November 11, 2005

Exceptional style and convenience

Terra Vista at Otay Ranch offers affordable condominium homes

By Pablo Jaime Sainz

If you’ve been wanting –and trying unsuccesfully— to buy a house but just can’t afford the high costs of housing in San Diego County, Montecito Property Company, a national leader in condominium conversions, has an offer unlike any other around.

Terra Vista at Otay Ranch is a 168-unit condominium resort that’s located in the heart of Otay Ranch in Chula Vista.

Starting at $270,000, these condos are well below the median price –the median sales price for Jun 2005 in zip code 91913 is $610,000, according to project manager Michelle Michaels.

“These are affordable desirable residences for the first time home buyer, young professionals and families,” Michaels said.

In keeping with Otay Ranch’s small town atmosphere, the 168-unit condominium community reflects the feel of an early California neighborhood with Mission-style architecture, street lamps, narrow tree-lined streets, abundant landscaping, and groves of olive trees.

Designed for people, not for cars, the upscale one, two-, and three-bedroom homes are offered in five spacious floor plans.

“You can spend the holidays in your new home!” Michaels said.

The Grand Opening, called Super Saturday, for Terra Vista at Otay Ranch is Saturday, November 12, 2005, beginning at 8 a.m. Prospective buyers will be treated to festivities by the pool, music, refreshments and food.

Condo conversions

Montecito Property Company acquires properties in key resort and metro areas throughout the United States, repositioning multi-family communities for conversion to luxury condominiums, Michaels said.

“Trend toward condo conversions is growing due to the attractive pricing,” But the trend has had its share of controversy in areas like San Ysidro, where apartment complex tenants (most of the Latinos) have been evicted or their monthly rents have gone up due to condo conversions at their buildings.

Not so at Terra Vista, said Michaels.

“Current residents here have first-chance to purchase the condo they’re renting at a special value to make it more affordable for them,” she said.

Michaels added that none of the current residents of Terra Vista will be evicted and all of them will be permitted to finish their leasing contracts for whatever months they have signed.

“We definitively don’t evict people,” she said.

They will also have the option to continue renting the same condo after their contract ends if the new buyer agrees, she added.

Targeting the Hispanic market

Almost 50 percent of the total population at Otay Ranch is Hispanic, Michaels said.

That’s the reason why developer Montecito is targeting its marketing efforts toward the Hispanic market.

“We want everybody to buy, but we’re especially interested in reaching out to potential Latino home-buyers,” Michaels said.

There are several Spanish-speaking salespersons available in order to give Hispanics the best service and helping them feel comfortable when searching for the perfect condo for them, she said.

To find out more for yourself, call Terra Vista at Otay Ranch at (619) 656-5493, or visit the sales department at 1441 Santa Lucia Road, in Chula Vista.

You can also check out pictures of Terra Vista at Otay Ranch Condominium Resort, log on to www.ownterravista.com.

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