:PRICE: Net to owner. 1/3 of what it was in 2006. $525,000
ZONING: R-1 allows duplexes on corner lots with max density of 6-units/acre. A planned development (small lot subdivision) if approved allows 7 units/acre. City allows use of acreage to middle of street in determining units/acre. Chico Planning Dept. 879-6800
LOCATION: Very N. E. end of Mariposa Ave. (Chico, CA). North of East Ave. Sign posted. See attached map. AP# 016-060-020
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DESCRIPTION:: There are subdivision maps on 3 sides of subject property. On 6/4/10 longtime Chico developer paid $689,000 all-cash for the 5-acres across the street from subject and got 26 lots. MLS records/photos of 2 sold (closed at $165/ft.) and 2 pending new homes across the street available upon request. They recently submitted written offer to buy subject 5 acres.

Subdivision on east side is completely built out connecting sewer, utilities, street, etc. to subject property where first phase begins. No Mariposa Ave improvements required until final phase (west side). PG&E substation eye sore will be dramatically reduced after building block wall and planting 2 rows of redwoods. The other north adjacent parcel is zoned for apartments possibly improving the chances of rezoning portions or all of subject property to higher density. Engineer whose done subdivisions in the area said it'll cost +/- $35,000 for tentative map on subject 5 acres. JV considered. The subject 5 acres is last vacant parcel in area and will be taken off market if owner sells his other property first.

APPRAISAL: Subject property has a 9/20/07 $1.2 mil appraisal by California Appraisals. One of the comparable sales used in that appraisal is the 4.8 acres nearly across the street from subject property the appraiser represented as selling for $1,640,000 on 6/16/06 (Glenshire Park sub now built out). Yes, values have dropped since then. When the market turns around you'll be kicking yourself for not buying this one.

COMMENTS: Developers are now buying subdivision land to position themselves for when the market turns around. Ask for news article (New Home Sales Up 7.3% in April 2011).

OWNER: David Hector, California Real Estate Broker.




David M. Hector
Real Estate Brokerage
DRE # 00796981
Office: (530) 893-5533
Fax: (530) 893-5575

Toll Free: (800) 898-5568
Email: dh@davidhector.com

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