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HomeMy WebLinkAbout5TH AND MARGUERITE CDM_07_APPRAISALSAPPRAISAL OF NORTHWEST AND NORTHEAST CORNERS OF FIFTH AVENUE AND MARGUERITE AVENUE LOCATED IN NEWPORT BEACH, CALIFORNIA Date of Value: August 30, 1974 Date of Report: November 26, 1974 Submitted to: Mr. Robert L. Wynn City Manager City of Newport Beach 3300 Newport Boulevard Newport Beach, California 92660 Submitted by: Richard A. Fuller, M.A.I. 610 Newport Center Drive Suite 655 Newport Beach, California 92660 RICHARD A. FULLER, M.A.I. I C ' MEMBER AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS 1 1 1 11 u U L 1 1 1 RICHARD A. FULLER, M. A. 1. APPRAISER AND CONSULTANT SUITE 655 610 NEWPORT CENTER DRIVE NEWPORT BEACH, CALIFORNIA 92660 November 26, 1974 Mr. Robert L. Wynn City Manager City of Newport Beach 3300 Newport Boulevard Newport Beach, California 92660 Dear Mr. Wynn: AREA CODE 714 TELEPHONE 644-40.40 RE: Appraisal of: Northwest and Northeast Corners of Fifth Avenue and Marguerite Avenue in Newport Beach, California In accordance with my letter dated September 28, 1974 and your approval dated October 3, 1974, I have made an examination of the above referenced properties, for the purpose of estimating their fair market value range, as of August 30, 1974.. As a result of this investigation, and an analysis of matters pertinent to the properties value, I have concluded that the fair market value range, thereof, as of said date, was as follows: THREE HUNDRED AND SEVENTY THOUSAND DOLLARS ($370, 000) FOUR HUNDRED AND FORTY FIVE THOUSAND DOLLARS ($445, 000) Following is a brief summary of the definitions, limiting conditions, property descriptions, and valuation process, which was considered an integral part of this valuation analysis: SCOPE OF ASSIGNMENT The scope of this assignment has been to physically inspect the subject properties, complete a market data study of comparable sale properties, analyze the physical characteristics of the subject properties, compare the sales data to the subject properties, complete a subdivision analysis, and form an opinion as to the fair market value range for the subject properties. 10 f° 0 atl ' REPORT FORM ' In the interest of brevity and by specific instruction by the client, this report is herein submitted in letter form. All market data, factual data, reasoning, computations, descriptions, analyses, photographs, and dis- cussions, from which, in part, the value conclusions were derived, have been retained in my files, and are available upon request. ' This report has been prepared in conformity with Regulation Number 10 "Code of Professional Ethics and Standards of Professional Conduct" of the American Institute of Real Estate Appraisers. ' PURPOSE OF THE APPRAISAL ' The purpose of this appraisal is 'to express an opinion of the fair market value range of those properties located at the northwest corner and north- east corner of Fifth Avenue and Marguerite Avenue in the City of Newport Beach, California. ' DEFINITION OF MARKET VALUE t "MARKET VALUE is the highest price, expressed in terms of money, which a property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser who buys with a full knowledge of all ' the uses to which it is adapted and for which it is capable of being used." - Sacramento Southern Railroad Company v. Heilbron, (1909), 156 California 408. ' This definition further assumes that neither the seller nor the buyer are under any undue compulsion to sell or buy. ' This appraisal considers financing typical of the area, but on a cash equivalent basis. In other words, the value would be equivalent to the down payment, plus the discounted value of the trust deed, if such existed. The amount of discounting would be a function'of the nature of the trust deed, or trust deeds, and of the percentage of the total property value which they represented. ' NATURE OF INTEREST APPRAISED ' Fee simple estate. ASSUMPTIONS AND LIMITING CONDITIONS ' This appraisal has been based upon the following assumptions and 2•- ' RICHARD A. FULLER, M.A. 1. I r I I I1 u I 1 limiting conditions: 1) That I assume no responsibility for matters legal in character, nor do I render any opinion'as to the title which is assumed to be good. All existing liens, and encumbrances, securing payment of money, have been disregarded, and the properties are appraised though free and clear under responsible ownership and competent management. 2) That the legal description, as furnished, is correct. 3) That although parcel dimensions are taken from a source considered reliable, and verifying measurements were made, such verification should not, in any way, be construed as a land survey. 4) That no soil tests were available to this appraiser. Subsoil conditions are considered favorable for residential development, but no guarantee of same is implied here. 5) That information obtained for use in this appraisal is believed to be true and correct to the best of my ability, however, no re- sponsibility is assumed for errors or omissions, or for information not disclosed which might otherwise affect the valuation estimate. 6) Disclosure of the contents of this appraisal report is governed by the By -Laws and Regulations of the American Institute of Real Estate Appraisers of the National Association of Realtors. 7) Neither all, nor any part,' of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which he is connected, or any reference to the American Institute of Real Estate Appraisers, or the M.A.I. Designation) shall be disseminated to the public through advertising media, public relations, news media, sales media, or any other public means of communication without prior written consent and approval of the undersigned. 8) That as no title report was available for review by this appraiser, all existing easements which may encumber these properties have been disregarded. 9) That by specific instruction of the client, the ultimate develop- ment of the subject properties is assumed to be thirty residential lots, to be developed within the guidelines of the R-1-B zoning ordinance . The values herein expressed are based on this ultimate development and use. 10) That any development of the subject sites would be supportable from a detailed engineering report. This study would include an -3- I RICHARD A. FULLER, M.A.I. analysis of soils, boundaries, engineering, topography, utilities, ' grading, and other factors necessary for the development of each parcel. ' 11) That the valuation estimate herein submitted is of the land only. The valuation of on -site and structural improvements has been ' omitted from this analysis. 