BUTTE CREEK CANYON (BCC) 18.33 ACRES
|Click Image For Enlargement|
|Click here to view more images.|
PHOTOS: Several dozen photos of 3 homes (2 sold/1 For Sale) and neighborhood all in front of 18.33 ac and at street level available upon request. Those photos do not show the spectacular views from the18.33 ac. The home for sale (2262 Honey Run Rd) is adjacent to and in front of the18.33 ac. One sold home (2283 H/R Rd) is across the street from 2262 Honey Run Rd and the other sold home (2298 H/R Rd) is adjacent to and on east side of 2262 H/R Rd.
DESCRIPTION: Assessor map says 15.5 ac because county doesn’t know about 18.33-acre survey. 18.33 acres is zoned FR-5 (5-ac min) and has no improvements. Terrain is sloping typical for BCC. Test holes show good soil depth for septic. County records show well water depths. Homes on nearly all adjacent parcels show phone and electricity location.
From the 18.33 acres you see no cars on Honey Run Rd and most of the time, hear only birds chirping. The best home sites are elevated +/- 1/5 of the way up canyon wall and a good distance from traffic and neighbors. Imagine a paved road with remote-controlled gates as seen in Sunset Magazine to home sites, you relaxing on balcony of your brand new 2 or 3-story custom home eye level with soaring eagles enjoying breathtaking panoramic views of Castle Rock and up and down BCC, seclusion, privacy and peace and quiet. That’s why 5-ac parcels from 18.33 acres will be more valuable than those on Honey Run Rd. Walk 18.33 ac and you be the judge.
The 18.33 acres is adjacent to and behind 2262 Honey Run Rd. The 18.33 ac has 30 ft. r/w over south side of 2298 Honey Run Rd (AP# 017-160-005). Owner of 2298 Honey Run Rd will receive several benefits from moving 30 ft. r/w to west side common with AP# 017-160-006 (2262 Honey Run Rd). And if they did, only 30 ft along east side of AP# 017-160-006 is needed for a less intrusive 60 ft r/w to 18.33 ac.
Each of the 7 parcels that can provide 18.33 ac with better access have multiple ways to provide access to 18.33 ac (sell access parcel or r/w, exchange portions of 18.33 ac [lot-line adjustment] for r/w or exchange new 5-ac parcel for access parcel, JV with neighbors, etc.). Plot map showing 7 access parcels (7 red lines) and all other parcels discussed herein are attached.
1 of the 7 parcels that can provide 18.33 acres with better access has been on MLS for 3 years (2262 Honey Run Rd). It was recently relisted at $399,000.
After producing three 5-ac sites, remaining 3.33 ac (18.33 - 15) can possibly help two adjacent parcel owners each produce an extra 5-ac site. AP# 017-160-015 (14.91 ac) needs +/- .09 ac to make theirs 15 ac to potentially produce a 3rd 5-ac site. AP# 017-170-043 (7.3 ac) needs +/- 2.7 ac to make theirs 10 ac to potentially produce a 2nd 5-ac site. Many of the 9 adjacent parcels can benefit from a lot-line adjustment even with no acreage added to their parcel. 18.33 ac can provide Lookout Point with soil for septic system and reduce their well drilling costs.
There are several BCC land sales available upon request [3.06 acres, sp $150,000; 1.6 acres, sp $250,000; and 38.31 acres, sp $161,000]. The best comps to use to estimate current value of a 5-acre site from 18.33 acres may be the two homes sales (2283 & 2298 Honey Run Rd) in front of 18.33 ac. 2298 Honey Run Rd (AP# 017-160-005) sold for $379k on 7/31/09 after only 33 days on MLS. It’s a 1987 built 2,100 sq. ft. home on 2.4 acres. It’s adjacent to and on east side of 2262 Honey Run Rd (AP# 017-160-006).
County approved a conditional 2-way split before 2283 Honey Run Rd (AP# 017-160-014) sold for $804k on 8/27/10. It’s a 2006 built 2,818 sq. ft. home on 14.28 ac (zoned 5-ac min). Because it sold as new home on 14.28 acre (vs. 9.28 acres), feasibility of splitting may be questionable possibly due to Little Butte Creek going thru, springs and or what appears to be mine tailings. Seller paid $500k for unimproved 14.28 acres in March 2005. Their tentative parcel map and conditions are available upon request.
14.28 ac and 18.33 ac parcels (both zoned 5-ac min) have their +/- 14.28 ac may flood during rainy season, doesn’t have same breathtaking views due to lower elevation, and can potentially produce only 2 parcels. 18.33 ac doesn’t have a creek going through and is elevated and sloping for good drainage all improving likelihood of splitting.
A qualified independent appraiser can estimate depreciated value of improvements for each of those two homes sales and subtract them from sales prices to estimate sale price (value) of 14.28 ac and 2.4 ac parcels as unimproved. Appraiser may make adjustments for time, size, etc. to estimate current value of a 5 ac parcel from 18.33 acres. That 5 acre value would be used to estimate current value of 18.33 acres.
Based on comparable sales, 5-acre home sites from 18.33-ac appear to worth +/- $150,000 today. Gross value of five 5-ac parcels = $750,000 [$150,000 X 5]. $750,000 - $220,000 = $530,000. Gross value of three 5-ac parcels = $450,000 [$150,000 X 3]. $450,000 - $220,000 = $230,000. Show me a better priced BCC parcel.
Chico real estate market appears to have bottomed out. By the time 18.33 acres is split and 5 ac parcels are available for sale, property values will have increased significantly.
Acquire both 18.33 acres and one of the 7 access parcels in front of the 18.33 acres and sell or rent or occupy or develop one or both of them. After acquiring one of the 7 access parcels you can transfer a right-of-way to the 18.33 acres.
After acquiring 18.33 acres you can sell or exchange all or portions to one or more of the 9 adjacent neighbors [lot line adjustment] and or someone else and potentially end up with your portion free and clear at no cost to you plus additional profit.
Consider joint venturing with family, friends and neighbors and or a line-of-credit loan on your residential property to make the purchase. Interest rates are at all time low.
NOTHING VENTURED, NOTHING GAINED!!!
Information on 9 adjacent parcels and how they can benefit from the 18.33 ac, 18.33 ac survey map, Butte Co and MLS records showing 2298 Honey Run Rd sold for $379k on 7/31/09, 2283 Honey Run Rd sold for $500k on 3/16/05 as an unimproved 14.28 ac and sold again for $804k on 8/27/10 as a 2006 built 2,818 sq. ft. home on 14.28 ac are all available upon request.
Google Butte Creek Canyon and Butte Creek to learn more.
Even though we have no reason to believe 18.33 acres cannot be split (except for it currently not having 60 ft r/w), we do not guarantee 18.33 acres can be split or the feasibility of splitting/developing. You are advised to independently verify everything stated herein and elsewhere because none of it or county plot maps are guaranteed.
If owner of 18.33 ac sells other property first, he’ll take 18.33 acres off the market.
OWNER of 18.33 ACRES: David M. Hector, California licensed Real Estate Broker
DAVID M. HECTOR Real Estate Brokerage (DRE # 00796981)
530-893-5533 (Off) * 530-893-5575 (Fx) * firstname.lastname@example.org (E-mail)
David M. Hector
Real Estate Brokerage
DRE # 00796981
Office: (530) 893-5533
Fax: (530) 893-5575
Toll Free: (800) 898-5568