Affordable housing in Mill Valley, CA

Homebuyers looking for property in Mill Valley recently had an interesting option added to their realm of possibilities.  Pacific Trail Townhomes is a complex of 16 apartments that are being sold as individual units, with ownership being an arrangement called tenancy-in-common.  The bottom line is that this creates housing which is a bit more affordable than a typical arrangement.  The homes range from $298,000 to $340,000, and in a market where condos can’t be found for under $400,000 this sounds like a pretty good deal.

In this case, tenancy-in-common is a scheme by which a buyer has financial interest in an entire property, and owns/lives in one of the individual units.  This is different than condominium ownership in which the buyer owns the space inside of the walls of the unit, but only has use of common areas with no ownership rights.

Tenancy-in-common is an accepted practice in San Francisco, but for some reason has never really caught on in Marin County.  The project in Mill Valley will be interesting to watch, especially with home prices being high and construction opportunities being limited.  While this type of shared ownership might not be for everyone, it does represent an opportunity for first time homebuyers or those wishing to move into a smaller, less expensive home.  If you are looking for real estate in Marin County and find things a bit pricey, it might be something to consider.

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