VISTA AZUL- APPROVED 20 LOT TENTATIVE MAP · 2017. 6. 27. · Impact Fees: Approximately $27,468...

FOR ADDITIONAL INFORMATION:

Lee & Associates-North San Diego County | 1900 Wright Place, Suite 200, Carlsbad, CA 92008 | T: 760.929.9700 F: 760.929.9977 | www.lee-associates.com

AL APUZZO760.448.2442

[email protected] Lic # 01323215

MATT WEAVER760.448.2458


SUBJECT PROPERTY

VISTA AZUL- APPROVED 20 LOT TENTATIVE MAPSW CORNER OF PALM STREET & TROY STREET - LEMON GROVE

Mt. Vernon Elementary School

DOWNTOWN SAN DIEGO

Monterey Heights Elementary School

Liberty Charter High School

Lemon Grove Park

• Expansive Views• Entitlements for 20 Residential Lots• Previously Graded• Entitled for 14 Detached Lots, 6 Townhome Units

ASKING PRICE: $1,395,000 - OFFERS DUE JULY 14, 2017

TROY ST

PALM STMT

VERN

ON

ST

BROADWAY

LEMON GROVE AVE

CAMINO DE LAS PALMAS

Lemon Grove Middle School

PALM ST

2



AL APUZZO760.448.2442





PAGE CONTENT

3 AERIALS

7 LOCATION MAP

8 PHOTOS

9 PROPERTY INFO

10 DOCUMENT LINKS

11 IMPROVEMENT COSTS

12 IMPACT FEES

13 TENTATIVE MAP

14 PARCEL MAP

15 MARKET INFORMATION & PRICING ANALYSIS

No warranty or representation is made to the accuracy of the foregoing information. Terms of sale, lease and availability are subject to change or withdrawal without notice.

TROY ST

PALM ST

PALM

ST

3



AL APUZZO760.448.2442





AER

IALS

SUBJECTPROPERTY

PALM ST

CAMINO DE LAS PALMAS

Kelly Dr

PALM ST

TROY STSUBJECT

PROPERTY

4



AL APUZZO760.448.2442





AER

IALS

Cann

on Rd

Tamarack Ave

TROY ST

PALM ST

SUBJECT PROPERTY

5



AL APUZZO760.448.2442





AER

IALS

Carlsbad High School

CARLSBAD

CarlsbadElementary School

Buena Vista Lagoon

Army NavyAcademy

Carlsbad Village Dr

Monroe St

Lake Jennings

SAN DIEGO

TROY

ST

SWEETWATER RD

Liberty Charter High School

Mt. Miguel High School

Avondale Elementary School

Mt Vernon Elementary School

PALM ST

PALM

ST

CAMINO DE LAS PALMAS SUBJECTPROPERTY

6



AL APUZZO760.448.2442





AER

IALS

SUBJECTPROPERTY TROY ST

SWEETW

ATER RD

PALM STPALM ST

Lake Murray

7



AL APUZZO760.448.2442





LOC

ATIO

N M

AP

SUBJECTPROPERTY

SUBJECTPROPERTY

Troy St

Valencia StPalm StPalm St

Cran

e St

Gold

en A

ve

Lincoln St

Swee

twat

er R

dCamino De Las Palm

as

LEMON GROVE

LA MESA

NORTH PARK

NORMAL HEIGHTS

EL CAJONMission Trails Regional Park

8



AL APUZZO760.448.2442





PRO

PERT

Y PH

OTO

S

Rick RodriguezLand Division ManagerCA DRE #01223206Cell 619.322.9062

CADO Real Estate Group12526 High Bluff Drive, Suite 300San Diego, CA 92130888-848-6668www.cadorealestate.com

VISTA AZULSITE PHOTOS FACING EAST

Rick RodriguezLand Division ManagerCA DRE #01223206Cell 619.322.9062

CADO Real Estate Group12526 High Bluff Drive, Suite 300San Diego, CA 92130888-848-6668www.cadorealestate.com

