A Colorado man is asking his neighbors to sell him their home to solve a 'desperate' situation — what he's doing and why
After 10 moves in the 11 years he's lived in Frisco, Colorado, Alex Beach says he's ready to put down roots. He's on a mission to buy a home, but he's not scouring property websites or browsing online listings. Instead, he’s taking a more hands-on approach by sending out postcards — 150 of them — asking neighbors if they’re willing to sell their home to him.
"It only takes one person, right?" Beach told CBS News. "I'm getting desperate and I'm hoping."
Beach isn't looking for just any home — he's asking for a deed-restricted property.
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Homes in Summit County, on average, sell for around $960,000, according to Zillow — far out of reach for many in the area like Beach. To help bridge the affordability gap, a program for purchasing deed-restricted properties was created to provide support for community members.
"Unfortunately, we're now in a situation where there is no alternative for the working local," Beach said.
So, what exactly is a deed-restricted home, and what's so radical about Beach's approach to buying one?
What's a deed-restricted home?
Deed restrictions regulate how a property can be used by its owners. In the case of Summit County, individuals can access homes at well-below market price if they meet specific criteria. These can include falling within a certain income range and working a minimum number of hours locally.
But the catch may be, for example, a cap on how much the home's value can appreciate. Such a restriction is designed to allow the property to be affordable for the next owner, too.
Frisco is a popular resort town, and deed-restricted homes help ensure that its workers can live close by, creating a vibrant year-round community.
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What's strange about Beach's method?
There are many locals like Beach who desire a deed-restricted home, but there simply aren't enough to go around. Buying one of these properties often comes down to luck, as many applicants are selected via lottery.
Beach says he's played and lost the lottery multiple times, so he decided to take matters into his own hands. Instead of relying on chance, he sent out 150 postcards, hoping to connect with someone who owns a deed-restricted property and is willing to sell
It's an unconventional strategy, but it reflects his determination to stay in the community and continue living in the town he loves.
"This is a real neighborhood,” Beach said. "People live here, people work here, people raise their families here. This is a dream."
At nearly 40 years old, Beach doesn't want to start over somewhere else. He's holding out hope that one of his postcards will help him find a house he can finally call home.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
