Why this Point Reyes woman sold her home for nearly half its $1 million value

The sale of this Point Reyes property is an example of ways that Bay Area land trusts and community groups are trying to ease the housing crisis.

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Equationist
Equationist
274 · 5 months ago · Reddit

An excerpt for those who wondering:

So in January, the 81-year-old finalized a deal to sell her Point Reyes home at a steep discount to the Community Land Trust of West Marin, better known as CLAM, which buys property off the high-priced private market and converts it into affordable homes. In Loeb’s case, it’s a deal that will allow her to live the rest of her life in the house with no monthly payment, then entrust CLAM to pay it forward to others in need of lower-cost housing.

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The $550,000 sale of her one-acre property — home to three one-bedroom bungalows ringed by mountains and cypress trees, which Zillow estimates could be worth more than $1 million — is the first success for a new Age-In-Place initiative at CLAM. It’s also an example of the increasingly sophisticated ways that Bay Area land trusts and community groups are trying to ease the housing crisis, from equity-oriented Oakland homeownership programs to wrestling entire apartment buildings back from Silicon Valley investors.

spac_to_the_future
spac_to_the_future
187 · 5 months ago · Reddit

The buyer is a community land trust, not some rando. Around the bay these generally do good work and try to take housing off the market to be an affordable resource in perpetuity.

trophywife4fun95688
trophywife4fun95688
86 · 5 months ago · Reddit

She didn’t get exploited, she’s got no one to leave it to you and wants to do something good for the world. My husband and I have a local land trust as the beneficiary of a home we own.

Dubrovski
Dubrovski
23 · 5 months ago · Reddit

she plans to live in the home for the rest of her life with no mortgage

She had a mortgage on the house she bought 46 years ago?!

aBetterCalifornia
aBetterCalifornia
18 · 5 months ago · Reddit

The $550,000 sale of her one-acre property

Some poor lady got exploited. I totally understand signing over a home to a non-profit dedicated to affordable housing, like a trust, after death. But the reality is unless she's wealthy, she may need the full value of that asset to care for herself in the event of disease or worsening quality of life. Assisted and long term care isn't cheap and giving up 50% of your homes value, puts a lot of seniors in serious financial risk, or potentially burdens both the taxpayer and or family.

quicksand_magoo
quicksand_magoo
9 · 5 months ago · Reddit

oooooor, we could just build more houses so normal people could afford to buy them ¯\_(ツ)_/¯