Self-billed as "Southern California's most famous equestrian estate," Blenheim Farms in San Juan Capistrano is up for sale. I must confess: I've never heard of the place, but then again, I'm not an equestrian insider.
The estate (what else do you call it?) is being sold as two separate parts - a 6.7 acre parcel of land for $9.995 million (original price $12.5 million), and a bigger and better 9.6 acre parcel that includes the "main house, 2 guest houses, trainer/staff cottages" for $19.995 million (original asking price was $27.5 million). Total reduction: about $10 million.
The two parcels together were/are also priced at $40 million, but since the place has been sitting on the market for more than a year, price cuts have gone into effect Oct. 9. Since the smaller parcel is land only, it doesn't show up in Redfin. If you have a ZipRealty account, you can see it, though.
By the way, in case you're ready to cut a check, don't forget that the current taxes are only $47,495 per year on the parcel that includes the main house.
Wednesday, October 10, 2007
$10 million in price reductions? Believe it!
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5 comments:
Are you familiar with the Brightwater development in the Bolsa Chica area out there? Do you think that will be impacted as well by the housing slowdown? Just curious if you heard anything about that development in particular?
That's a very good question. I had heard that the developer finally won a legal battle with a private water utility to be allowed to build there (http://tinyurl.com/23pc6y). Originally, it was supposed to be possible to have the units up for sale as early as the middle of this year.
Now it looks like the model homes in two neighborhoods are ready. Here's a link to the development Web site: http://tinyurl.com/yuojzl
I would suspect these new communities will be affected like all the others with the housing slowdown...builders have really started slashing the heck out of prices and throwing in all kinds of incentives in the hopes of attracting people. Doesn't seem to be working too well so far...
I toured the models. They are definitely open.
They were OK, nothing to knock your socks off.
The CC&Rs were somewhat restrictive. Landscape had to be professionally designed (in addition to the 1.0-1.2M price), presented to a review board and the plants had to be selected from an approved plants list.
Some sideyards were shared with a dominant and subordinate easement. The public has a 24/7 right to pass through to get to the wetlands hiking trails.
$177 HOA dues with no community house/pool. Basically, $177/month for landscaping and reserves on block walls. At buildout that is $750K/yr for landscaping and reserves.
I want to be the landscaping contractor for that community.
Sales are looking pretty slow.
I calculated the parent companies present burn rate. If their losses don't accelerate they will be out of cash in 60 months.
I think their burn rate will increase.
Most of their communities are in Palmcaster and the I.E. with Brightwater being the crown jewel.
Frankly, I might buy one, from CALC's BK trustee.
Anon on this post, but my handle should be relatively familiar from IHB, OCR, HBB and CR.
Great info...thanks very much for the input.
CALC has owned this land for a generation and seems to think that it is immune from any problems. I think that a predecessor company owned this land in the early 90's and went into bankruptcy back then.
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