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.”

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Jim the Realtor
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!

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