Charlotte Schamadan: Not as simple as gingerbread
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#1 Aug 3, 2008
"Originally intended as for-sale condominiums, the 68 residential units are instead being occupied under lease and lease-to-own programs that require their conversion to condos when the housing market returns to normal. "
"the new agreement requires the developer to covert to ownership when market conditions recover at a rate equivalent to the 2006 median housing sales price in Monrovia."
Schamadan is right in expressing concern over the Commons project. The above comments, from the city web site, are revealing because they equate "normal" with 2006 median housing prices in Monrovia.
I imagine developers from around the state are chomping at the bit to do business with Monrovia. Where else can you do a project and have a city guarantee that you will sell at historically high prices?
The sad thing is that we now have 68 apartments that will be filled with renters with little or no vested interest in the long term quality of life in Monrovia. The city will counter that this is a temporary arrangement. I say temporary will be 5 to 10 years as I would not expect to see a return to 2006 levels until then, if ever.
Schamadan should recognize that the city council is ultimately to blame for this misadventure in redevelopment. Their city manager presides over a city fraught with lawsuits, sordid internal incidents, unsolved murders and a deteriorating infrastructure.
To be sure, Monrovia is a wonderful city but do not think for a minute it is because of the city council, the police department, the city administration or the chamber of commerce.
Monrovia is a fine city because of it's residents and their values and principles. There is a dissatisfaction with the course of events and we will have an opportunity to change course in the next elections.
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