HomeMy WebLinkAbout02 - Old Balboa Island Fire Station 323 Marine AvenueTO:
FROM:
SUBJECT:
CITY COUNCIL r� AGENDA
ITEM NO. cal
CITY OF NEWPORT BEACH BY THE c�rr cc:� ]{_
OFFICE OF THE CITY MANAGER CITY OF
SEPTEMBER 13, 1993 SEP 1 31993
MAYOR AND CITY COUNCIL
DEPUTY CITY MANAGER
OLD BALBOA ISLAND 'FIRE STATION
323 MARINE AVENGE
ACTION: If desired, approve and authorize City Manager to execute a listing
agreement with Waterfront Homes, Inc., to sell the subject property for an asking price
of $400,000 with a 4.75% commission.
BACKGROUND: The appraised value of this property in 1989 was $285,000 to
$320,000, and the Council previously approved its sale for $320,000. Experience
related to the River Avenue property indicates that the City is best served by employing
a professional real estate broker.
DISCUSSION: Waterfront Homes is located nearby at 315 Marine Avenue, is very
familiar with the area, and proposes a very competitive commission. No other realty
company was invited to submit. The suggested listing price reflects their belief that
interest in the property warrants the higher price. The listing agreement would expire
on January 30, 1994.
RECOMMENDATION: Waterfront Homes is a reputable firm with long experience
in the area. The Fire Department will be vacating the building on the first of the new
year due to its seismic condition and it is now time to sell the property. Staff
recommends the above cited action. I /��
nneth J. D li o
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