Program • • • 4. For full-time Cal Poly Faculty & Staff, Cal Poly will provide down payment assistance of up to $70, 000. Will reduce monthly payments by approximately $400. Will allow homebuyer to bring about $10, 000 less to Closing. 2008 Tax Advantages • As a homeowner, you can deduct mortgage payments & property taxes from your income taxes. (You can’t do that with your rent checks. )
Ten GREAT Reasons to Buy NOW at Fair Oaks Walk 5. Pride of Home Ownership • Make your home your very own with your special paint and furnishing touches. Know that your monthly payments really benefit you, and not your landlord. 6. Consistent Monthly Payments • No more rent increases. With a fixed rate mortgage, you will be able to plan and save effectively, because you will know exactly what your payments will be for years to come.
Ten GREAT Reasons to Buy NOW at Fair Oaks Walk 7. New Home Warranties • Buying a new home, with a 1 year “Fit & Finish” warranty and a 10 year structural warranty from The Olson Company, you won’t have to budget for or be faced with unexpected and costly home repairs and improvements, as you most likely would be if you were to purchase a re-sale home. 8. Begin to Build Equity in Your Home • The appreciation in value of your home at Fair Oaks Walk will most likely begin the day you close escrow, as it is tied to the Consumer Price Index or CPI.
Ten GREAT Reasons to Buy NOW at Fair Oaks Walk 9. Pick Your Home and Your Neighbors • • With this brand new community, you have a rare opportunity to introduce Fair Oaks Walk to your friends and colleagues, your potential neighbors. And, having just opened the community, you would also have your pick of a floorplan and a location in the community. 10. Location. • This is an opportunity to buy a new home located in a quiet Pomona neighborhood, within the award-winning Claremont School District, a short stroll to shops and restaurants, minutes from the Mt. Baldy Recreation Area, the Village in Claremont, The Claremont Colleges, Cal Poly Pomona… And, this opportunity won’t last.
Who is ELIGIBLE to Buy? • Cal Poly Pomona Faculty & Staff • • • Education Sector Public Safety Sector Medical Sector Public Employees Cal Poly Pomona Alumni
Sales Center • 2 Model Homes • Located at 141 E. Foothill Blvd. Pomona • OPEN Friday, Saturday, Sunday & Monday 10 am – 6 pm. • Sales Counselor – Peter Shelton • Phone: 909. 596. 6019 • Email: [email protected] com • Website: www. Fair. Oaks. Housing. com