Property Detail - Land Advisors Organization


Executive Summary
4
Location
6
Proposed Phase Map
8
Education
11
New Home Communities
14
Lakeview Estates Sold Lots
16
Regional Overview
18
Local Overview
20
Offering Instructions
24
Confidentiality & Disclaimer
26
Disclosure Regarding Real Estate Agency Relationship 28
Contact & Affiliated Businesses
33
Lakeview Estates “Subject Property” is an exclusive single
family gated residential development in the City of Bakersfield,
California. Northeastern Bakersfield is known for its beautiful
topography, views and recreational amenities for the outdoor
enthusiast. The Subject Property is situated next to the Kern
River, Lake Ming and the Kern River Golf course offering its
Tentative Tract Map number 6850 was approved by the City of
Bakersfield on 12/7/2006. Phase I (19 lots) have been recorded.
Phase II (43 lots) is in a ready to record position with all final
engineering complete. Phases III, IV, and V (96 lots) are
tentatively approved and need final engineering.
homeowners a range of activities only found in the northeast
region.
• Phase I: (12 lots are currently in a finished condition)
Lakeview Estates has a total of 151 lots and will be developed
in five phases. The plan is to build single story homes which
average 3,000 square feet that are LEED and Energy Star
• Phase II: (43 lots are partially developed with all
undergrounds installed)
• Phases III, IV, and V: (96 lots are undeveloped)
certified and will meet or exceed all energy saving standards for
the State of California. The average lot size is 11,000 square
feet offering space and serenity in this exclusive neighborhood.
The Subject Property is made up of slightly rolling topography,
but for the most part is generally flat.
The first phase of the community consists of 19 lots which are
currently in a finished condition. Lenox Homes has built and
sold 7 homes leaving 12 finished lots ready for construction. All
lots taken down by Lenox Homes were acquired at $75,000 per
finished lot.
Phase II of Lakeview Estates consists of 43 partially developed
lots and which can be brought on line very quickly with a little bit
of development work as demand dictates. All underground
utilities have been installed, however, the back entrance to the
community needs to be installed before Phase II can come
online.
The remaining lots consisting of Phases III, IV, and V remain
undeveloped however, are tentatively mapped. These
remaining phases consist of 96 paper lots however, it should be
noted that 10 acres are owned by a separate entity. This
separate entity has indicated they would like to sell their portion
as well.
Cavu Rock Prop Project 1 LLC owns the majority of the Subject
Property, however, there is a 10-acre portion that is owned by a
separate entity. The 10 acres only effects the undeveloped
portion of the community within Phases III, IV, and V. It is the
intent of the other entity to sell their 10 acres along with the
balance of the project.
19
43
49
31
16
1
2
3
4
5
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
10,019
11,539
11,524
9,378
8,923
9,961
10,978
11,000
10,986
9,947
9,680
9,680
9,680
15,333
22,040
11,564
15,642
11,391
9,903
23,437
24,749
11,379
9,379
14,181
19,581
13,061
13,316
11,534
12,913
13,313
9,336
9,694
9,348
8,977
11,014
11,014
9,792
11,366
10,465
9,421
70
79
82
82
100
100
100
100
110
91
88
88
88
85
85
75
101
104
104
81
85
85
83
81
81
81
81
81
81
84
86
87
87
87
90
90
93
85
109
95
118
132
108
103
111
113
111
110
100
110
110
110
110
110
105
105
175
110
110
145
145
177
115
120
135
134
147
137
160
121
116
118
109
108
104
104
121
120
113
111
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
8,308
8,732
9,031
10,200
14,047
10,158
9,233
9,468
10,684
10,802
10,331
10,517
10,625
10,625
10,625
10,625
11,399
11,161
10,233
11,596
12,191
82
82
83
81
83
77
81
80
80
80
82
85
85
85
85
85
105
105
100
116
111
100
101
111
118
121
104
103
110
121
115
120
120
125
125
125
125
125
121
121
110
110
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
9,090
9,103
9,434
9,792
9,710
12,389
11,760
11,329
10,955
11,127
12,051
8,917
8,845
8,841
10,015
9,798
10,866
9,937
11,845
9,476
8,807
8,883
93
93
93
93
89
95
95
87
89
87
121
90
90
90
90
90
90
90
88
106
81
83
111
111
119
121
121
127
110
116
109
116
111
111
109
111
112
119
127
126
126
99
99
100
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
12,114
11,051
11,051
11,048
9,303
9,339
14,009
13,895
9,431
9,653
9,369
11,942
9,660
11,082
11,416
11,479
12,878
15,581
17,741
11,284
10,391
10,079
9,220
8,990