12) That all utilities are available for connection to each subject site. ' 13) That this valuation estimate is of surface rights only, and the value of mineral rights, if any, has been disregarded. ' 14) That parcel size estimates have been prepared by the City of Newport Beach Public Works Department and are assumed to be as follows: ' Lot Size In Lot Size In ' Lot No. Square Feet Lot No. Square Feet 1 6,300 16 6,780 ' 2 5,500 17 6,975 3 6,560 18 7,365 4 6,875 19 7,945 ' 5 9,000 20 6,640 6 6,300 21 7,200 7 6,300 22 6,375 ' 8 6,300 23 7,165 9 6,000 24 8,135 10 6,400 25 7,750 ' 11 6,000 26 7,550 12 6,200 27 7,360 13 6,000 28 6,975 ' 14 6,500 29 7,330 15 6,585 30 7,500 15) That the development of the subject properties would be essentially as shown on the "Proposed 30 Lot R-1-B Subdivision Map" prepared by the City of Newport Beach, and set out facing Page 5. ' 16) As the valuation of the subject properties is predicated upon the completion of certain site improvements by a prospective developer, a preliminary cost estimate was prepared by the City of Newport ' Beach Public Works Department for utilization in this valuation estimate. The opinions of value herein expressed are contingent upon the accuracy of these engineering estimates. A copy of ' this engineering study dated November 20, 1974 and entitled "Estimated Site Preparation Costs For Fifth Avenue Subdivision" ' is included at the end of this report. 4 .. ' ' RICWARD A. FULLER, M.A.I. Proposed Thirty Lot R-1-B Subdivision Map Prepared By City of Newport Beach -ommunity Development Department November 1974 Richard A. Fuller, M.A.I. 7HYd � 4 p I (% A G. Q G,gOo Q to G,*- •# 19 7,g4.7 Gf{75 #1 v.� 0tlf Q 5r'OD ¢ { t Gpvo # - d@ 6lGYv # ©7,33v Y S O L,sGv # {2 6,Z0v # ZQi 1,Z0o 4 �9 �rsvgh# e G,-8T5 �` 13 (olv90 ®Gl37S- {i - l3- liE O iy000 ¢ l , G,SGP ®7i,�• ttt� �`c� 4� 7,950 *• • '�' . j 0r'3vv # (7 6'415itt 9/.7<55v -• lYi 7,YWIIP • 7360t�t _ -- • , - }tit' , LD D99-7 �-(•� r Or Or --='---T toll Lb7_ O -� a...' rr-r _ oon or or lroga 5'0 1 5:.2 i° • / '(O'TA! O—� lO LIC�7r5 _ (qO SiiI4'� FPt<LY i}o;r �s -N9019 „•tn �trr - � �sra.. "3.96SZ, asr Gi ''Ij Zb ; 1011 t.I @ I 23 -- ,� --- -- ac<-ri t:a 6T' GZ' dS' B.; 1S 75' - fN' x<•rv164•' _ L.tw GZ' �r<a-rrrr-ra •. y-r<l<t'-a'l:!'S-°9�K•jCrt1C!—; L � Li • �: � � rr i � rt :r rr m 7}— Oi �• R� C/. 0.' .Fr 3 0. PI Or O 91 !r L �:. m tua<.•• i ri y ri a y ��� Q✓�7` i 'irlr �� .7 2�£c[ r: —'' If D :r { !r y 17) That the appraiser, by reason of this appraisal, is not required to give testimony, or attendance in court with reference to the properties appraised, unless arrangements have been previously ' made therefore. 18) That the submission of this report constitutes completion of the ' services authorized. It is submitted upon the condition that the client will provide the appraiser customary compensation relating to any subsequent required depositions, conferences, additional ' preparation, or testimony. PROPERTY DESCRIPTION ' The subject properties are located at the northwest and northeast corners ' of Fifth Avenue and Marguerite Avenue, in the Corona Del Mar area of Newport Beach, California. The lands to the north are improved with existing single family residences, and the Jasmine Creek Condominium project which is currently ' under construction, Grant Park and the Corona Del Mar Yough Center is located to the west of the subject properties. The area south of Fifth Avenue is zoned R-2 and is primarily improved with two family residential units. Lars to the ' east are presently vacant and unutilized. i For valuation purposes the subject properties have been divided into ' thirty single family residential lots. These lots would consist of level pads. at street grade, with very limited, if any, ocean views. The existing topography is generally level with drainage flowing to the southwest. Access is currently ' available from Fifth Avenue and Marguerite Avenue. Fifth Avenue is paved from one to two lanes, there are no concrete curbs, gutters *or sidewalks on the subject side of the street. Marguerite Avenue is paved to four lanes and is improved ' with concrete curbs and gutters. There are sidewalks on the east side of the street only. Future access to the subject properties, would provide for the northerly extensions of Narcissus Avenue and Jasmine Avenue. These streets ' would be extended north of Fifth Avenue and would provide access to those residential lots which would be developed along the north line of the subject properties. ' This valuation estimate has been made under the assumption that all utilities will be available and connected to the site . Water is available from a ten inch C I. line located in Fifth Avenue and an eight inch A .0 . line located in Marguerite Avenue. Sewer is available from an eight inch V.C.P. line located in Marguerite Avenue. There is also an eighteen inch ' V.0 P. line located in Fifth Avenue which is within the jurisdiction of Orange County Sanitary District No. 5. ' The subject property located at the northwest corner of Fifth Avenue and Marguerite Avenue is zoned R-3B (Restricted Multiple Residential) . This parcel is vacant with the exception of a small area which is covered -5- ' RICHARD A. FULLER,.M.A.I. L E 1 1 1 E with asphalt paving. The subject property located at the northeast corner of Fifth Avenue and Marguerite Avenue.is zoned R-2B (Duplex Residential) and is improved with a day school. As requested by the client, the value of these improvements has been disregarded in this valuation estimate: By instruction, the highest and best use of the subject properties, has been set out as single family residential, with the ultimate development into thirty residential lots. This use would be compatible with the surrounding land uses and would conform to the City of Newport Beach General Plan. VALUATION In the valuation analysis of the subject properties, a search was made for transactions of similar properties within the surrounding area. As most of the surrounding lands are either (1) owned by the Irvine Company, (2) are being developed by the Irvine Company as a joint venture with others., (3) or have been subdivided and are not directly comparable; no sales of directly comparable properties were discovered. In the absence of directly comparable sale properties, a subdivision analysis was employed in the valuation of the subject properties. This analysis included a search for offers, listings, escrows, and sales of comparable properties within the surrounding area. Special emphasis was placed on vacant, R-1 residential lots having similar proximity to the ocean. Those areas investigated included Corona Highlands, Emerald Bay, Laguna Niguel, Westcliff, Newport Heights, Big Canyon, and Corona Del Mar. In all, sixty four items of market data were discovered with varying degrees of comparability to the subject, as subdivided into thirty R-1-B residential lots. In analyzing each item of market data, a comparison was made between the sale property and the subject property. Consideration was given to differences in date of sale, terms of sale, location, street improvements, view, and topography. From the above market data a "retail" value for each of the thirty subject lots was estimated. From this "retail" value was deducted the follow- ing costs and charges; tentative map, improvement plans, survey, application fees, environmental impact report, street improvements, sewage system, storm drainage system, water distribution system, street trees, plan check and inspection fees, earth work and rough grading, fine grading and drainage devices, grading permit, financing, insurance, marketing, overhead and supervision, real estate taxes, and developer's profit. After careful consideration of the foregoing data, and other factors, ' it is my opinion that the fair market value range of the subject properties, as of August 30, 1974 was as follows: ' - 6 - ' RICHARo A -FULLER, M.A.I. THREE HUNDRED AND SEVENTY THOUSAND DOLLARS ($370, 000) TO FOUR HUNDRED AND FORTY FIVE THOUSAND DOLLARS ($445,000) CERTIFICATION The undersigned does hereby certify, except as otherwise noted in this appraisal report: 1) 1 have no present or contemplated future interest in the real estate that is the subject of the appraisal report. 