VISTA AZULSITE PHOTOS FACING EAST

9



AL APUZZO760.448.2442





PRO

PERT

Y IN

FO

Location:

Jurisdiction: CountyofSanDiego|CityofLemonGrove

APN#: 503-252-42-00

Acreage: 2.06Acres

Topography: GenerallyFlat

Zoning: RM(ResidentialMediumDensity)

GeneralPlan: RLM(ResidentialLowMedium)

Density: 9.71DU/Ac

LotCoverage: 24%

LotSize: 1,330SFto11,237SF

AveragePricePerHome: Approximately$540,188

ImpactFees: Approximately$27,468perlot(includesa5%contingency)

SiteImprovements: $78,296perlotwith10%contingency(includesa10% contingency)

LocatedonthesouthwestcornerofPalmStreetandCaminodelasPalmasinLemonGrove.Approximately.1ofamilewestofInterstate125andlessthanamilesouthofInterstate94,thissitewillprovidecommuterswithquick,convenientaccess to all of San Diego County. Only 10.5 miles fromdowntownSanDiego.

SchoolDistrict: LemonGroveSchoolDistrict • Lemon Grove Elementary •LemonGroveMiddleSchool •MontereyHeightsHighSchool

Services: Water HelixWaterDistrict Sewer LemonGroveSanitationDist. Gas/ElectricitySDG&E FireHeartlandFireDept. Police LemonGrovePolice-SheriffsDept.

Asking Price: $1,395,000 - OFFERS DUE JULY 14, 2017

10



AL APUZZO760.448.2442





DO

CUM

ENT

LINKS

CLICK TO VIEW DOCUMENT LINKS

ACOUSTICAL REPORT

CONCEPT LANDSCAPE PLANS

CONCEPT SITE PLAN, ELEVATIONS & FLOOR PLANS

CONDITIONS OF APPROVAL

GEOTECHNICAL REPORT

GEOTECHNICAL UPDATE LETTER

LANDSCAPE COSTS ESTIMATES

LIMITED PHASE II ENVIRONMENTAL SOIL EVALUATION

NOTICE OF DETERMINATION

PHASE I ENVIRONMENTAL SITE ASSESSMENT

PRELIMINARY GRADING PLAN

PRELIMINARY GRADING PLAN PG 2

PRELIMINARY TITLE REPORT

SIMULATED HYDRANT FLOW TEST

SITE DEVELOPMENT FEES AND PERMITS

TENTATIVE MAP & PRELIMINARY GRADING PLAN

VISTA AZUL PRICING ANALYSIS

VISTA AZUL TRIP GENERATION ANALYSIS

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/AcousticalReport.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/LandscapeConceptJuly2016.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/ConceptSitePlanElevationsFloorPlans.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/ConditionsofApproval10-4-16.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/GeotechnicalReport10-2-15.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/GeotechnicalUpdateLetter7-8-16.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/LandscapeCostsEstimate.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/EnvironmentalReport.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/NoticeofDetermination10-5-16.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/Phase1ESA.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/PreliminaryGradingPlan.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/PreliminaryGradingPlanPage2.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/PTR3-9-17.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/HydrantFlowTest-TroySt.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/SiteDevelopmentFeesPermits.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/VistaAzulTMandPGP.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/VistaAzulPricingAnalysis1.6.17.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/VistaAzul/VistaAzul_TripGenLetter7-11-16.pdf

http://www.lee-associates.com/elee/sandiego/LeeLandTeam/IvyRidge/BuildingProforma.pdf

