The list price in the MLS is $5,000,000, but it’s going to auction on September 29th. The city has the right to reject the final price, and they need at least $3,000,000 to pay off the park debt.
In the remarks: LAST OPPORTUNITY LIKE THIS IS DEL MAR EVER!
“The City has owned the Balboa lot since 1965. In a purchase agreement dated September 7, 1965, the City of Del Mar purchased Del Mar Utilities (a private corporation) for a total purchase price of $250,392. At that time, the lot had both a pressure treatment plant and cement water reservoir tank which was partially in the ground and partially above ground. It was later deemed obsolete and was no longer needed. Therefore, in 1992, Council adopted a resolution to demolish the plant and tank, and place soil over the remaining concrete. Currently, the land is vacant.”
are there any endangered species on the property?
What’s with the extension across the other house’s driveways? Seems like they’d already have an easement.
Very weird panhandle there, and the neighbors better hope that it is mis-aligned on the map, unless they have an easement built in (which they must?).
It has to have been sub-divided long ago when the road location was still in question?
Plus this is weirder:
a resolution to demolish the plant and tank, and place soil over the remaining concrete.
Not exactly ready to build, and think of the conflict of interest if the city decides to require (or waive) any environmental studies….
If throw in zoning for a high rise condominium building they could probably get $5 million for it. Otherwise it doesn’t look like recent sales support even $3 million.
I think they should donate the land and create a preserve.
Jim, did any *new* homes get sold in NCSD for over $750K in July?
http://www.zerohedge.com/article/rosenberg-explains-why-not-one-new-home-priced-over-750000-sold-july
I think the panhandle is an underground easement for the pipes from the tank that used to be there. But I am only guessing.
If the neighbors don’t have an easement, they are going to get one. Right of ingress and egress is pretty well established.
“Forunate Visionary”. I guess if you have 5M to spend on just a lot, then you’ve been pretty fortunate in your life.
What a joke. The city of del mar will sell it to you and then screw you when it comes time to develop it
Well that’s what they did to friends of ours. Maybe you have more luck than them. So many regulations makes development hard.
“I think they should donate the land and create a preserve.”
In a perfect world that would be great, but who is going to pay the debt. I as a taxpayer don’t want to pay for it. They don’t have a choice.
If I were Irving-Jacobs-rich, I would buy it and leave it untouched as a natural park/preserve. But decisions like that are probably why I’m not Irving-Jacobs-rich and he is. 🙂
That might be the most annoying video ever. I’d sure like to be the agents on this deal.
If there isn’t a formal easement on the panhandle portion, the neighbors probably have total ownership (not just an easement), under adverse possession laws. I’m guessing those houses (and driveways and yards on the panhandle portion) have been there for many years, more than long enough to claim adverse possession.
“The Friends of Del Mar Parks raised approximately $5 million, and the city financed the difference. It is essential that the Shores debt be retired as soon as possible, and the sale of the Balboa lot is anticipated to generate the required funds. Through the sale of this property, the city will replace an idle asset with one that will preserve 5.3 acres of recreational, educational and open space for use by the residents of the city.”
Source: Del Mar Times – Mayor, Richard Earnest
For more information on the Balboa Lot you may log on to http://www.DelMarAuction.com