2) I have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved. 3) To the best of my knowledge and belief the statements of fact contained in this appraisal report, upon which the analysis, opinions, and conclusions expressed herein are based, are true and correct. 4) This appraisal report sets forth all of the limiting conditions, (imposed by the terms of my assignment or by the undersigned), affecting the analysis, opinions and conclusions contained in this report. 5) This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the American Institute of Real Estate Appraisers of the National Association of Realtors. 6) No one other than the undersigned prepared the analysis, con- clusions and opinions concerning real estate that are set forth in this appraisal report. RAF:lj Respectfully submitted, ` Richard A. Fuller, M.A.I. -7- RICHARo A. FULLER, M.A. I. ' NOVEMBER 20, 1974 ESTIMATED SITE PREPARATION COSTS FOR "5TH AVENUE SUBDIVISION" ' DESIGN AND ENGINEERING: ' TENTATIVE MAP $ 5,000.00 IMPR VEMEf� T P ANS AND STAKING ' (AT MOO LOT 33,000.00 APPLICATION FEES 300,00 ' ENVIRONMENTAL IMPACT REPORT 6,000.00 ' TOTAL DESIGN AND ENGINEERING: $ 44,3UU, ' REQUIRED IMPROVEMENTS IN PUBLIC R/O/W (PER PUBLIC WORKS DEPARTMENT): STREET IMPROVEMENTS $ 65,750,00 ' SEWAGE SYSTEM 37,200,00 ' STORM DRAINAGE SYSTEM 47,000.00 WATER DISTRIBUTION SYSTEM 27,000.00 ' STREET TREES 4,800,00 PLAN CHECK AND INSPECTION FEES 5,200.00 ' TOTAL IMPROVEMENTS: 6:9�0�6 ' REQUIRED SITE GRADING: EARTHWORK AND ROUGHGRADI.NG $ 37,700.00 ' FINE GRADING AND DRAINAGE DEVICES 3,600,00 GRADING PERMIT 200,00 ' TOTAL SITE GRADING: $ 41,500.OU TOTAL ESTIMATED SITE PREPARATION ' COSTS: $ 272,750,00 I QUALIFICATIONS OF RICHARD A. FULLER, M.A.I. 610 Newport Center Drive, Suite 655 Newport Beach, California 92660 Telephone 714-644-4040 Education Degrees: University of Southern California B.S. 1961 University of Southern California M.B.A. 1963 Special Appraisal Courses: American Institute of Real Estate Appraisers Course I Theories and Principles 1965 Course II Real Estate Appraisal Problems 1971 Course VIII Single Family Properties 1971 Course XIV Leasehold Interests 1972 Professional Member, American Institute of Real Estate Appraisers 1972 Member, National Association of Real Estate Boards 1972 Member, California Real Estate Association 1972 Expert Witness Superior Court, San Diego County Licenses State of California Real Estate Broker 1966 General Building Contractor 1970 ' Experience Real Estate Appraiser - American Savings and Loan Real Estate Appraiser - Associated with George Hamilton Jones, M.A.I. Independent Real Estate Appraiser ' Teaching 1 L 1 F Instructor, Advanced Appraisal, Mira Costa College Instructor, Advanced Appraisal, Orange Coast College Partial List of Clients Legal and Accounting Firms Belcher, Henzie, & Biegenzahn John C. Cushman Daubney, Banche, Patterson, O'Neal, Nares & Reed Flint & MacKay Higgs, Fletcher, & Mack Johnson, Bannon, Wohlwend & Johnston Krusemark & Bertani McColgan & Vanni Penney & Penney Price .Waterhouse & Company Roberts, Cormack, & Johnson Tully H. Seymour Wallace & Deatherage Wright, Finley, & Behrens Banks and Savings and Loan Associations Alcal Financial Corporation Crocker National Bank Financial Federation Imperial Savings and Loan Association Santa Ana First Federal Savings and Loan Association Santa Monica Bank Security Pacific First National Bank Surety Savings and Loan Association Corporations ' Aluminum Precision Products Beckman Instruments Celanese Corporation 1964 - 1966 1966 - 1970 1970 - Present 1973 - 1974 1974 - 1975 ' Corpuiduoiis Iuunl,/ Electra Motors Hartford Accident and Indemnity Company Liggett & Myers Corporation ' Standard Oil Company of California Foundations ' Sherman Foundation ' Hospitals Hoag Memorial Hospital ' Tri-City Hospital Municipalities ' City of Newport Beach City of Oceanside ' Real Estate and Development Beacon Bay Community Association Cedra Properties Chevron Land and Development Company Coldwell Banker Management Corporation ' Continental Mortgage Insurance Investors Mortgage Insurance Company The Irvine Company - t Safeco Title Insurance Company Title Insurance and Trust Company ' Transamerica Title Insurance Company Schools ' Brigham Young University ' Utilities Southern California Edison Company Types of Properties Appraised ' Agricultural Acreage Apartment Houses Commercial Acreage ' Commercial Buildings Industrial Acreage Industrial Buildings Office Buildings ' Retail Stores Single Family,Re side nce s ' Subdivision Acreage I_ r 0 OR uibLa, h.i�xlx Y1, r««: 1`x•l:�:DES Sale PiQ: DD051 _%j-ul-01 Property Address: 718 & 720 Iris met Corona Del Mar Legal Description: Lots 20 & 22, Block 736 of Corona Del Mar Tract Zone: R-2 Present Use: Residential Best use: Residential Assessed: 19__.... Land $ hips. $ Total $ Owner/Buyer: George F. Hauser Seller: State of California 'Listed With: Date Listed: Interviewed and Dates: State Records — 1-4-74 Date Recorded: Inst. No: IRS $ Date of Sale: 12-4-73 or Bk/Pg: Price and Adjustments: Down Payyment: TD's and Lenders: $77.9000,00 $2,b00.00• Balance - 4-5-74 Land: Size Area 60'x 118' 7,080 SF. Improvements- 2-Sty, Duplex, Bit, 19522 1,840 SF @ $4.50 per SF, 2-Car Attached Garage, 480 SF @ $2.00 per SF Misc, Yard Improvements Unit Value $9.53(-) per SF _ $84280.00 = 960.00 " s 300'.00 t + 9,540.60 i I $ Grass Annual Income Actual $ X = Total Value $ 77.000.00 Pair 'S ' X Net Annual Income Before Depreciation $ — 7v of Total Value Remarks: No. Rental Units: Unit 1 contains two bedrooms, one bath. ' Unit 2 contains one bedroom, one bath. I have reviewed and inspected this comparable and concur with the analysis of value formulated by the verifying agent. E. Kabler 7-74 Inspected: I Dare: January 4s 1974 By: C. Locher • APPRAISAL TITLE PAGE - Excess Parcel Date Dist. Co. Rte. PM 7-30-74 07 Ora , 1 15.0' The purpose designated to: City of Newport Beach AUG 1 `•,, ibN Parcel No. 41339 & 41339A of this appraisal is to estimate the value of the parcels on appraisal maps contained herein for (direct sale) (R-79 h=9M Original File Date (List each original parent parcel number) Parcel App. Rept. No. Exp. Auth. Date Acquired 41339 9 636409 3-25--66 41339A 9 0364o9 3-25-66 The undersigned appraised the properties contained herein and recommend approval of this report: Appraiser, Associate R/W Agent C,7I'/.