Home Buying in 91362>Question Details

G, Home Buyer in 91367

Owner Occupied Ordinance-Thousand Oaks

Asked by G, 91367 Thu May 15, 2008

We are looking at condo/townhome in Thousand Oaks. It's called "Casa De Oaks" development. The listing agent told me that there is some sort ordinance stating owner occupied meaning you must live there. We are first-time home buyer and plan to use it as our primary residence.

At the same time if some great opportinity (job) comes our way, say for example from New York we may like to accept such an offer and move and may have to rent this property. Can I do this. Or we'll be in trouble if we have to move out.

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Looking at all 15 for sale in the "agent remarks" for the local MLS this statement was probably the most helpful in my opinion "Units in Casa de Oaks are to be owner-occupied per City of Thousand Oaks, Housing Division. There are some exceptions for leasing, but no investors." I also located a web site for City of TO Housing division. It does have an area that talks about the exemptions. I hope this is helpful. With 15 units for sale, most being preforeclosures and REO's try not to get your heart set on just one and try to get the very best deal you can. Seems that these may be poised for more "price adjustments" surely some Seller is going to have to start to give in on the prices if they hope to make their property more likely to sell than the others. Good luck!
1 vote Thank Flag Link Thu May 15, 2008
First-time Home Buyer in 91367,

Checking in with you to see if you purchased in the Casa de Oaks development. I just checked the MLS and found several units as pending sales.

There are other developments throughout Ventura County in similar price ranges but without the city restriction of requiring owner occupancy.

If you would like auto emails with available condos, please get in contact with us. It is a great way to learn what is for sale in Ventura County. What a great place to live!!

"Doing Real Estate Right"
Web Reference: http://www.GregandJoyce.com
0 votes Thank Flag Link Fri Jul 4, 2008
To add to Bonnie's excellent answer. You really need to get a good look at the HOA documents and the CC&Rs even after talking to the city.

More important is the overwhelming number of distressed sales in that complex. As they Sell or get foreclosed on it will cause a domino effect and there will be certain price adjustments as the units turn over.
Web Reference: http://www.homebuysblog.com
0 votes Thank Flag Link Thu May 15, 2008
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