Hayden CPU Informational Session by KB Home
Hayden is the newest Controlled Price Unit Condominiums available in Playa Vista since it was originally offered about 10 years ago! Please refer to the Playa Vista website for the floor plans and other FAQs.
The following are the unofficial notes from the informational session held by the builders, KB Home on Jan 31. The next one is scheduled for February 8, 2017 at 6pm at the Resort.
Hayden CPU Building and Common Areas
- Total of 125 CPUs in Hayden at Playa Vista by KB Home. The future Seabluff Flats building will include 6 CPUs
- There will be 29 one-bedroom units and 96 two-bedroom units
- Each Hayden unit will have 2 subterranean garage spots. Some may be tandem and some are side-by-side. Additional parking spots are not available for purchase
- There will be some storage units that will be built and sold but prices are to be determined
- Expected completion is late summer/early fall 2017. Expected to start writing contracts in May
Hayden CPU Pricing
- Hayden CPUs are expected to be in the mid 400k right now but the price changes monthly since it depends on the Consumer Price Index (CPI)
- Sales price will be the same for either the one or two-bedroom
- There is no Mello Roos
- HOA assessments are $230 for the master association in addition to the Building’s HOA which is estimated to be around $410 (total of $640/month)
- The budget for Hayden’s HOA is not finalized yet so it is not determined what it should include. The $230 from the master association includes high-speed internet, cable television, use of the Resort and Centerpointe Club gyms and pools
- HOAs fees are not tax deductible
- HOAs are not for profit but expect increases. If premiums go up, then HOA dues go up
- Stearns is the designated lender
- Minimum down payment required is 5%
- The deposit amount is not yet determined
- You do not have to use Stearns but it was mentioned that your own bank may give you below market rate as they are not familiar with the process. Therefore, they highly recommended you use the designated lender
- Playa Vista Elementary School services the area but may depend on how full they are when you enroll your child
- All units will be sold before they are able to be viewed. No renderings of individual units are available. No models will be shown before contract but can be seen before escrow is closed. Just floor plans and list of standard features will be available
- 15 year resale restriction but there are no restrictions on renting them
- The portal to be on the interest list will be opened for two weeks. Will start contacting after 30 days
Hayden CPU Priority List
- Based on points and time of registration on the portal
- Maximum of 4 points assigned if you meet the following criteria: (i) community-serving employees such as firefighters, police officers, public safety personnel, healthcare workers, teachers and other public service employees, (ii) buyers who work within five miles of Playa Vista and (iii) buyers who are first-time homebuyers, (iv) have an income that falls within the income guidelines
- The maximum you can make is $200,000 gross household income
Other clarification questions
Q: If there’s more than 2 people in one household that qualify do I get more points? No, only 4 points available per household
Q: Don’t need all 4 points in order to apply? A: No, but the demand for CPUs outweigh the supply so you may not get a call if we have applicants with more points
Q: I’m a retired teacher but can qualify for a loan, can I get a point for being a former service employee? A: Will have clarify with the city
Q: When do you pick if you want a 1 or 2 bedroom? A: It will depend on where you are on the list. It’s first come first serve so you pick from the available inventory.
Q: If my roommate qualifies as a community service employee and will live in the home but I’m buying the home. A: No points will be awarded. Only the person on the loan will get the points.
Q: I work for the Department of Veterans Affairs/I work for a non-profit. A: You will get a point depending on what role you play with that employer.
Q: Can there be a sale contingent upon sale of another home? A: No
Q: I don’t work within the 5-mile radius, my wife does. A: You will get a point only if you both are on the loan.
Q: My wife is a first time homebuyer but I am not. We will both be on the loan. Will we get a point for first-time homebuyer? A: Will consult the city
Q: Pets A: Cannot exceed two pets, cannot be an aggressive breed, maybe a weight restriction. Rules not finalized
Q: Do you offer VA financing? A: This project won’t be approved for VA financing
Q: Are all 4 points weighted equally? Yes however,
- Person A makes 80K, Person B makes 150k
- If Person A and Person B have equal points, Person A will get priority because they have a lower income.
- If Person A and Person B have equal points, but Person B signed up first, Person A will still get priority because of lower income
- Points still determine priority but when you sign up on the list is a tie-breaker