•r �/ �_ Appraiser, R/W Agent The undersigned approve the appraisal of parcels designated District Approved and have reviewed and recommend approval of the appraisal of parcels designated Headquarters Approved: Calculations Verified Senior Right of Way Agent Supervising Right of Way Agent District Right of Way Agent JV Y Remarks and Headquarters Action Al T-559-Av \il AuG 15 Wi i Q.��y� OF y10E rJi 1 Slate of California Memorandum To EXCESS LAND APPRAISAL DEPARTMENT Attention: J. RONALD HERDMAN r] L From : DEPARTMENT Of TRANSPORTATION ' Subjaeh REQUEST FOR APPRAISAL Cosiness and Trbnsportation Agr JUN 21 1974 Dow, June 21, 1974 PAS I 07-ORA-1-15.0 07 340 911037 PLEASE PREPARE: An estimate of the Value that the outlined excess parcels I�I add to the adjoining parcels.. An.estimate of the, market value of the following excess I—J parcels for Public Auction purposes. An estimate of the market value of the following parcels IM for Direct Sale.purposes, PARCEL 413396 W.'i8MTO 61TY OF NEWPORT BEACH: NOTE': Per Harry Kagan''s telephone request to W..A4 Routery. ZH:asc Attachs. 7-RAX-24 July 73 Rev. ` 5E, HARRISONN Senior Right of Way Agent Excess.Land Sales - v G -i,l 2x^1 E.A. AR# HEADQUARTERS REVIEW CERTIFICATE 1. I certify the approved fair market value to govern negotiations and settlement is as listed in the parcel appraisals following except as noted below. 2. I understand that the approved value may be used in connection with a Federal -aid Highway project. 3. I or a bubordinate qualified appraiser have visually inspected the parcels to be acquired and the comparable sales applicable thereto. 4. I have no direct or indirect, present or contemplated future personal interest in such property or in any benefit from the acquisition of such property appraised. 5. The amount approved is not a directed amount; it was arrived at freely without coercion and is based on • appraisals and other factual data of record. Exceptions and Adjustments n 0 Si Headquarters R/W Agent U'(-Jra-i-TAM i_).0 Parcel 41339 .0 FIELD REVIEW CERTIFICATE PARCEL NO. APPRAISED VALUE 41339 $326,400.00 41339-A 227,400.00 Total $553,800.00 The undersigned certifies that; 1. He has personally viewed the subject parcel and all comparable data and is satisfied with relative com- parability noted. 2. The highest and best use of the properties, as shown in the report, is reasonable and proper. 3. The cost approach and the income approach to value • were considered in this appraisal; however, they were found to be inappropriate and were not used. 4. There are no damages or special benefits in connection with this appraisal. 5. The amount listed for the parcels in the certificate is the market value amount recommended for approval to govern negotiations and settlement. 6. He understands that the approved value may be used in connection with a Federal highway project. 7. He has no direct or indirect, present or contemplated future personal interest in such property or in any benefit from the disposition of such property appraised. 8. The amount recommended for approval is not a,directed amount; it was arrived at fairly,.without coercion, and is -based on appraisals and other factual data of record. fNAICJOI� Senior Right of Way Agent August 6, "1974 CJ 11 Dist...07-oxa-1-PM--15-.Q.......... Parcels EA .91103.7...... A=No...41339... 41339A CERTIFICATE OF APPRAISER l Hereby Certify: That I have personally inspected the property herein appraised and that I have afforded the property owner the opportunity to accompany me at the time of the inspection. I have also made a personal field inspection of the comparable sales relied upon in making said appraisal. The subject and the comparable sales relied upon in making said appraisal were as represented by the photographs contained in said appraisal. That to the best of my knowledge and belief the statements contained in the appraisal herein set forth are true, and the information upon which the opinions expressed therein are based is correct; subject to limiting conditions therein set forth. That I understand that such appraisal is to be used in connection with the acquisition of right- of-way for a highway to be constructed by the State of California with the assistance of Federal - aid highway funds, or -other Federal Funds. That such appraisal has been made in conformity with the appropriate State laws, regulations and policies and procedures applicable to appraisal of right-of-way for such purposes; and that to the best of my knowledge no portion of the value assigned.to such property consists of items which are noncompensable under the established law of said State. That neither my employment nor my compensation for making this appraisal and report are in any way contingent upon the values reported herein. That I have no direct or indirect present or contemplated future personal interest in such property or in any benefit from the acquisition of such property appraised. That I have not revealed the findings and results of such appraisal to anyone other than the proper officials of the State highway department of said State or officials of the Federal Highway Administration and I will not do so until so authorized by State officials, or until I am required to do so by due process of law, or until I am released from this obligation by having publicly testified as to such findings. That my opinion of the total fair market value, xX761743NSU000K-ncluded in this report and made a part hereof by reference, as of the-30thday of.....J?l1Y....................... 19 74 is $ afe 13e,19.W • and that such conclusion was derived without collusion, coercion or direction as to value. Parcel 41339: 326,400.00 Parcel 41339A: 227,400.00 r ��✓� (Signature) illl ' ..... .11y ............ Date) The date in the provision immediately preceding the signature is the date as of which the valuation was made. The date following the signature is the date the Certificate is executed. FORM H,R/W-43(REV. $171) 07-Ora-1-1 .0 Parcel No.?41339 �.iWa..nia1AJS 4'h 4, �'4(.:L%x:: `'.JS •uwa:l hUlil:t. ;l�,d.v 4 { :..1d.'s „ ..:Yn.r.'4' ,.{ View outside school fence showing • north classroom and play area. ',A ' 1� 1 /) I f .. bxl� •IMWMO{'r l 1 M12n,n.ux..... i • View inside school area showing south classroom and play yard. Photos taken 1-22-74 by E. Kabler U I —u4a—j —J. _I Parcel No. 4l339 0 VIA", 'nl.. . . . ..... I 't�, View from easterly property line • showing unimproved area and rear of fenced school site. I t — I'KIWOI, �1117� A sir View from southeast corner looking westerly showing fence line & future 5t)i Avenue widening I Photos taken 1-22-74 by E. Kabler L M Parcel Npr 41339 is r, 'r r1 '9 / lj •t YN�y - 4r yy "'"^r'r~":°^ r ',3 r,,('1 �' •w>"r,+'mnn"ry rram f-xr, K �;,I•' � ,��' � 1, ,f"i Fr, •,t P,p l; ���"nl',; it { r, 1 ��Jk� 145, {I • r .� .. � ',/ 1' ^nn*"'rmnx/%"(^'r,+Irw,.mYR - �Y^r.Hri�fM r'SY. iY •.,t. �j���i J.` �,i iYr i� Y 1 /:rnrr' /��Ir/�lrl,li�r,���H��� .IH;' { G ,, jp� � nyr I �� @„c"'✓iY.,,urf,� Ir i • r ., adixluux,/ulr, J,�, ltbn.„:E„m :42w. • ^^"_ .. ..n.,..,i..."anon nu�.l ..�i.. a(pwry x..u. x.�rr� u....,..nu.bn.nn. rxrwu ulnM..riHn.HrnMnxo airw..x...bx.