11



AL APUZZO760.448.2442





11

IMPR

OVE

MEN

T C

OST

S

Site Development Description Estimated Cost Per Unit CostErosion Control 21,919 1,096Grading and Site Prep 147,955 7,398Dirt Export/Import 49,875 2,494Storm Drain 22,505 1,125Brow Ditch 19,485 974Sewer 86,604 4,330Concrete Staircase 4,400 220Water 95,673 4,784Curb Gutter 31,242 1,562Sidewalk/Drive Approach 19,070 954Paving 32,690 1,635Dry Utilities/Joint Trench 68,900 3,445Street Lights 4,500 225Signs/Striping 1,000 50Bioretention 74,000 3,700Common Area Landscaping 230,963 11,548Sound Wall 32,310 1,616Retaining Walls 95,675 4,784Segmented Walls 43,545 2,177SDG&E Conversion 341,250 17,063Subtotal Before Contingency 1,423,561 71,17810% Site Development Contingency 142,356 7,118Total Site Development 1,565,917 78,296

Vista AzulSite Development Estimates

SW CORNER OF PALM STREET & TROY STREET - LEMON GROVE

12



AL APUZZO760.448.2442




12

IMPA

CT

FEES

Fees & Permits Estimated Cost Per Unit CostCity/County Inspection Fees 25,000 1,250City/County Final Map Fees 5,000 250RTCIP Fee 47,140 2,357Utility Deposits 55,700 2,785Utility Reimbursements (49,800) (2,490)Park Fee 18,000 900Sewer Connection Fees 20,000 1,000Water Connection Fees 136,840 6,842SDCWA Fee 99,260 4,9631.5 Inch Irrigation Meter 37,695 1,885School Fees 128,362 6,418Subtotal Before Contingency 523,197 26,1605% Contingency 26,160 1,308Total Fees 549,357 27,468

Vista Azul-Lemon Grove, CA Fee Estimate


13



AL APUZZO760.448.2442




TEN

TATIV

E M

AP

1313

14



AL APUZZO760.448.2442





14

PARC

EL M

AP

Tax Map Troy St, Lemon Grove, CA

Tax Map Troy St, Lemon Grove, CA 3/16/2016 Page 2 (of 2)

This report is only for the myFirstAm user who applied for it. No one else can rely on it. As a myFirstAm user, you already agreed to our disclaimer regarding third party propertyinformation accuracy. You can view it here: www.myfirstam.com/Security/ShowEULA. ©2005-2016 First American Financial Corporation and/or its affiliates. All rights reserved.

15



AL APUZZO760.448.2442





MA

RKET

INFO

RMAT

ION

& P

RIC

ING

AN

ALY

SIS

Project Name Builder Name City Master Plan Open Date Product Type Typical Lot Size Unit Size Min Unit Size Max MinPrice MaxPrice Min $/SF Max $/SFTotal Units

Planned

Total Units Sold

Total Remaining

Park Avenue Row Homes DP Homes El Cajon - 11/12/2016 Attached - 1790 1954 442,900$ 469,900$ 240.48$ 247.43$ 48 10 38Magnolia Trails KB Home El Cajon - 12/9/2015 Detached 4042 2292 2757 577,634$ 599,990$ 217.62$ 252.02$ 44 42 2Mary Street Homes DP Homes El Cajon - 10/22/2016 Detached 4000 1300 1860 459,900$ 509,900$ 274.14$ 353.77$ 16 6 10Boulder Point KB Home Lakeside - 5/9/2015 Attached - 1465 1748 420,990$ 505,131$ 288.98$ 287.37$ 132 131 1Ridgeline KB Home Lakeside - 5/30/2015 Detached 3000 1836 2076 546,825$ 589,990$ 284.20$ 297.83$ 52 50 2Prospect Fields KB Home Santee - 6/1/2017 Detached 3850 1904 2221 616,490$ 646,990$ 291.31$ 323.79$ 75 - 75River Village KB Home Santee - 2/23/2017 Detached 6800 2210 2850 712,990$ 743,990$ 261.05$ 322.62$ 82 15 67

