A potential building site for a hotel or for dozens of luxury homes has gone up for sale in Seal Beach, a city that’s virtually built out.
The 10.7-acre parcel at First Street and Marina Drive (click on image at right to enlarge), which is listed for $26.5 million, is currently vacant. But it has one of the best locations in the city, sitting about 100 yards from the sand on the edge of Seal Beach’s Old Town district, just north of a beach parking lot and the River’s End Cafe. It also abuts the San Gabriel River, including the river bike path with access rights to the water.
“It’s just an incredible piece of real estate, and there’s so much you can do with it,” said Paul Bitonti, a vice president at Marcus & Millichap’s Newport Beach Office, which is representing the sellers.
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It’s zoned for a 150-room hotel, although the lot is big enough for a 300-room hotel or for 65 to 80 luxury homes in a city where new construction is rare, Bitonti said. One nearby beachfront home sold recently for $3.6 million, and another sold for $5.5 million, he said.
The property also includes the adjacent San Gabriel River bike path and access to the river (click on image at left to enlarge), making it possible to build a dock for canoes or water scooters, Bitonti said.
The property currently is owned by a group of investors, who bought it at auction in 2000 from the Los Angeles Department of Water and Power, Bitonti said.
They paid about $5.5 million, he said.
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Yo Rants:
See my answer to your question on the other board.
Mully:
Cofee with Awgee this weekend..??
VOR:
Time to go to work….
Cap,
Get going…….You’ve got rigs to insure!!!!
Watch yourself in that port area. It’s a maze of one-way roads that loop around to nowhere, giant cranes and big rigs driving up your tailpipe.
Hey Scotty, Mulli, Mav (HA!-you’d do it, wouldn’t you),
Hou about we pool some funds and buy this land. $26m seems like a bargain.
yo scott I saw your answer but my question was
what is the NAME of the actual agency that you
supposedly bought- its not a hard question
I know wendy rothman of the los al fish company is one of the owners they put up a cover over the fence to spite the residents on 1st street the shade blocked the view of my friends grandpa who used to sit everyday and watch the sunset for 40 years he died pretty quick after they did that.real creepy bunch those investors.
Ready, FIRE! Aim…. Timing is important…
Are they selling shares of pets.com and aol too?
rants, they give him his own show as he is entertaining…unlike yourself.
$26.5 million. That’s a bargain.
mulli, I like rants.
Tracy, such a sad story. I’m so sorry to hear that.
I want a world where neighbors know neighbors, people helping each other and thinking of their feelings, people that don’t screw the other just to get ahead, everyone taken care of, people sharing information (in a good way), to have the words pride and respect mean something again, where kids go to a bank and open a savings account on their own and deposit on their own (parents nearby of course). OK, I know and I could go on and on…. but it would be nice. There are so many that are wonderful, but those bad apples need some guidance. I want to get rid of greed and the keeping up with the Joneses mentality. I am not going to like you more or less with what you have. You are you - nothing more or less.
This is Melody for character counts :)
mel…I might like rants too as a person. As a blogger, he is a doomsdayer. Mind you, I am one of the bulls that does not push buying onto . I just believe in RE. And for that, the likes of Bill and rants, well let’s just say at times they display behavior and hypocrisy towards me just due to the fact that I am “on the other side.” They are fit for Washington.
onto people…wha happn’d?
Mulli -
You are you and that’s good. Real estate is your thang, I understand that. We have bulls and bears. Obviously, I’m a bear, but whatever I sell I could not sell something that is a depreciating asset/liability.
This dates me but a scenario:
My sister and I are running a shoe store (we are super young and parents are out to lunch) - back in the day where you walked the plank and the staff put the shoes on. My sister was about to sell a pair of high end shoes and I didn’t like the shoes on her feet. I told her about some bins in the front of the store - half off. The customer bought the cheaper shoe and my older sister chewed me out after she left.
I guess I just can’t change.
What are your thoughts?
see other post…too long to repeat!
I read it and it’s awesome, thanks
hey gilligan youre only considered a “doomsdayer”
if youre wrong- I have been right- unlike you and
your fellow permafools- jealosuy is a sign
of insecurity you insecure gilligan?
rants -
bears have been right - no doubt. So why do the bulls think the way they do? Is it greed? Is it personal pride? Is it denial? Is it a paycheck? What makes them tick? Do they think we (bears) are too extreme - YES!!!
Inquiry minds want to know….
rants, you all namecall and bask in self glory too much for me. If you predict something long enough, you will be correct. I could argue those that told their clients to sell in 2004 instead of 2006 cost them major equity. I am completely secure…not jealous of a soul. Like I said…I might like you if I met you on the street…and probably would as I get along with everyone. But here, behind the cyberkeys…each side morphs into the blog persona…and it is not pretty…on either side. I have seen too much hypocritical pov’s from several on your side. It is Wash DC here…truly.
Mulli -
I really do try to behave. I realize what’s at stake here. I’ve seen the damage. We just don’t need anymore foreclosure statistics. People learn to be patient. We are such a “want it now” society.
Thanks again for being so open and nice last nite.
No problem Mel…anytime.
Rants is so right in his prediction that he sold his place 3 years before the peak, missing out on at least a 50% upside. With that kind of ability, he makes the psychics in Venice look good.
His latest prediction: 1998 prices. Oops… scratch that. He’s already revised his own prediction up to 2000 prices.
liar loan -
hindsight 20/20. If I had been in that situation, I probably would have sold early too. Most didn’t realize that they were going to open the pearly gates and give loans to “dead” people. I would have much rather have sold early (actually I did - but monopolizing on my home was not my intention - I relocated) than too late. Now, the house I sold is cheaper than in 2001 when I originally bought it.
Melody-
I’m fine with anybody’s decision to buy or sell at any given point in the cycle based on their situation. The difference is you’re not bragging about a supposed ability to predict the future the way rants is.
He sold way before he should have, believing prices would eventually revert back to 1998 levels. Now he’s starting to realize just how wrong he was and is hoping for year 2000 prices to justify his horrible decision.
looks like a great piece of property. But just land costs with 65 homes your looking at $407k a lot before infastructure. Its a little pricey