HomeMy WebLinkAboutSS1- Correspondence - Acquisition of the Griswold PropertyCITY OF NEWPORT BEACH
OFFICE OF THE CITY MANAGER
June 12, 1978
STUDY SESSION NO. 1
TO: MAYOR AND CITY COUNCIL
FROM: City Manager
SUBJECT: ACQUISITION OF THE GRISWOLD PROPERTY
During the Council meeting of April 24, 1978, the City Council considered a
recommendation from the PB & R Commission and from the Planning Commission
that property in Corona del Mar be acquired by the City. The parcel is
depicted on the attached. The City Council referred the recommendations to
the staff for report back to the City Council on range of values for subject
lot to be considered during review of the capital improvement portion of the
1978-79 fiscal year budget.
The assessed valuations of the subject parcel is as follows:
1974 $3,780
1975 4,450
1976 5,880
1977 6,760
The above valuations would indicate that the property has been examined each
year by the assessor's office and increased in value. As most of us realize,
however, assessed valuation may not always be a good indicator of market
value. Several parcels of property in the Corona del Mar area have sold within
the last eight months for $20.00 and $30.00 per square foot. This parcel has
a lot size of 4,500 square feet which, if applied against sales values men-
tioned above, would place value on the lot as follows:
a) 4,500 square feet @ $20.00 = $ 90,000 market value
b) 4,500 square feet @ $30.00 = $135,000 market value
It has been reported to me that offers approximating $100,000 for this parcel
have been declined.
While the lot is irregular in shape and has moderate to extreme grade problems,
nevertheless it is a buildable lot. Furthermore, it has a good view. Access
can be achieved by Pacific Drive or by an easement off Bayside Drive. As a
result of initial research, it is estimated that the range of value for subject
property would be between $100,000 to $135,000.
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If the Council desires more exact appraisal information, the City has a
proposal from an M.A.I. in which he will appraise the property for $900
and will submit a narrative appraisal report within three weeks after
receiving the City's authorization to proceed.
a'AAL:71- cL
ROBERT L. WYNN
RLW: pg
Attachment