Every resident of the Crestwood Manor housing community has a
chance to transform their rental home into their new house, thanks
to a generous offer from owner Albert Fortino.
As part of his plans to convert the gated rental community into
condominiums, he has promised the tenants below-market sale prices
and the chance to convert their security deposits
– first and last month’s rent – into down payments.
Gilroy – Every resident of the Crestwood Manor housing community has a chance to transform their rental home into their new house, thanks to a generous offer from owner Albert Fortino.
As part of his plans to convert the gated rental community into condominiums, he has promised the tenants below-market sale prices and the chance to convert their security deposits – first and last month’s rent – into down payments.
The 52 duplex units in the complex off Kern Avenue range from $1,295 to $1,350 in rent per month, while four free-standing homes rent for $1,400.
Fortino also has offered to give 5 percent mortgages to anyone in the housing complex, although he is allowing tenants to go through other lenders if they can find better rates.
“The way Mr. Fortino has set it up, it’s going to be a very easy way to get ownership,” said Norma Seager, a retiree who did not expect to have a chance to buy her 10th home. “It’s the best opportunity.”
Chet and Renée Allen moved into their townhouse in the palm-tree-lined community a month ago. The young couple is now furnishing the second bedroom in anticipation of the newest member of their family.
“We were very excited (to learn of the offer),” said Renée Allen, who is pregnant with the couple’s first child. “We felt blessed to be a part of this opportunity. It’s unreal.”
Like many young people, the Allens found themselves priced out of the region’s white hot real estate market. Chet Allen said that prior to Fortino’s offer, the couple had no intention of buying a home in Gilroy or anywhere else in the region.
“We didn’t necessarily look at the market because what was the point really?” he said.
But the couple was quick to sign on to Fortino’s offer. An appraisal last year fixed the value of homes in the community at about $265,000. The Allens plan to buy the home even if an updated appraisal means a higher price.
“I’m really proud of that property,” said Fortino, who has sold off a handful of other developments in Gilroy in anticipation of retirement. “I put my heart and soul to make (Crestwood Manor) look really sharp. I think it will be the best investment of their lives.”
Councilmen approved Fortino’s request to convert the rental homes into for-sale condos at a July 18 meeting. While expressing some concern about the loss of rental housing, officials welcomed the chance for so many people to buy homes on such favorable terms.
“All of a sudden you’ve got another opportunity for the people who can’t afford a $450,000 home to afford a condo,” Mayor Al Pinheiro said. “It’s definitely an opportunity for home ownership.”
Lorraine Beckley, who moved into Crestwood Manor seven months ago, was ecstatic about the deal.
“I think it’s great,” said Beckley, who owned a house in Gilroy 17 years ago. “I used to live here and I can’t afford to buy my old home. This is a great opportunity for young and old.”