17,797
16,130
9,234
9,350
8,475
90
100
100
100
110
85
128
129
91
91
91
110
113
79
79
79
76
85
85
85
120
111
85
92
85
85
92
85
90
110
110
110
110
90
110
110
110
119
127
125
123
110
119
126
126
125
125
125
117
130
79
106
109
110
81
110
110
110
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
11,916
11,003
9,900
10,172
10,206
9,893
11,932
14,079
9,960
8,623
9,504
8,972
10,196
13,971
13,815
8,988
10,107
9,350
9,329
9,030
8,908
8,989
9,297
10,685
10,153
10,869
14,138
9,086
9,551
8,783
8,988
90
85
85
85
85
77
85
85
85
133
106
92
65
60
60
90
99
85
86
90
90
90
87
85
65
65
65
65
87
99
85
133
123
110
110
109
109
110
120
100
106
70
102
115
103
103
91
110
110
114
113
115
110
117
135
115
102
109
113
109
109
110
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
10,768
9,330
10,947
10,686
9,605
9,605
9,605
9,605
9,605
10,462
11,801
12,366
11,294
10,331
10,159
10,393
85
85
85
91
85
85
85
85
85
81
81
81
81
84
85
90
103
106
105
105
113
113
113
113
113
113
121
135
132
119
119
120
Bakersfield City School District (BCSD) is a Pre-Kindergarten to 8th grade public school district in Bakersfield, California. The district
has forty-five schools, and serves the city of Bakersfield. This includes thirty-five Elementary schools and ten Junior High/Middle schools.
Bakersfield City School District’s vision is to be a leader in public education through a collaborative and supportive learning community that
ensures all students are inspired to achieve academic excellence and become life-long learners and productive citizens.
Kern High School District (KHSD) is public high school system headquartered in Bakersfield, California and serves the county of Kern
located at the southern end of the San Joaquin Valley. The Kern High School District has more than 35,000 students and 3,500 employees
serving eighteen High Schools, five Continuation High Schools four Special Education Centers and 4 Career Technical Education Centers.
The KHSD encompasses about 3,500 square miles, about 43 percent of the total area of Kern County.
State Rank: 8
API: 871
At Cesar E. Chavez Elementary there are a
multitude of programs and activities are in
place to create an atmosphere of positive, safe,
and respectful conduct. Building character and
maturity by developing respect, responsibility,
and self control within a safe learning
environment.
State Rank: 6
API: 811
Chipman Junior High School offers multiple
and diversified educational experiences for
approximately 850 students. Chipman supports
and nurtures the learning of all students. It is
the mission of Chipman Junior High School to
provide an academic program for all students
so they will be productive citizens in the
twenty-first century.
State Rank: 5
API: 752
Highland High School, located in the
northeast part of Bakersfield, serves a multicultural population of more than 2,000
students drawn from three distinct eastside
neighborhoods, two of which are uniquely
"island" areas outside the immediate school
neighborhood from which Highland draws
approximately 53% of its students.
The State Rank is determined by a school's API Score in comparison to all other schools in California. (1 is the worst, 10 is the best). An equal number of schools occupy each
rank. This rank comes from the 2013 California Academic Performance Index (API) Base report.
The API Score is a number between 200 and 1000 that reflects a school’s or school district’s performance on statewide student assessments .
Sources: Bakersfield City School District and Kern High School District and Land Advisors Organization research
Private schools, also known as independent schools or non-state schools, are not administered by local, state, or national governments;
thus, they retain the right to select their students and are funded in whole or in part by charging their students' tuition, rather than relying on
mandatory taxation through public/government funding. Some private schools provide their students with scholarships, which makes the
tuition cost cheaper depending on a talent the student may have (e.g., sport scholarship, art scholarship, academic scholarship, etc.).
Religiously affiliated and denominational schools form a subcategory of private schools. Some such schools teach religious education,
together with the usual academic subjects to impress their particular faith's beliefs and traditions in the students who attend. Others use the
denomination as more of a general label to describe it’s founders beliefs, while still maintaining a distinction between academics and
religion.
