Affordable homes are hard to come by on the Central Coast, but there’s a new cottage housing community in northern San Luis Obispo County that aims to offer a solution.
Grand Oaks Paseo in Atascadero is located on El Camino Real not far from the San Anselmo exit.
There are 25 units with the smallest starting in the high $200,000s.
“What we have in California is a housing shortage and because of the housing shortage, housing costs are very high,” said Dr. Chris Thornberg of Beacon Economics.
San Luis Obispo County is ranked in the top ten least affordable counties to live and work in.
“A median price home is now over $750,000 in the county which 70% of the people in our community who serve us every day do not qualify to buy a home and we saw a problem with that,” said Jack Phelan, Cal Coastal Communities CEO.
Cal Coastal Communities decided to cut the prices, parcels and homes in half to try to make homeownership more attainable.
Grand Oaks Paseo is comprised of one, two, and three-bedroom cottages ranging from 700 square feet to just under 1,000 square feet.
“Basically, they're ideal for somebody downsizing or a young couple - as we call them, stepping stone homes - or it could be someone who wants to minimize,” Phelan explained.
A one-bedroom is in the $200,000s, a two-bedroom is in the $300,000s and a three-bedroom with a garage is in the $400,000s.
Over the last year, there were roughly 800 permits for single-family homes in San Luis Obispo County compared to 1,600 permits 16 years ago.
“In other words, the pace of permitting right now is half of what it was in 2005 and again, that's not going to cut it,” Dr. Thornberg said.
Meanwhile, at this latest housing development, the waitlist is garnering names and the first occupant is slated to move in mid-January.
There will also be four units on El Camino Real that will have commercial space below and a two-bedroom, two-bath above.
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