+.ariryuiF'lFliidwlJlraiJ✓ View from driveway at southwest corner of parcel showing length of south classroom building. Photo taken January 22, 1974 by E. Kabler 0 0, EXCESS PARCEL MARKET VALUE SHEET DATE DIST. CO. RTE. P.M. PARCEL NO. 7-30-74 0.7 Ora 1 15.0 41339 LOCATION: Northeast Corner of Marguerite & 5th Avenue, Newport Beach ZONING: R-2-B PRESENT USE: Nursery School BEST USE: *R-1-B on part VALUATION: (140,636 SF) LAND Raw Value 17 - R-1-B Lots Q $15,200.00 per Site IMPROVEMENTS Two Class "D" Classroom Buildings One Class,"D".Office Building Playground Area•& Misc. Yard Improvements Interim Value = Cost to Demolish TOTAL $326,40b.00 0.00 $326,400.00 *Newport Beach General Plan indicates downzoning to R-1-B if parcel not acquired for park use. Disposal value estimate -same as above. T-559-E • EXCESS PARCEL MARR'ET VALUE SHEET 1. Neighborhood DescriptiorvAnd Trends: . High density R-2 residences on 3,450 SF lots south of 5th Avenue with $80,000.00 to $100,000.00 homes above subject parcel on Marguerite Ave., - with older quaint commercial area just south on Pacific Coast Highway and Newport Town Center, a new shopping complex two miles northwest of subject area. 2. Highway Construction Description: Decertified Coastal Route 1. 3. Tisprovewnt Descriptions and Valtwa : 1-Sty. Class "D" Administration Building, B1t.1962 - 1,533 SF (Fair 2 - 1-sty. Class D Classroom Bldg., - Cond North & South, Blt. 1962 - 30648 SF each (Fair Condition) Misc. Yard Improvements InteriA Value = Cost to Demolish 4. Land Description (including access): Lf �,�gA� Irregular shaped, slightly rectangular parcel, approximately 81+ above grade of Marguerite and 5+1 above 5th Avenue. Some slope area on the most•northerly and easterly boundaries. 5. Undesirable Features of Property: Nursery School operation not justified by economic consideration of land value. 6. Desirable Features of Property: Desirable location for residential development. 7. Value Factors and Pertinent Sales' (State sales may be used): See Comparable Sale Analysis. T-559-F W. A. Routery Attn: R. Herdman/E. Kabler SUBDIVISION STUDY -2- Case I: Subdivided into 8 lots; zoned R-$-B by City of Newport Beach July 19s 1974 This area to be subdivided contains approximately 68,000 SF of vacant land east of the existing nursery school fence line. A 40-foot wide access street pro- vide access to the proposed lot, running northerly from 5th Avenue between Narcissus and Marigold Avenues. See the enclosed sketch of the proposed subdivision. Estimated development costs of the lots are as follows: Site Clearing - 68,500 SF Grading - 12,600 C.Y. Street with services - 250 LF Sub -total Utilities Concrete Block Retaining Wall - 270 LF $100.00 18,900.00 15,000.00 $35,000.00 5,000.00 9,700.00 $49,700.00 The concrete block retaining wall would support the north slope and the adjoining lots. Case II: Subdivided into 17 lots; zoned R-2-B with an access street along the northerly property line for theiparcels on the northerly side. Access to other parcels from 5th Avenue. The existing improvements would be demolished to provide space to completely develop this parcel. See sketch. A concrete block.retaining wall would be constructed along northerly right of way line. 0 W. A. Routery Attn: R. Herdman/E. Kabler -3- Site Clearing Grading Street with Services Demolish School Utilities Concrete Block Retaining Wall - 585 LF Approved By: i LLOYD D. EMMERT Senior Right of Way Agent EYN:jm Attach. $ lo700.00 27,750.00 28,600.00 2,000.00 10,40o.00 18,720.00 $ 89,170.00 Prepared By: July 19, 1974 EARL YJAAMBA _ Btlildi g Cost Estimator' Checked & Reviewed By: DONALD L. SCHUTT Building Cost Estimator • /9 20 �a •1 22 So 118. 1141 118 3) /9 20 2/ 22 NO *2S'/6"Y/ Cale. _=�'—/870.20toN%yCor. Lot /TR.iNo.6T3��• (NSO'/.¢'20�'GY Dd.) 1220.06 Ca/C. aR. 7S35-874T � Par. 3 � 0. R. 7S/5-700 _.�_ .! 1 •'1 1 1 1 1- i 1 1.- _ 1 1. I I 4- m!mHL11 I lit 4 1 a 1 - - - -- 6/4.63• g i 3 I 40 I 40 I� f; • h i� �j 0 S5961'E 4g5' 30' P 114 I h / �G6o oo iso¢ \ o0 �^ 1' q. �e o 000•b AGUE • ••Ci9 S�• � ey +✓ :.rce': / r so NesdPo�r �tAC!/ � �ociF. . A ADO I 40 LOOO i, i �• e ri '4I -U.Ca-l-.dry. V Parcel No.i 41339A U r!rfrv;M; O <:M+ •P'•f. .w.^, mf �111Nw1B4•y;,�dPs��/�1����N��T���'r,l"ir': l'�ll.�, l"l..,�d�lll.!',� r'f � fbuAnJbS.V+AFrv,+u it u4n uxfu .•UYr. ,F+. u4.w.iJida,,. Jf 4�a�wt,rve ,!•f•flaiNe{Sgll4,ll✓J� I4.ur,u f xIJWV.lW� , 0 View of subject looking westerly across Marguerite Avenue. ' nm, �'��+� 1! I � ,�'� I I � ^ . I. / . �I f �n'4➢Md9' 'a,l•S�' 14 ' l,iYf. 'n.r'%f''; 'J ;�hr,'+` '! .JI;I• aPi, �,�irlp/�, ' •••,7•II • LY/f ':%.,ncy�;ii* 'Nll;i Y��'•f View of subject from southeast corner of parcel. Photos taken 1-22-74 by E. Kabler i I • EXCESS PARCEL MARKET VALUE SHEET DATE DIST. CO. RTE. P.M. PARCEL NO. 7-30-74 07 Ora 1 15.0 41339A LOCATION: Northwest Corner of Marguerite & 5th Avenue,•Newport Beach ZONING: R-3-B PRESENT USE: Vacant BEST USE: *R-1-B VALUATION: (90,253 SF) J� IA ND Raw Value /4, 12 - Rol-B lots @ $18,950.00 per W _ $227,400.00 • IMPROVEMENTS None 0.00 TOTAL $227,400.00 *Newport Beach General Plan implies downzoning to R-1-B if parcel not acquired for park,use. Disposal estimate - same as above. T-559-E . EXCESS PARCEL MARKET VALUE SHEET 1. Neighborhood Descriptio nd Trends: High density R-2 resid nces on 3,450 SF lots south of 5th Avenue with $80,000.00 - $100,000.00 homes above subject parcel on Marguerite. Older but quaint commercial strip area just south on Pacific Coast Highway and Newport Town Center, a new shopping complex two miles northwest of subject area. 2. Highway Construction Description: Decertified Coastal Route I. 3. Improvement Descriptions and Values: None. • 4. Land Description (including access): Rectangular parcel, 2+1 above grade of Marguerite Avenue and 8+1 above 5th Avenue. So-ft fill material dumped on site but compaction would be part of site preparation. Ditch area enclosed by fence for protection of residents on southwest corner along narrow 5th Avenue area and Jasmine Avenue. 5. Undesirable Features of Property: High grading costs due to above. 