Many educational alternatives are privately financed. Private schools often avoid some state regulations, although in the name of
educational quality, most comply with regulations relating to the educational content of classes. Religious private schools often simply add
religious instruction to the courses provided by local public schools.
The following private schools are located within close proximity to the Subject Property offering educational alternative to BCSD or KHSD:
1.
2.
3.
4.
5.
Valley Schools (PK-8)
Heritage Academy (K-6)
Our Lady Of Guadalupe (k-8)
Bakersfield Carden School (k-8)
Our Lady Of Perpetual Help (K-8)
6.
7.
8.
9.
10.
Golden State Baptist Schools (K-8)
Capable Kids Academy (K-8)
Bakersfield Adventist Academy(K-12)
Bethel Apostolic Academy (K-12)
Turner Christian Academy (K-12)
11.
12.
13.
14.
15.
Tapestry of Hope Academy (K-12)
Nigritian Academy (K-12)
Bethel Christian (k-12)
Chapel School (7-12)
Garces Memorial High School (9-12)
Chipman Junior High School
Highland High School
Cesar E. Chavez Elementary
Sources: Great Schools, Private School Review, and Land Advisors Organization research
We have generally defined the Competitive Market Area (“C.M.A.”) as projects in Northeast Bakersfield. This determination was made
because of the close proximity to the Subject Property. All projects within the C.M.A. will compete with the Subject Property for home
buyers due to proximity and affordability.
Total Units
Planned / Sold
# Project Name
Builder
1. Barcelona
Jeremy Willer Homes
78 / 48
# Project Name
Builder
2. Crestview Meadows
S&S Homes
Total Units
Planned/Sold
97 / 64
Open Date: Q1 2015
Total Planned:
78
Price Range:
$285,000 - $349,900
Product Type: Detached
Total Sold:
48
House Size:
1,851 - 2,443
Levels: 1-Story
Total Remaining: 30
Price Per SF: $143 - $154
HOA: $0
Min Lot Size (SF): 9,100
Sales Rate:
3.7/mo.
Open Date: Q2 2014
Total Planned:
97
Price Range:
$194,900 - $267,400
Product Type: Detached
Total Sold:
64
House Size:
1,205 - 2,180
Levels: 1-Story
Total Remaining: 33
Price Per SF: $123 - $162
HOA: $0
Min Lot Size (SF): 7,000
Sales Rate:
Sources: Real Estate Economics and Land Advisors Organization research (Q1 2016)
2.8/mo.
$355,000
$345,000
$335,000
$325,000
$315,000
$305,000
Base Pricing
$295,000
$285,000
$275,000
$265,000
$255,000
$245,000
$235,000
$225,000
$215,000
$205,000
$195,000
$185,000
$175,000
1,000
1,250
1,500
1,750
2,000
2,250
2,500
Square Feet
Barcelona (Bakersfield) - 9100 sf Lots (3.71/mo.)
Sources: Real Estate Economics and Land Advisors Organization research (Q1 2016)
Crestview Meadows (Bakersfield) - 7000 sf Lots (2.78/mo.)
2,750
2
11,539
79
132
$371,880
1/14/2015
6
9,961
100
113
$75,000
5/29/2013
7
10,978
100
111
$395,000
12/01/2015
9
10,986
110
100
$75,000
8/17/2012
13
9,680
88
110
$325,000
5/29/2015
14
15,333
85
110
$362,500
3/13/2015
15
22,040
85
105
$75,000
7/19/2012
Kern County is the leading energy provider in the state and is connected to the strongest components in the global energy industry.
With public commitment to renewables coming from the local, state and federal levels, the industry has become one of the fastest
growing sectors nationwide, with much of that growth taking place in Kern County. Kern County currently produces 77% of California’s
crude oil, and is home to the state’s five largest producing oil fields. With three active refineries in Kern and constant advancements in
efficient oil production, the benefits of the industry will continue to make Kern County an oil and gas leader.
Eastern Kern County is home to some of the most innovative and specialized technologies in the world. The region’s aerospace
programs stand at the forefront of the industry, gaining international recognition for space tourism and the first-ever privately-funded
spaceflight, while the area’s defense and advanced weapons development is fostered by two military installations. The region’s
aerospace and defense employment is four times the national average. Aerospace and defense provide almost 20,000 high-wage fulltime jobs for Kern County’s residents. These jobs have staying power thanks to vast open land, lack of development encroachment,
proximity to Los Angeles, and higher education levels per capita in East Kern than in most other regions in the country.