Vista AzulPreliminary Pricing Analysis

ANTICIPATED RETAIL SALES SUMMARY

Revenue By PhasePhase 1 5,821,873 Phase 2 4,981,879

Prepared by CADO Real Estate GroupJanuary 6, 2017

Total Gross Revenue 10,803,752

Average Price Per Home 540,188

Prepared by CADO Real Estate GroupJanuary 6, 2017

VISTA AZULPRICING/REVENUE MODELING

Market Pricing Today Market Introduction Phase 1 Phase 2 - Remaining LotsAssumes a 2.5% Appreciation Lots 7 - 17 Assumes Additional 2.5% Increase

PLAN # SQUARE PRICE / PRICING REVENUE PRICING REVENUE PRICING REVENUE PRICING REVENUEFEET SQ. FT. 1/6/2017 BY PLAN 6/1/2017 BY PLAN 6/1/2017 BY PLAN 1/1/2018 BY PLAN

1 2 1,836 272.28 499,900 999,800 512,398 1,024,795 512,398 - 525,207 1,050,415 2 6 1,925 238.91 459,900 2,759,400 471,398 2,828,385 471,398 1,885,590 483,182 966,365

3.0 12 2,079 250.07 519,900 6,238,800 532,898 6,394,770 532,898 3,730,283 546,220 2,731,100

Base Sales Rev 9,998,000 10,247,950 5,615,873 4,747,879 Premiums 240,000 240,000 96,000 144,000 Upgrades (excluding flooring) 200,000 200,000 110,000 90,000

Gross Sales Revenue 10,438,000 10,687,950 5,821,873 4,981,879

Average Sales Price/Home 521,900 534,398 529,261 553,542

SUMMARY

Revenue By PhasePhase 1 5,821,873 Phase 2 4,981,879

Total Gross Revenue 10,803,752

Average Price Per Home 540,188

Model AssumptionsHomes introduced to market in approximately 1 Year Period5% Annual price appreciation in housing marketNo appreciation given for upgrades and premiumsMarketed in 2 PhasesProject sold and closed out in 1 year

CADO Real Estate GroupUpdated January 6, 2017

Exhibit 1PRELIMINARY PRICING VISTA AZUL

PRELIMINARY PRICING FOR VISTA AZULCOMMUNITY NAME PLAN BEDRM BATH STORIES GARAGE ATT/ SQUARE PRICE / BASE QUANTITY SALES

DET FEET SQ. FT. PRICE REV

VISTA AZUL 1 3 2.0 2 2 DET 1,836 272.28 499,900 2 999,800 VISTA AZUL 2 3 3.0 3 2 ATT 1,925 238.91 459,900 6 2,759,400 VISTA AZUL 3 3 3.5 3 2 DET 2,079 250.07 519,900 12 6,238,800

NOTESVALENCIA HILLS 2 4 2.5 2 2 DET 1,969 251.01 494,241 COE 4/14/2016VALENCIA HILLS 2 4 2.5 2 2 DET 1,969 246.37 485,100 COE 4/19/2016VALENCIA HILLS 3 4 3.0 2 3 DET 2,220 242.24 537,780 COE 1/13/2016VALENCIA HILLS 3 4 3.0 2 3 DET 2,220 247.30 549,010 COE 4/20/2016VALENCIA HILLS 3 4 3.0 2 2 DET 2,220 240.76 534,480 COE 4/13/2016VALENCIA HILLS 3 4 3.0 2 2 DET 2,223 244.71 544,000 COE 8/31/2016

MESA RIDGE 3 3 2 2 DET 1,773 293.29 520,000 COE 9/22/2016MESA RIDGE 4 3 2 2 DET 2 300 254 35 585 000 COE 7/8/2016


MESA RIDGE 4 3 2 2 DET 2,300 254.35 585,000 COE 7/8/2016MESA RIDGE 4 3 2 2 DET 2,039 274.64 560,000 COE 6/20/2016MESA RIDGE 4 3 2 2 DET 2,300 263.04 605,000 COE 6/6/2016MESA RIDGE 4 3 2 2 DET 2,300 261.74 602,000 COE 8/31/2016MESA RIDGE 4 3 2 2 DET 2,300 265.22 610,000 COE 7/11/2016

