HomeMy WebLinkAboutF-17 - Acquisition of 203 41st Street.0
August 9, 1982
CITY COUNCIL LEND
ITEM NO. � 1
TO: CITY COUNCIL
AUG 0 9 1982
By fha Q Y COUNCIL
FROM: Publ i c Works Di rectaMTY W NEWK)RT Dwm
SUBJECT: ACQUISITION OF 203 41ST STREET (LOT 13 AND THE NORTHEASTERLY
3:57 FEET OF LOT 14, BLOCK 141, CANAL SECTION), AP# 045-235-08
RECOMMENDATION:
If desired, authorize staff to retain an appraiser to determine the.
value of 2.03 41st Street.
DISCUSSION:
Attached is a letter from Daniel C. Castronova, M.D., offering to
sell his property at the northwesterly corner of Balboa Boulevard and 41st
Street to the City for $175,000. Based on an appraisal made about one year
ago to acquire 203 34th Street, this seems to be a reasonable price.
The attached Exhibit A shows the Castronova property, as well as
the thirteen parcels that the City has already acquired for the widening of
Balboa Boulevard. If the City were to acquire this parcel, only six more
parcels would remain to be acquired between 33rd Street and 44th Street.
If an appraisal of the property is authorized, a market data search
will be made to update the data in our previous appraisal for the 34th Street
property. This should provide a price range to determine if Dr. Castronova's
offer is reasonable and provide enough information to negotiate a purchase.
This search and analysis is estimated to cost $5.00 to $700. If it is found
that the 34th Street appraisal no longer applies due to substantial changes in
the market, it will be necessary to obtain a new appraisal which may cost
$1,500 to $2,000. The appraisal fee., as well as purchase price, would be
funded from the budgeted Gas Tax Project for the acquisition of property for
street widening purposes.
Benjamin B. Nolan
Public Works Director
DW:jd
Att.
DaDANIEL C. CASTRONOVA, M.D. D.
.
A PROFESSIONAL CORPORATION
22135 Roscoe Blvd. #203
6325; 513
Canoga Park, California 91304
12131 883-31.00
July 21, 1982
Mr. Don Webb
City Engineer
3300 Newport Blvd
Newport Beach, California 92663
Dear Mr. Webb:
Re: Property located at:
203 41st Street
Newport Beach, California
1 am the owner of the above stated property. I have recently purchased another
home in Newport Beach located at 1585 Miramar and took posession several days
ago. When I purchased the home on .Miramar, I entered into a 90 day escrow
allowing me what i considered ample time to sell the 41st Street property.
I have since learned that the City of Newport Beach owns perhaps more than
one half of the properties located along my side of Balboa Avenue with future
plans for widening Balboa Avenue. I have also learned that I cannot improve
my property due to these plans, therefore surely presenting obstacles in persuit
of a private buyer.
My broker has advised me of his telephone conversation with you on Tuesday,
July 20, 1982 bringing to your attention that my property is for sale and making
it available to the city for purchase.
This letter represents a formal offer by me to sell the property for a price of
$175,000. My broker also advise§ me that this offer to the City of Newport Beach
does not preclude a sale to another party should that opportunity presents itself.
If the City decides to persue this offer, please contact my broker, should you want to
gain access for appraisal purposes. My broker's name and address is as follows:
The Property Mart, Mr. Ed Caine, 18.701 :Sherman Way, Reseda, Ca 91335, Tel # (213) 345 0570.
My sincere thanks for any inquiry you may see fit to persue.
Yours ver t u.ly,
Daniel C Castronova M.D.
DCC/lc
Nil
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