Atascadero approves ‘micro-home’ project — featuring houses starting at $250,000
Atascadero will be getting 30 new “affordable by design” houses — which builders hope will create more affordable, entry-level homes.
City Council members on Tuesday night voted unanimously to approve Grand Oaks Paseo, a “micro-home” development of 500- to 900-square-foot houses on a 1.7-acre El Camino Real property between the Kmart shopping center and downtown.
Builders estimate the houses will cost about $250,000 to $350,000, meaning mortgage payments would cost $1,400 to $1,800 per month.
Cal Coastal Properties will build the project, which will feature a mix of 26 one-, two- and three-bedroom homes and four live-work units with office space on the ground floor and housing on the top floor.
“This project is making a much-needed stepping stone for the local housing market,” Ted Lawton of Cal Coastal Properties said at the meeting.
Grand Oaks Paseo will also include 70 on-site parking spaces, a community event center and outdoor gathering areas.
Unlike tiny homes — many of which are on wheels — the Grand Oaks Paseo micro-homes would also include the land under the houses. Buyers would also be eligible for traditional lending options.
A median-priced San Luis Obispo County home — meaning half of homes are cheaper and half are more expensive — cost $655,500 in September, according to the California Association of Realtors (CAR).
The county’s median household income is $67,175, according to U.S. Census Bureau data. Only 27% of county residents can afford to buy a $635,000 home, according to third-quarter CAR data.
Lawton said he believes developers haven’t been building enough housing for residents who can’t afford homes priced in the top tier of the real estate market.
Grand Oaks Paseo could provide housing for renters looking to purchase property and build equity in a home, he said.
“We believe every Californian should have an opportunity at homeownership at every tier in the market,” Lawton said.
Council members asked questions about parking needs and the live-work units toward the front of the property, but were supportive of moving the project forward.
“I’ve been really looking forward to seeing this come to fruition,” Mayor Heather Moreno said.
This story was originally published November 13, 2019 at 12:43 PM.
