Rockaway Hillside on the Auction Block

142   

Oceanview Development Property Next to Golden Gate Recreation Area, Pacifica, California
Sealed Bid, Auction Details
PUBLISHED RESERVE: $940,000
LAST ASKING: $1,795,000
SIZE: 57± acres
ELEVATION: 100± to 600± feet
ZONING: R-1/B-3/HPD and R-1/B-10/HPD (See Supplemental Information Package for zoning detail.)

PROPERTY INSPECTION: At Any Time

FINANCING: Subject to Seller's approval of Purchaser's credit: A 40% down payment with the balance secured by a first deed of trust, amortized over 25 years at 6.75% interest, calling for monthly payments of principal and interest; all due and payable at end of two years.

DESCRIPTION: This 57± acre, ocean-view development property is one of the largest undeveloped parcels with residential zoning within the greater San Francisco Bay area. It is within a 30 minute drive of San Francisco and adjacent to over 1,200 acres of the Golden Gate National Recreation Area, including historic Sweeney Ridge, and could be partially developed as a gated subdivision, or as an exclusive private ocean-view estate. The property, located between Rockaway State Beach and Mori Point in the southern part of Pacifica, has an irregular shape and lies along the west-facing slopes of Cattle Hill between Highway 1 and the western boundary of Golden Gate National Recreation Area. The elevation ranges from 100± feet to 690± feet with the lower southwest portion containing less than ten acres suitable for subdivision development. The 57± acre site has some residual trees but contains primarily undisturbed native vegetation. There is an estimated 800 feet of frontage along Highway 1, and the proposed entry road to the tract, as outlined by CALTRANS, would be located 1,175± feet south of Reina Del Mar Avenue and 1,774± feet north of Rockaway Beach Avenue. (See Supplemental Information Package for detail information and March 2009 letter from State of California Department of Transportation providing verification that there is a right-of-way entry from Highway 1.) All utilities (water, gas, sewer and phone) are located along the highway and can be extended to the site. The entire property is within the city of Pacifica and a prior owner submitted a plan in 2001 for an eleven-lot subdivision, with the balance of the property (47± acres) to be donated to the Golden Gate National Recreation Area to be used for a trailhead in order to improve public access to Sweeney Ridge. Other options for the property include development of several ocean-view, gated estate compounds with private trail system for hiking and riding horses. The combination of the property's spectacular ocean views, location next to Golden Gate Recreation Area, proximity to San Francisco and residential zoning provides a new owner with opportunity to create both real estate and conservation values from the purchase of the property at a significant discount, with the added benefit of short-term seller financing. Please Note: Sketch plans are conceptual only. Neither the Seller nor its agents have submitted plans or made any applications to a public agency.

LOCATION: APN# 018-140-62. From San Francisco, take I-280 south to Highway 1 (Coastal Highway), and proceed south to the city of Pacifica. Continue on Highway 1 South, turn left on Fassler Avenue and then an immediate left on Frontage Road (Harvey Way). Please park along roadside by Our Savior's Lutheran Church. The southwest corner of the property begins near the church parking lot (see Supplemental Information Package). Access is by foot only. SEALED BIDS DUE NO LATER THAN 5:00 P.M., NOVEMBER 18, 2009

Comments

[big banker]

Jay Bird:

Word on the street is it will come back up for auction. Calling the auction house would have worked.

Kudos to Mike, great idea. Pool the money and buy it.

Just remember to pay the county property taxes!

[Jay Bird]

The reserve went up to $2,250,000 in June 2013, and it's off the market these days -- was it sold?

[jim alex]

The only way to get an easement for a road for this property is to pay the church for an easement.

[ken restivo]

Good luck. Anyone who lives there will have to helicopter or hike back and forth to their houses.

CalTrans is not putting any more curb cuts on Highway 1. They're trying turn it into a freeway, not someone's driveway.

I thought that was already part of GGNRA. Maybe POST should bid on it and buy it.

[todd bray]

Is Spankie laughing because he's gone KooKoo or is Spankie laughing because he's seen the light? (Dear Editor, Spankie says it's okay with him to use the label Spankie.)

(Dear Todd, thanks for checking, glad we are all learning to play nice together on Riptide---Editor)

[jim alex]

I would strongly advise you check to see if there is really a Caltrans easement for this parcel!!!

Buyer beware!!!

[Lionel Emde]

That's what we need, a "gated community".
Well, it joins all the other "for sale" properties in the real estate crash.
Just wait, you'll get a better deal tomorrow.

[Lois Rogan]

Amen.

[mike bell]

Pity the unsuspecting soul who buys this property with the hope of developing it.

Finally an opportunity for the frog and snake lovers to spend their own money instead of everyone else's. Pool your pennies, kids, and step up to the table.

[jim wagner]

hahahahhahahahhahahahaha
in pacifica!
hahahahhahahahahhaha