HomeMy WebLinkAbout16 - Old Balboa Island Fire Station 323 Marine AvenueCITY COUNCIL AGENDA
ITEM NO. 16
CITY OF NEWPORT BEACH
OFFICE OF THE CITY MANAGER
DECEMBER 13, 1993
TO: MAYOR AND CITY COUNCIL
FROM: DEPUTY CITY MANAGER
SUBJECT: OLD BALBOA ISLAND FIRE STATION
323 MARINE AVENUE
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. A potential sale
for $400,000 which admittedly was an impulse purchase fell out of escrow due to lack
of financing. 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. Rumbold Realty,
also located on Marine Avenue, submitted a proposal at $370,000 with a 5%
commission. The suggested listing price reflects Waterfront's belief that interest in the
property warrants the higher price. The listing agreement would have a six month
term.
RECOMMENDATION: Waterfront Homes is a reputable firm with long experience
in the area. The Fire Department will be vacating the building in July 1994 and it is
now time to sell the property. Staff recom ends the above cited action.
Kenneth J. Delino
KJD:mb