6. Desirable Features of Property: Desirable location for residential development with some view sites overlooking adjacent natural wash area. 7. Value Factors and Pertinent Sales (State sales may be used): See Comparable Sale Analysis. T-559-F Jtalte V. •.011fornia Business and Transpoi:• pn Agency Memorfilitdum : W. A. ROUTERY Chief, R/W Branch "B11 Attn: R. Herdman/E. Kabler Senior R/W Agent LLOYD D. EMMERT, Senior R/W Agent From : DEPARTMENT OF TRANSPORTATION 07 - Building Cost Estimating Section Subject: Subdivision Development Cost for Parcel 41339A Located in Newport Beach Date: July 24, 1974 File : 07-Ora-1 Parcel No. 41339A Newport Beach 07426 - 911037 This parcel presently is vacant land and according to the City of Newport Beach will be zoned R-1-B. The estimated development costs for this parcel which contains 90,118 SF are as follows for a total of 12 R-1-B lots. Site Clearing-•903118 SF $ 1,300.00 Grading - 23,000 C.Y. •34,500.00 Streets Including Services 19s700.00 Utilities 73500.00 $63,000.00• Estimated construction costs to pave the northerly portion of the street and include curbs•are as follows: From Narcissus Ave. to Marguerite Ave. -- $18,000.00 From Marguerite Ave. to Jasmine Ave. -- $15,600.00 Prepared By: L NAMBA Build g Cost Estimator, Checked & Reviewed By: Le DONALD L. SCHUTT Building Cost Estimator Approved By: LO D. EMMERT Senior -Right of Way Agent EYN:jm c Parcels 4i.039 and 41339-A 10 PARCEL ANALYSIS The subject parcels are located at the northeast (41339), and northwest corner (41339-A) of Marguerita Avenue and 5th Avenue in the City of Newport Beach in the area known as Corona Del Mar, Parcel 41339 is zoned R-2-B and improved with a nursery school composed of two classroomr�buildings, an office building and playground area on approximately one-half the area while Parcel 41339-A is zoned R-3-B and vacant. Discussions with Tim Cowell, Advance Planning Administrator, Community Development Department for the City of Newport Beach led to the discovery that the Newport Beach•General Plan adopted by the City Council May 29, 1973 and amended December 17, 1973 includes • the subject parcels for park purposes and states that if said land is not acquired for said purposes it should be rezoned to R-1-B (see attachment on Recreation and Open Space Element adopted by the City Council on December 17, 1973). George Miley of the District's Legal Department has indicated that the effect of down -zoning on a particular parcel if part of an overall community general plan may be a defensible position. In view of the above the subject parcels have been appraised on an R-1-B residential highest and best use basis. A subdivision plan was prepared by the District's Cost Estimating Section indicating 12 lots for Parcel 41339-A and 17 lots for Parcel 41339 with the improvements demolished. (See attachments) it was determined that the finished lot values for 07-Ora-.L--...i ly.0 Parcels 41339 and 41339-A Parcel Analysis - Cont'd. page 2 ��30-_,�=OeOO��-erresidential development a� site (see comparable discussion). Site preparation costs and street reconstruction costs as well as a 15% charge for overhead and profit (typical for subdivision development in area) were charged against the finished lot value (and raw Q7.,�unfinished site values (<,$19,200.0.0_"> and $18,950.00 for Parcels 41339 and 41339-A respectively were o fined. Consideration was given to the possibility of retaining the nursery school on Parcel 41339 and subdividing the balance of the lot. Because of the high demand for residential sites in this beach community, the land value remains the same and only the depreciated • Replacement Cost New of the improvements was added. Eight lots (see Case 1 Study of Subdivision Costs) plus the nursery school site yielded $326,400.00 with the improvements adding $168,922.00 (straight line depreciation) for a total consideration of $495,322.00.1 i Discussions with Ray Schneer, Business Manager of the Newport -Mesa Unified School District and William C. Carlberg, President of the Montessori Schools in Orange County, indicated the demand for day care centers or nursery schools was highly competitive and that private or public entities preferred to construct new facilities to accomodate modern and special use purposes. Two new such schools within 3A mile of the subject have been constructed. The Gerber Foods School (125 students) purchased a $150,000.00 building and assumed a long term lease from -Irvine Company's joint Parcels 4y339 and 41339-A . Parcel Analysis - Cont'd. Page 3 venture developer and Harbor Day School (130 students), a former tenant of the State's parcel, both located on small sites 25,000 to 35,000 square feet. Comment was made that the State's school site of 72,636 SF was too large and the improvements too obsolete (75 students) to warrant serious consideration as a viable school site especially in view of the newer facilities. Further, even if renovating the existing improvements were considered they are in no position to purchase entire parcel and either develop unused portion as residential or negotiate with the City of Newport Beach on purchasing said remainder for their park purposes. A joint venture with a large developer would be • indicated for maximum development due to limited school funds. They clearly stated public, private or religious school develop- ment is usually planned on a small site basis or a lease arrange- ment not on the entities,other than school development capability. In view of the high cost of land,little demand for.an 1 existing older facility poorly oriented, the limited availability of capital for real estate development prevailing in the industry today, the City of Newport Beach's general plan which indicates park land for the subject or failing this use residential develop- ment, and the conjectural nature as to whether the City of Newport Beach would grant a variance or continue on a conditional use permit for new school development, the appraiser opinioned that this consideration contained too many probables and not enough Ot possibles to warrant serious economic consideration. A discussion of this.plan was included for informational purposes only. parcels 41339 & 41339-A .• ANALYSIS OF COMPARABLE DATA The subject area search for comparables revealed a narrow market for residential sales. What new R-1 construction that is taking place is in larger acreage under joint venture of the Irvine Company with a developer, utilizing ground leases. A discussion of ground leases would not serve the purpose due to additional income or royalties due The Irvine Company, as units are sold and this information was unobtainable. For this reason the appraiser utilized superior view lot R-1 sites which indicates the top of residential site value and adjusted accordingly. . Because of the proximity of R-2 lot sales to the subject area, the appraiser by abstraction, related this to an R-1 market due to the high demand for either R-1 or R-2 lots in the area. In addition, the inclusion of reversions of Irvine Company's + individual leases to buyers of residences, a practice taking place of late for fee ownership of the'site, indicates a market for R-1 sites and is considered appropriate for.comparison purposes. 