Process
of Buying a Home
Buyer Waiting List
How CPR is able to offer homes at a discount
Competitively Priced Residences is using specially developed financing and management techniques to offer homes in Santa Barbara, Ventura and Los Angeles County, California, which the Middle Class can afford to purchase.
As a developer we will create a few homes for sale at market prices so that we can earn profits to re-invest back into our company to build homes for the Middle and Lower Income classes. However, the majority (around 90%) of the homes we create will be affordable to our constituency.
Our initial goal is to benefit certain citizens, by the nature and location of their work or income level, and other qualifications as a resident (such as the benefit they give to this community, by their participation in support of it, or the need members of this community have for their being here).
Initially we'd like to offer these homes to the following types of career persons, but we are taking names on our waiting list for other career types. (This depends upon whether we have enough persons from these groups come forward to request to purchase homes we have for sale).
Stipulations that lower the cost of buying
CPR will retain a part-ownership in them, by co-investing in the portion of the value of the home, between what the seller pays for it, and what it is appraised for.
CPR will share in the future equity gained in the home, between the price the first owner purchased it at and what it is appraised at by the time it is sold again. (This equity gain will be within the range created by the "Cap" below - to be determined).
This "sharing" occurs between the owner, CPR and the builder/contractors.
CPR also has an agreement that gives our organization the first right of refusal to buy the owners' interest in the home home back, when the original homeowner wants to sell.
CPR will create a "Cap" on future value/sales prices, so that the homes do not escalate in value at the same rate of the homes on the open market, thereby creating a "second-tier" real estate market.
Home Development Costs & Sales Prices
Process of Buying an Affordable Home
Offer to Purchase exists to Members Only