Letter to the Editor: People with $460,000 cash should not be in a deed-restricted home | SummitDaily.com
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Letter to the Editor: People with $460,000 cash should not be in a deed-restricted home

Nancy Warrick
Keystone

I read the article about Elisabeth Lawrence selling her deed restricted house.  

I understand that homeowners are trying to squeeze out every profit they can through selling “personal property” as the appreciation of the home is capped. However, I was shocked that out of five offers, three were full cash offers at more than $460,000!

I thought the deed-restricted houses were for cash strapped locals who were struggling to come up with down payments on market rate properties. If the buyer had that much in savings, they should be buying a market-rate condo, townhouse or fixer-upper with a huge down payment. It said it sold to a qualified working local, so I am confused because that’s one hell of a savings account.




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