2-U-2; (Land Only) A 1974 R-1 listing for $65,000.00. Superior overall to subject in location. Kings Road and Cliff Drive area more . desirable due to view lots. Adjusting for listing and superior area indicates a fair market value for a finished lot of $35,000.00 for the subject. (Continued) Parcels 413jy & Analysis of Comparable Data - Cont'd. Page 2 DD047375-01-01: (Land Only) A 1974 R-1 State sale for $82,000.00 (now listed at $100,000.00). Allocating between improvements and land 'indicates a finished lot value of $54,006.75. Superior overall to subject in lot size and location. Kings Road area more desirable due to view. ,Adjusting for superior area indicates a fair market value for a finished lot of $32,000.00 for the subject area. DD057646-01-01: (Land Only) A 1973 State sale for an R-2 lot for $70,000.00. Improve- ments in poor condition thus interim value equals cost to demolish. Comparable location to subject (south of 5th Avenue) • but superior overall due to zoning and lot utility. Lot can be subdivided for two duplexes ($35,000.00 per lot). Adjusting for superior utility indicates a fair market value for a finished R-1 lot of $30,000.00 for the subject property. ff DD057653-01-01: (Land Only) A 1973 State sale of an R-2 lot for $77,000.00. Allocating between land and improvements indicates a lot value of $67,460.00. Comparable location to subject (south of 5th Avenue) but superior overall due to'zoning and lot utility. Can be added to for another duplex ($33,730.00 per lot). Adjusting for superior utility indicates a fair market value for a finished R-1 lot of $28,000.00 for the subject. (Continued) Parcels 41339 & 41j-.;-A Analysis of Comparable Data - Cont'd. Page 3 2-U-4: (Land Only) A 1973 R-1-B land sale for $27,000.00. Overall comparable to subject in location (above subject parcel) indicating a fair market value of $27,000.00 for the subject. 2-U-5: (Land Only) A 1973 R-1 sale for.�.34,900.00. Overall superior to subject lot in size and location (above subject parcel) indi- cating a fair market value of'$30,000.00 for the subject. 2-U-6: (Land Only) A 1973 R-1 sale for $40,500.00. Overall superior to subject in lot size and location (view above subject parcel) indicating a fair market value of $32,500.00 for subject. The indicated value for the subject parcel on a finished lot basis by comparison with the above comparables is $30,000.00 per lot. Discussions with the following knowledgeable brokers and appraisers in the area further corroborates the appraiser's opinion of value. John Dorie - Broker - Coldwell Banker Company Realtors Newport Beach Corey Hansen - Broker - Coldwell Banker & Company Realtors Newport Beach_ Bill Shrewsberry - Manager of Appraisal & Real Estate Finance The Irvine Company, Newport Beach Dave Riach � Appraiser - The Irvine Company Newport Beach CJ 0 VALUATION ANALYSIS Parcel 41339: 07-Ora-1-PM 15.v Parcels 41339, 41339A R-1-B Zoning Based on comparables as discussed, the finished lot value for residential subdivision is $30,000.00 per site, A subdivision study attached indicates 17 finished lots. 17 Finished Lots Q $30,000.00 $510.9000.00 Less: Site Preparation $893170.00" 5th Ave. Reconst. 18,000.00 15% Overhead & Profit 76,500.00 183,670,00 Land Costs $326,330.00 $326.9330.00 ;- 17 Lots = $19,195.88 SAY $19,200.00 per site - Raw Land Parcel 41339A: Based on comparables as discussed, the finished lot value for residential subdivision is $30,000.00 per- site, A subdivision study indicates 12 finished lots. 12 Finished Lots a $30,000.00 $360,000.00 Less: Site Preparation $63,000.00v/ 5th Ave. Reconst. 15,600.00✓✓ 15% Overhead & Profit 54,000.00 132,6o0.00 Land Costa $227.9400.00 $227,400.00 12 Lots = $18,950.00 per Site.- Raw Land n ..A • .i, • .� '.',,+.:'xp:.J,-,L`t'a-,"+rid^1,;;.�r,•� �.]��vi<'�� � . ,_•r :7 ..; _ i �a,a :r, e t. a li f 2. One or more lots in the Corona Highlands neighborhood • will be acquired for development as a play•lot C This ,playlot should be located on the north perimeter of the neighborhood since this would also provide access to Buck Gully, the proposed trail system leading into the San Joaquin Hills, and the proposed park north of Fifth Avenue and east of Marguerite Avenue 3. If the existing privately -owned park in Cameo Shores becomes jeopardized by the prospect of private develop- ment, the City will seek acquisition to preserve the area for park use. NORTH CORONA DEL MAR AND HARBOR VIEW HILLS AREA: • The several existing and committed parks in these'neighborhoods will continue to provide adequate neighborhood park facilities in the newer residential neighborhoods in this section of the City. San Joaquin Hills Park (4•acres) will be completed soon.and will provide tennis courts, lawn bowling greens, and a picnic area. Two proposals are made to take advantage of unique open space opportunities; these proposals will greatly increase the recreational opportunities for this entire area, including the older section of Corona del Mar: 1: A neighborhood park is proposed on the property north of Fifth Avenue and east of Marguerite Avenue. 2. The existing Grant Howald Park will be expanded easterly to Marguerite Avenue, adding 2.1 acres to this neighborhood•' • park. -19- ' • 9 "T.' Aid EL ED1 r.., Ll1WPU�;T B. EA' 'Elf G�N�lt��L PPLA. • STATISTICAL DIVISION M (Harbor View Hills, Spyglass,'Jasmine Creek),: The potential for residential growth in Division M is primarily the result of the "b'uilding-out" of the approved Residential Planned Community Districts. Since the single-family densities of these approved Planned Community Districts do not appear to be excessive, the proposals do not include amending the single- family portions; however, a reduction in one multi -family area is proposed. Also, there are some vacant R-3 Districts for which rezoning to a lower density is proposed. Residential Zoning Policv for Statistical Division M I 1) The vacant R-3 Districts near the reservoir shall be +� rezoned to a, yet to be developed, residential zone which will Timit the maximum density'to 15 dwelling units per k' gross.acre. jf I: 2) The "U" District at the corner of MacArthur and Fifth shall be zoned to permit residential development up to a maximum density of 6 dwelling units per gross acre. 3)C The vacant R-3-B site east of the Harbor View Elementary r School shall be rezoned to R-1-8. ------------------ 4) The multi -family site in the northern tip of the Harbor View Hills PC shall be,reduced from 25 to a maximum of 10 dwelling units per gross acre. 5)The land between Fifth.Street and Sand Castle Drive f' • shall be rezoned from R-2-8 to R-1-B, althoug•h it is anticipated that this land will be acquired for ark P and/or highway purposes. 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'.3 .`';, 'h, '"+,o, '• ,°Jr '�r `.'�'tii •t ` �, „« .I. a'rt '"t'�' { 1 Lt +':'.F r "�', f'L..'i r. .x, •; ,t �i ,.c . � • .,{'_•t, .1,, r• 1• ,.r ..r :.f;i.,`+.�1. ,.r';'y.q, ,•'' •'4 jL• f�'r �: ., .'d,' r'4 ,•. ,r,; .f',r'rt. •x{„''-j,. ';'i.' ;• 't •L,, •'jr,.;•+:r ( f i, , , .��± ,i ;'.'1,� ��': �,r� •: y'''�t�'r,y •^L. �' k ' �".i'"`i l' ;• �)t1i't � L. - , . apt. ,'a ,'• ,a, r ,.G. r 1� 1, N "' ''p,� ; �'f',,, C 1''''I y'L'' I? 1 ' iI-i, .�•', '"^ •x �" i4�' t/. j' ','y�. 1 +',1'$ 't�Lf{j1 r•')� �,1 _ r , . 1 •{•' '• '(' .x .•j.l, ,r',«I;; 41 �'/ i`.t• I� a`'re i�l, .�' �•°L �•\' n,�; r, x I` tff''',f .i ,r :IN1 ,14 i1t yin .II_,.,n r`�'+i. t� f >t .�. }r 'I 1 �t t t' ,��}.i•,.�;,�F'ro ,+,f•I xis _fi'itr�;. `��!�S.•i."''4`.���!.'