Vinings condos facing foreclosure
by Katy Ruth Camp
krcamp@mdjonline.com
September 02, 2009 01:00 AM | 1917 views | 2 2 comments | 13 13 recommendations | email to a friend | print
COBB COUNTY - A representative for the Vinings Main condominium complex told planning commissioners Tuesday that if 145 of the 148 units are not allowed to be rented or leased, they will face foreclosure.

The units in the complex, at Paces Ferry Road near Cumberland Parkway are bound by sale-only stipulations. However, only three units have been sold since the project was approved in 2005.

With a 3-2 vote, planning commissioners sent the request to the Cobb County Board of Commissioners' Sept. 15 meeting with a recommendation to deny.

Representing Vinings Main, attorney John Moore asked that the complex be allowed to open the units up to a temporary leasing program for no more than five years. During this time, the units would also be up for a lease-purchase option, during which, a portion of a tenant's roughly $1,400 per month payment would count toward equity on the eventual purchase of the unit.

"Otherwise," Moore said, "many if not all of these units will go into foreclosure and be sold on the steps of the courthouse to any group or individual for cents on the dollar. We've heard from everyone in the surrounding areas, and they feel foreclosures would harm their property values and the ability to sell their property, and do not feel that leasing will affect their property values. The 25 banks involved in Vinings Main have all agreed to this as well, and to have 25 banks agree to something is substantial."

Wayne Forester, a homeowner in the neighboring townhome complex, Timbers of Vinings, said he supports the temporary leasing program.

"We're scared to death that if there is a chaotic transfer of ownership, the upkeep of Vinings Main would not be the same and we would suffer the consequences of not being able to work with the new owners," he said. "We are comfortable with Wood Partners (the developers of Vinings Main), and would rather see the units leased to reputable renters than go into foreclosure."

However, Vinings Homeowners Association member Ron Sifen said, "This complex was originally approved for 100 percent for-sale units, and gained incentives because of that. We need a realistic plan that will target legitimate buyers at realistic prices. We are seeking the least-bad option, and right now we feel that that is getting homeowners in, not renters."

Vinings Main has met resistance from the Vinings HOA since it was approved.

Many planning commissioners were reluctant to even vote on the matter, stating that it is a "clouded" issue that is more about codes and policy than zoning.

"This is a perfect storm," Chairman Murray Homan said. "Each of us is really agonizing over this, and with all my years on the planning commission, I've never seen something this clouded. I resent that we have to listen to this. There is so much going on, I resent that we have to rush into being responsible for the solution."

Commission member Mike Terry said, "I think either way we go, people will be hurt on both sides. I really feel that this is more a code issue than a zoning issue, but we have to work with what we have, and I really can see this going either way."

Commission member Christi Trombetti also feared that a vote either way was falling out of the commission's jurisdiction.

"I don't think we should vote. This is a political and policy decision and deals more with codes, which would go through the Board of Commissioners. I don't think it's a strictly zoning conversation," Trombetti said.

And if fact, the issue has already been through the Board of Commissioners.

The item was presented in June to the board under other business, meaning it qualified for a "minor change." But Commissioner Bob Ott, who represents the area, felt it was a major change and that a complete rezoning application was needed.

On Tuesday, planning commission member Judy Williams seemed to be the only member in favor of the leasing program.

"Foreclosure is not good for anyone, and if that happens, speculators with cash will come in and buy a bunch of them, then who knows what happens after that. Renting the units seems to be the best answer," Williams said.

Also Tuesday, the planning commission unanimously recommended denial of a land use permit that would allow more than two unrelated people to live in a home, which is against county ordinances.

Jasmine Santos asked that she, her mother, father, sister and four others be allowed to remain living in the 1,500-square-foot, four-room home off Larose Circle.

Two nearby residents spoke in opposition to the request, citing concerns of overcrowding resulting in parking issues and that allowing the permit would "trigger a chain reaction."

Chairman Homan said, "There have been several requests similar to these, and they have all been denied. I have to say that I have driven down your street and have seen your home. It is a lovely area and you have done a nice job of keeping the property up and have some beautiful flowers planted, but I have to motion that the request be denied, as it is simply against code."

Hovey seconded the motion, and the family was given 30 days to vacate the property.
comments (2)
« Not yet ... wrote on Wednesday, Sep 02 at 09:31 AM »
Now is the time for those 25 banks and the developer to get CREATIVE in marketing the homes !

I would suggest dropping the sales price to break-even (take out all of the profits for the failed development) and then the banks should offer up break-even 4% interest rates to qualified buyers !

Going rental is not warranted at this time ! The developer and the banks just need to ride out the market and get some sales -not a profit bonanza or high occupancy. I think the developer and banks are still attempting to make a buck and defer profits at the expense of the community - Business ventures either fail or succeed but don't get the chance to change their their deal 180 degrees.
« David G. wrote on Wednesday, Sep 02 at 06:46 AM »
Its a slippery slope and once you start down it there is no stopping.....vote no.