Agriculture has long been at the heart of Kern County’s economy. A new emphasis has been placed on the potential economic benefits
of “value-added’” agriculture within Kern County. Value-added agriculture is the transformation of agriculture products to a higher value
for the ultimate consumer. For example, “baby carrots” were first developed in Kern County. Support service companies that
manufacture packaging such as bags or cartons for the food processing industry are an integral link in the value-added agricultural
chain.
Source: Kern Economic Development Corporation and Land Advisors Organization Research
As Kern County continues to grow, so does the need for a wide-ranging network of healthcare professionals and facilities to serve the
region’s growing population. With more than 850,000 living in Kern County and nearly 360,000 in Bakersfield alone, local demands
for highly skilled and innovative care options continue to increase. Currently, the healthcare and medical technology cluster supports
more than 30,000 jobs.
Kern County offers a broad selection of healthcare training programs demonstrating a commitment to continually improving
healthcare in the community. California State University, Bakersfield, Bakersfield College, Bakersfield Adult School, and Kern
Medical Center’s residency program are among the most sought after healthcare training programs in the region.
Advances in medical technology are currently being made in Kern County. For example, Bakersfield’s Comprehensive Blood &
Cancer Center was recently awarded the “Best in the West” for Oncology Modality and San Joaquin Community Hospital's Maternity
Care Center has received several five star ratings from Health Grades (an independent healthcare rating company) which place it in
the top 10% of all hospitals in the nation.
Kern Medical Center
Tejon Ranch Commerce Center
Kern County is ideally located to serve California and the western United States, including the ability to reach 97% of California’s 37
million consumers within a single day truck turn. It is positioned between California’s two major port facilities – the Ports of Los
Angeles and Long Beach are two hours to the south and the Port of Oakland is four hours to the north. Direct northbound and
southbound access via Interstate 5 and Highway 99; easy access eastbound via Highway 58 to Interstate 40 and Interstate 15.
Tejon Ranch Commerce Center is strategically located at the gateway to California’s Golden Empire, a region that features major
distribution centers and large manufacturing, assembly, and packaging facilities. The Tejon Ranch Commerce Center has up to 20
million square feet of new industrial space immediately available for a variety of manufacturing, assembly, R&D and flex-tech uses.
Kern County offers companies a number of critical advantages: low total costs of operations; a large productive and loyal labor force;
operational advantages, and a business-friendly operating environment.
Source: Kern Economic Development Corporation and Land Advisors Organization Research
The Southern Gateway to the Central Valley, Bakersfield is the 9th largest city in California and one of the fastest growing
regions in the nation. Bakersfield is the seat of Kern County, which generates 76 percent of the state's oil supply and ranks
third among all counties in the United States in agriculture-related production. From award-winning museum exhibits, a
variety of regional attractions and rich in music history, Bakersfield offers something for everyone.
Bakersfield’s economy is centered on many diverse industries. Agriculture, healthcare, oil, government, and distribution are
just a few of the many industries that contribute to one of the fastest growing economies and regions in the nation.
Visitors to Bakersfield are surprised to find out how close the wilderness is to the city. A short drive up the Kern River Canyon
and one finds themselves in the middle of the Sequoia National Forest. Within an hour of Bakersfield visitors can hike,
mountain bike, rock climb and fly fish among mountain peaks and lush forests. Seasonal activities such as white water rafting
and boating are also available. For visitors who are unfamiliar with the area, the Kern River Valley Hiking Club offers free
guided hikes two Saturdays each month.
The fertile ground of the Central Valley has cultivated artists of all forms who now call Bakersfield home. The result is a
budding arts & culture district encompassing most of downtown Bakersfield. The historical area is now the canvas for murals,
sculptures, galleries, theaters, and stage houses. From original Rembrandt artwork to galleries filled with local up-and-coming
artists, you'll find it on the streets (and buildings) of Bakersfield.