MESA DEL SOL 4 3.0 2 2 DET 2,377 240.85 572,500 COE 1/21/2015MESA DEL SOL 4 3.0 2 2 DET 2,377 250.32 595,000 COE 5/18/2015MESA DEL SOL 4 3.0 2 2 DET 2,669 243.20 649,100 COE 4/17/2015MESA DEL SOL 5 4.0 2 2 DET 2,669 247.28 660,000 COE 7/9/2015MESA DEL SOL 4 3.0 2 2 DET 2,669 273.51 730,000 COE 10/14/2016

BASE SALES REVENUE WITH PRICING ASSUMPTIONS BASED MARKET PRICING TODAY 9,998,000

AVERAGE BASE SALES PRICE* 499,900

* all figures represent initial base prices without lot premiums or upgrades based on introduction to the market today


Exhibit 2COMPARISON OF PRICES OF SELECT NEW HOMES

$500,000

$520,000

$540,000

$560,000

$580,000

$600,000

$620,000

$640,000

$660,000

Sale

s Pri

ce

$400,000

$420,000

$440,000

$460,000

$480,000

1,700 1,800 1,900 2,000 2,100 2,200 2,300 2,400

Unit Size (Sq.Ft.)

VISTA AZUL VALENCIA HILLS MESA RIDGE


Exhibit 3COMPARISON OF PRICES WITH SURROUNDING NEWER RESALE

$430,000

$455,000

$480,000

$505,000

$530,000

$555,000

$580,000

$605,000

$630,000

$655,000

$680,000

$705,000

$730,000

Sale

s Pri

ce


$380,000

$405,000

$430,000

$455,000

1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200 2,300 2,400 2,500 2,600 2,700

Unit Size (Sq.Ft.)VISTA AZUL MESA DEL SOL RESALE CLOSED DET LEMON GROVE:

Median Size: 1,832 Sq.Ft.Median Sold Price: $435,000Median $/SF: $245Median Year Built: 2014Median DOM: 26Number of Listings: 11

CLOSED DET LA MESA:Median Size: 1,896 Sq.Ft.Median Sold Price: $582,500Median $/SF: $272Median Year Built: 2004Median DOM: 19Number of Listings: 9

CLOSED DET SPRING VALLEY:Median Size: 2,318 Sq.Ft.Median Sold Price: $525,000Median $/SF: $226Median Year Built: 2001Median DOM: 15Number of Listings: 7


Exhibit 4CLOSED RESALESLemon GroveSold in the Last 2 YearsBuilt Since 2000

BED BATH UNIT SIZE SOLD PRICE SOLD $/SF DAYS ON MARKET

YEAR BUILT

COE

6420 Blue Ash Dr 4 3 1,611 $403,000 $250.16 10 2003 1/27/20161991 Shirley Ln. 3 2 1,600 $412,000 $257.50 14 2015 2/20/20158618 SANDY BEV LANE 4 3 1,720 $420,000 $244.19 3 2011 1/7/20156720 Hibiscus 4 3 1,884 $417,000 $221.34 40 2004 5/19/20151625 Drexel Dr 3 3 1,700 $435,000 $255.88 51 2015 7/30/20157015 Casa Ln. 5 3 1,735 $425,000 $244.96 5 2015 5/11/20152889 Orange Place 4 3 2,067 $465,000 $224.96 79 2010 1/19/20166767 San Miguel 3 3 1,832 $455,000 $248.36 28 2015 2/23/20168014 Mary Pat Ln. 4 3 2,053 $460,000 $224.06 63 2006 8/14/20153253 Harris 6 3 2,116 $500,000 $236.29 26 2014 1/5/20156966 Broadway Ave 4 3 2,220 $561,500 $252.93 6 2016 10/6/2016