�?r;FR�"r.r*n'•;: :t'•' ' tic: "I ,• t i it U hotels and motels, tennis and health cl ubs�, etc. "Governmental, Educational, and Institutional Facilities" Area: The areas designated "Governmental, Educational,. and Institutional Facilities" include the existing fire station and proposed police facility. HARBOR VIEW AREA For planning purposes, this area includesall land within the City north of Fifth. Avenue and east of MacArthur Boulevard, • and the unincorporated "island" portion of the Pacific View Memorial Park. No major change is proposed to the existing land use pattern or to the development which will occur based on the approved Planned Community Districts, other than the residential t density proposals contained in the "Residential Growth Element": [It is proposed that "Buck Gully" and the vacant area between Fifth Avenue and Sandcastle Drive, east of Marguerite Avenue,, be preserved as,open space for public recreational use. It is recognized, however, that much of this vacant area may be used as a "transportation corridor". Also, since public acquisition of this area may prove infeasible, alternative • private residential development, as discussed in the Residential Growth Element, is indicated h.ipau'li1tA1SLB I)A t o A a:r e: uj.s c ing Property Address: W/S Kings Road, South -of Cliff Drive Legal Description: Lot 3, Tract No. 1221 Zone: R-1 Present Use: Vacant Assessed: 19—_.. Land $ Imps. $ Owner/Buyer: Seller. Irvine Company Listed with: Graham Realty Interviewed and Dates: Lyle Graham 6/25/74 Date Recorded: Inst. No: IRS $ or Bk/Pg: Price and Adjustments: Down Payment: 1 $65,000.00 Submit Land: Size Area . Unit ue NU: 2-U-r- Locale. Newport Beach �Bestuse: Residential Total $ Date Listed: June, 1974 Date of Sale: TD's and Lenders: Irregular 7,590V� SF $8OP 'p r SF $ 65.000.00 r. Improvements; � � None $ 0.00 Gross Annual Income Actual $ x = Total Value $ 65 , 000.. o0 Fair $ x Net Annual Income Before Depreciation $ _ % of Total Value Remarks: No. Rental Units: Hillside, harbor view lot. I have reviewed and inspected this comparable and concur with the analysis of value'formulated by the verifying agent. E.;Kable'r 7-74' Inspected: June �5, 1974 Due: By: E. Liner Property Address: ' 1018 Sandcastle Drive Locale: Corona Del Mar Legal Description: Lot 17 Tr. 6425 zone: R-1—B Present Use: Residential Best use: Residential Assessed: 19__.... Land $ Imps. $ Total $ Owner/Buyer: Arthur Hastings Seller: Irvine Company ' Listed With: Date Listed: Interviewed and Dates: -Irvine Co., 7-31-74 Date Recorded: 12-26-73 Inst. No: 10911/ IRS s 29.70 Date of Sale: 9-21-73 or Bk/Pg: 096 Price and Adjustments: Down Payment: / O 's and Lendersl ' $27,000.000.00 (J �U , 00. O ``csLand: Size Area� Unit Va1@e\o 1 .0 Irregular 8,640 SF -- 13(-) per SF r (J �J $ 27,000.00 Improvements: (For Info. Purp ses Only) 1—Sty. Fr. & Stucco Residence, Bit. 19681 1.900 SF, 3 BR, 2 Baths, 7 Rooms, 2-Car Detached Garage $ Gross Annual Income Actual 's X = Total Value $ 27, 000.00 Fair $ X Net Annual Income Before Depreciation $ — ofo of Total Value Remarks. Owner exercised lease option on land and purchased fee title. , Inspected:. 1-24-74 Date: No. Rental Units: I By: E. Kabler FORM HR/W4O (ANY...7O) >I.. .AAUAA,A.Ai AJaid-k AriA A.: �"-*Aa:. v;t: n.. A4%J. '- Property Address: 3401 Seabreeze Lane Locale: Corona Del Mar Legal Description: Lot 38, Tract 6228 Zone: R-1—B.' Present Use: Residential Best Use: Residential Assessed: 19... .... Land $ Imps. $ Total ; Owner/Buyer: Richard A. Stepp Seller: Irvine Company Listed With: Date Listed: Interviewed and Dates: Irvine Company, 7-31-74 ' Date Recorded: Inst. No: IRS $ Date of Sale: 8-7-73 of Bk/Pg: Price and Adjustments: Down Payment: TD's and Lenders: ( $34,900.00 Land: Size Irregular Area Unit Value 12,204 SF @ $2.85W per SF 34,9o0.00 (Corner Lot) S Improvements: (For Info. Purposes Only) en 1 6 1-Sty. Frame &Stucco Residence, B It 9 7, 2,165 SF; 7 Rooms, 3 BR, 2J Baths, 10� 2-Car Detached Garage 1 S 9 - :. Gross Annual Income Actual. x = Total Value ; 34,9oo.00 I Fair $ X Net Annual Income Before Depreciation $ = '70 of Total Value i Remarks: No. Rental Units: Owner exercised lease option on land and purchased fee title. Inspected: Date:. 1-24-74 By: E. Rabler FORM HR/W46 (R[V. 0.70) it COMPARABLE DATA TYPE: LAND SALE Property Address: ' 3812 SQndune Legal Description: Lot 63, Tract 6425 Zone: R-1—B Present Use: Residential Assessed:, 19........ Land ; Imps. ; Owner/Buyer: Robert Warmington -Seller: Roger Darnell (Irvine Co) Listed With: Interviewed and Dates: Irvine Co. 6-3-74 Date Recorded: Inst. No. IRS ; or Bk/Pg: Price and Adjustments: Down Payment: ' NO: 2-U-6 Locale: Corona Del Mar Bestuse: Residential Total ; r Date Listed: Date of Sale: 8-27-73 TD's and Lenders: / 455 Land: Size Irregular Area Unit Value t S 12.9470 SF @ $3.25 (-) per SF �� e7&,p4•- 40,500.00 Improvements: ' (For Info. Purposes Only) 1—Sty. Fr. & Stucco Residence, Blt. 1968, ' 2,204 SF, 8 Rooms, 4 Bedrooms, 2J Baths, 2-Car Detached Garage Gross Annual Income ' Actual ; X = Total Value ; 40, 500.00 Fair ; X Net Annual Income Before Depreciation ; — % of Total Value Remarc: No. Rental Units: Owner exercised lease option on land and purchased fee title. Inspected: Dare: 1-24-74 6 By: E. Kabler COWARABLE DATA TYPE: Excess Sale PropertyAddress: 917. Kings Road Legal Description: Lot 26, Block "E", Tract No. 1219 Zone: R-1 Present Use: Residential Assessed: 19_--.. Land $ Lnps. s• Total $ Owner/Buyer: Czeslaw & Wanda Gwozdzioski Seller: State of California 'Listed With: Interviewed and Dates: Date Recorded: Price and Adjustments: $82,000.00 Land: Size Irregular State Records, 1-14-74 Inst. No: IRS $ or Bk/Pg: Down Payment: $5.0100.00 Area 12j,126 SP Unit Value Improvements: 2-Sty. Frame & Stucco Residence, Blt. 1953, 2,$ 033 SF Q $13.00 26,429.00 2-Car Attached Garage, 387 SF @ $2.75 1,o64.25 Misc. Yard Improvements 500.00 NO: DDo47375-01-01 Locale: Newport Beach Best Use: residential Date Listed: Date of Sale: 1-8-74 TD's and Lenders: Balance 5-8-74 $4.45(+) per SF $'54s006.75 $ 27,993.25 Gross Annual Income Actual $ X = Total Value $ 82, 000.06 Fair $ x Net Annual Income Before Depreciation $ e �f'o of Total Value Rgm.uks0 No. Rental Units: Residence contains three be and 1-3/4 baths. I have reviewed and inspected this comparable and concur with the • analysis of value formulated by the verifying agent. 7-74 E. Kabler Inspected: DAre. 1-14-74 C By` C. COMPARABLE DATA i `PE: u:tcess Sale NO: DD05to4d-01-01 Property Address: 717 Jasmine Avenue -Locale: Corona Del Mar Legal Description: Lots 17 & 19, Block 736, Corona del Mar Tract Zone: R-2 Present Use: ResidentL al Best use: Residential Assessed: 19....... Land $ ;' ' Imps. $ Total $ owner/Buyer6 George .F. Hauser Seller: ' state of California Listed With; '; Date Listed: Interviewed and Dates: State Records, 12-31-73 Date Recorded: Inst. No: IRS $ Date of Sale: 12-18-73 or Bk/Pg: Price and Adjustments: Down Paypment: TD's and Lenders: $70,000.00 $4,000.00• Balance 4-22-74 7. Land: Size Rectangular Area 7,080 SF Unit Value $9•89(-) per SF 118tx601 $ 70s000.00 Improvements: Single Family Residence; Built 1949 Interim Value Equals Cost to Demolish 0.00 Gross Annual Income Actual '$ Fair $ Net Annual Income Before Depreciation $ Remarks: x = Total Value $ 70, 000.00 x 77o of Total Value No. Rental Units: . Residence contains 5 rooms: 2 bedrooms and 1 bath. I have reviewed and inspected this comparable and concur with the analysis of value formulated by the verifying agent. E. Kabler 7/74 w Inspected: 12-31-73 Date: By: C. Locher