Local Market Housing Costs
Pleasanton is located in an area of high housing costs typical of the San Francisco Bay Area. Recent data on house sales in Pleasanton compiled by Bay East Association of Realtors® can be found at https:///www.bayeast.org/buysell_housingstats.html.
The information compiled by Bay East focuses on sales of existing homes. In addition, there are many new home developments which are currently under construction in Pleasanton. Sales prices for new homes in the area have generally started in the $800,000 and $900,000's, although custom homes and larger production homes on large lots are significantly more expensive. Information on new home developments in Pleasanton can be obtained through the local newspapers or in new home publications.
Pleasanton Home Ownership Assistance Program (PHAP)
Since 1992, the City has had a program to assist first-time home buyers in overcoming the obstacle of high local housing costs to be able to purchase homes in Pleasanton. The affordable homes, part of new subdivisions, have been achieved through negotiation and collaboration between the City and various home builders. To date, these efforts have resulted in the development of over 120 below-market priced homes in ten developments. The homes have included a variety of housing types which have been sold based on several different programs at below-market prices ranging from the low-$100,000's to the low-$200,000's.
The purchase of these affordable homes has generally been restricted to owner-occupant, first-time home buyers. The homes have been designed to be affordable to households at varying income levels ranging from 50% to 120% of the Area Median Income (AMI). The most recent developments have been targeted at 80% of the AMI (approximately $73,850 maximum annual income for a household of four persons in 2011; adjusted annually). The programs that have been completed to date or are currently under development are listed in the table below:
Development / Developer
(Location) |
Year Built |
Housing Type |
Aff. Homes |
Sq. ft. Bed-rooms |
Initial Sales Price |
Max. Annual House- hold Income |
Resale Restri- ctions? |
Palomino Place / Callahan Prop. Co.
(Palomino Dr. / Bernal Ave.) |
1992 |
Town homes
(24 total) |
4 |
1,400
(2 BR) |
$176,000 |
120% of Area Median
Income
(AMI) |
Yes |
California Somerset / Kaufman & Broad
(3100-3300 W. Las Positas Blvd.) |
1993 |
Duet Homes
(152 total) |
26 |
1,450
(3 BR) |
$142,000 - $145,000 |
95% of AMI |
Yes |
Rotary Commons / Pls. No. Rotary
(Palomino Dr. / Concord Wy.) |
1994 |
Town homes
(7 total) |
7 |
1,212 (2BR)
1,443 (3BR) |
$99,900
$124,400 |
80% of AMI |
Yes |
Calif. Reflections / Kaufman & Broad
(Stanley Blvd. / Reflections Dr.) |
1994 |
Single Family
(108 total) |
16 |
1,074
(3 BR) |
$219,000 |
120% of AMI |
No |
Sycamore Place / Greystone Homes
(Rheem Dr. / Katie Ln.) |
1994 |
Single Family
(36 total) |
6 |
944
(2 BR) |
$179,000 |
120% of AMI |
Yes |
Town Square / Kaufman & Broad
(Ray St. / Vineyard Ave.) |
1998 |
Single Family
(30 total) |
3 |
1,270
(3 BR) |
$200,000 |
100% of AMI |
Yes |
Nolan Farms / SummerHill Dev.
(Fair St. / Rose Ave.) |
2000 |
Single Family
(36 total) |
5 |
1,250
(3 BR) |
$130,000 |
50% of AMI |
Yes |
Walnut Hills / KB Home
(Bernal Ave. / I-680 east side) |
2002-2003 |
Duet Homes
(121 total) |
20 |
1,300
(3 BR) |
$199,000 |
80% of AMI |
Yes |
Canyon Oaks / KB Home
(Bernal Ave. / I-680 east side) |
2003-2004 |
Duet Homes
(128 total) |
26 |
1,300
(3 BR) |
$199,000 |
80% of AMI |
Yes |
Carlton Oaks / Greenbriar Homes
(Bernal Ave. / I-680 west side) |
2003-2004 |
Duet Homes
(113 total) |
10 |
1,300
(3 BR) |
$199,000 |
80% of AMI |
Yes |
Birch Terrace / Silverstone Communities (Vineyard Ave. / Birch Terrace Dr.) |
2007-2008 |
Townhomes
(45 total) |
7 |
1.280
(2BR)
1.850
(3BR) |
$205,000
$310,000 |
80%/
120% of
AMI |
Yes |
Due to competition for the affordable homes, eligible buyers are typically selected through a lottery system, with priority going to Pleasanton residents and employees. In some cases, second mortgages have been offered by the City or through other sources to bridge the gap between a minimum down payment and the amount of the primary loan so that buyers can qualify to purchase the homes. Additional assistance has sometimes been available through the Mortgage Credit Certificate (MCC) program, in which eligible home buyers can receive a credit on their annual taxes to lower their monthly housing payment. To ensure continued affordability over time, most PHAP homes include restrictions controlling the maximum sales price and maximum income of subsequent buyers when the homes are resold.
Information on current opportunities for the purchase of below-market priced homes can be obtained by contacting the Tri-Valley Housing Opportunity Center (141 N. Livermore Ave., Livermore; 925-373-3130; www.tvhoc.org) or the City of Pleasanton Housing Division (925-931-5007).
Housing Finance Programs
In 2004, the City received an allocation of HELP (Housing Enabled by Local Partnership) funds from the California Housing Finance Agency (CalHFA) to introduce a new Down Payment Assistance (DPA) program to low and moderate income buyers of homes in Pleasanton using matching City funds. The program currently provides up to $20,000 in down payment assistance for low- and moderate-income buyers. Assistance is in the form of a low-interest (3.5%) loan that is amortized over 20 years. Buyers are responsible for obtaining a first mortgage with a CalHFA-approved lender at a fixed interest rate with no negative amortization, balloon payment or adjustable rate features. Click on the links below to view and download the brochure, application, and detailed guidelines for the DPA program. For additional information, contact the City’s Housing Division at 925-931-5007.
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