UNIT SIZE SOLD PRICE SOLD $/SF DAYS ON MARKET

YEAR BUILT

MEDIAN 1,832 $435,000 $244.96 26 2014AVERAGE 1,867 $450,318 $241.88 30 2011MINIMUM 1,600 $403,000 $221.34 3 2003

STREET ADDRESS


, ,MAXIMUM 2,220 $561,500 $257.50 79 2016


Exhibit 5CLOSED RESALESLa Mesa South of I-8Sold in the Last YearBuilt since 2000

BED BATH UNIT SIZE SOLD PRICE SOLD $/SFDAYS ON MARKET

YEAR BUILT

COE

4677 Parks Ave 3 3 1,896 $505,000 $266.35 8 2002 7/22/20164111 Massachusetts Avenue 1 4 3 2,329 $555,000 $238.30 6 2004 11/20/20164111 Massachusetts Avenue 12 3 3 1,890 $505,000 $267.20 5 2004 3/24/20164111 Massachusetts Avenue 17 3 3 1,855 $520,000 $280.32 2 2004 5/16/20167778 Highwood Ave 4 3 2,077 $582,500 $280.45 22 2006 9/23/20164837 73rd Street 4 3 1,820 $605,500 $332.69 19 2015 6/30/20164693 Parks Ave 4 3 2,260 $595,000 $263.27 32 2002 8/8/20167902 Windsor drive 4 3 1,745 $637,800 $365.50 47 2015 1/29/20164500 Lowell St 4 3 2,307 $627,500 $272.00 82 2015 9/3/2016

UNIT SIZE SOLD PRICE SOLD $/SFDAYS ON MARKET

YEAR BUILT

MEDIAN 1,896 $582,500 $272.00 19 2004AVERAGE 2,020 $570,367 $285.12 25 2007MINIMUM 1,745 $505,000 $238.30 2 2002MAXIMUM 2,329 $637,800 $365.50 82 2015

STREET ADDRESS

CADO Real Estate GroupUpdated January 6, 2017CADO Real Estate GroupUpdated January 6, 2017

Exhibit 6CLOSED RESALESSpring Valley North of JamachaSold in the Last Year Built Since 2000

BED BATH UNIT SIZE SOLD PRICE SOLD $/SFDAYS ON MARKET

YEAR BUILT

COE

9760 Date 4 3 2,424 $485,000 $200.08 60 2004 11/3/20162781 Pointe 3 3 1,918 $495,000 $258.08 15 2000 4/8/20161307 Ramona Ave 4 3 2,280 $500,000 $219.30 13 2016 11/22/20162060 Fabled Waters 4 4 2,318 $525,000 $226.49 24 2000 3/29/20161666 Ramona Ave 4 3 2,500 $535,000 $214.00 6 2002 8/24/20162081 California Springs 4 3 2,143 $541,000 $252.45 16 2000 11/2/20162085 Fabled Waters Dr 4 3 2,455 $560,000 $228.11 7 2001 11/14/2016

UNIT SIZE SOLD PRICE SOLD $/SFDAYS ON MARKET

YEAR BUILT

MEDIAN 2,318 $525,000 $226.49 15 2001AVERAGE 2,291 $520,143 $228.36 20 2003MINIMUM 1,918 $485,000 $200.08 6 2000MAXIMUM 2,500 $560,000 $258.08 60 2016

STREET ADDRESS



[email protected] Lic#01367183

AL APUZZO760.448.2442

[email protected] Lic#01323215

For More Information, Please Contact:

24Lee & Associates-North San Diego County | 1900 Wright Place, Suite 200, Carlsbad, CA 92008 | T: 760.929.9700 F: 760.929.9977 | www.lee-associates.com


VISTA AZUL- APPROVED 20 LOT TENTATIVE MAP · 2017. 6. 27. · Impact Fees: Approximately $27,468...

Documents

Transcript of VISTA AZUL- APPROVED 20 LOT TENTATIVE MAP · 2017. 6. 27. · Impact Fees: Approximately $27,468...