Source: City of Bakersfield, Visit Bakersfield.com, and Land Advisors Organization Research
Geography
Land Area
Persons per Sq. Mile
Climate Averages
Annual Temperature
Annual High Temperature
Annual Low Temperature
Annual Rainfall
Annual Sunny Days
Land Use
Residential
Open Space
Public Facilities
Industrial
Commercial
Resource
Parks & Recreation
Public/Private Schools
Mixed/Special Use
Demographic Composition
Population
Median Age
Housing
Median Household Income
Households
Persons per Households
150 Sq. Miles
2,394.1
65.3°F
76.9°F
53.6°F
6.5 Inches
280 Days
55.84%
11.59%
10.63%
6.89%
6.56%
2.50%
2.32%
2.30%
1.36%
359,221
30
$53,997
123,066
3.1
Distribution By Ethnicity And Race
Hispanic or Latino any race
45.5%
White alone
37.8%
Black or African American alone
7.7%
Asian alone
5.9%
Two or More Races
2.2%
American Indian and Alaska Native alone
0.7%
Some Other Race alone
0.2%
Native Hawaiian and other Pacific Islander alone 0.1%
Distance to Major Cities
Fresno
Los Angeles
San Diego
Sacramento
Las Vegas
San Francisco
111 Miles
112 Miles
232 Miles
286 Miles
286 Miles
283 Miles
Corridors
Interstate 5; State Route 58, 99, 119, 178 & 184
Distance to Airports
Bakersfield Municipal Airport
Meadows Field Airport
Burbank Airport
Fresno-Yosemite International Airport
Los Angeles International Airport
5 Miles
9 Miles
100 Miles
115 Miles
120 Miles
Public Transportation
Amtrak and Golden Empire Transit
Ports
Port of Los Angeles
Port of Long Beach
Port of Oakland
Businesses
Business establishments
2 Hours
2 Hours
4 Hours
27,628
Major Employers
County of Kern, Grimmway Enterprises, Giumarra
Vineyards, Catholic Healthcare West, Bolthouse
Farms, Sun World, City of Bakersfield, San Joaquin
Community Hospital, Nestlé, Frito-Lay, State Farm,
Aera Energy, Chevron, Occidental Oil & Gas,
California State University, Bakersfield
Education Profile
15 Elementary/Intermediate School Districts
• 85 Elementary Schools
• 26 Middle Schools
1 High School District
• 17 High Schools
• 5 Continuation School
29 Private Schools
Nearby Colleges And Universities
California State University, Bakersfield
Bakersfield College
San Joaquin Valley College
Santa Barbara Business College
Educational Attainment (Population 25+)
High School Diploma
Some College, no degree
Associates Degree
Bachelor’s Degree
Graduate/Professional Degree
25.2%
24.9%
7.9%
13.1%
6.7%
Bakersfield Parks and Amenities
• 59 City Parks
• 3 Public Golf Courses
• 2 Community Centers
• Rabobank Theatre, Arena & Convention Center
• Kern County Museum
• Buena Vista Museum of Natural History
• McMurtrey Aquatic Center
• Kern County Public Library
Major Retail Centers
Sagebrush, White Lane Plaza, Benton Park, Best
Plaza, Valley Village, Valley Plaza, Brundage Square,
Builders Square, and California Oak
Source: City of Bakersfield, State of California Employment Development Department, California Department of Finance, US Census Bureau, Kern Economic
Development Corporation, and Land Advisors Organization Research
• 9th most populous city in California, 51st most populous city in U.S. Larger
than New Orleans or Pittsburgh.
• Population increased 43.6% between 2000 and 2012.
• 125th largest television market and 77th largest radio market in the nation.
• Large employers include Nestlé, Frito-Lay, State Farm, Aera Energy,
Chevron, Occidental Oil & Gas.
• Labor force increased 30% between 2000 and 2012.
• Land area increased 31.4% between 2000 and 2012.
• Average travel time to work: 21.5 minutes.
• Median household income $53,997.
• County seat of Kern County, 3rd largest county in California.
• Kern is the 4th largest agricultural producing county in U.S.
• County generates 76% of all oil produced in California.
• Underground aquifer guarantees reliable drinking water supply.
• Within a four hour drive of 90% of California’s population.
• 59 city parks, ±1,379 miles of city streets, more than 170 miles of bike trails,
lanes, and paths.
• Tree City USA designation 15 years in a row.
• Kern River Parkway includes 6,000+ acres of trails, parks, and waterways.
• Burgeoning arts district, unique museums, live theatres, renowned Basque
dining.
• ±5,400 hotel rooms, from quaint to full-service.
• Central, affordable location attracts statewide and regional conventions.
• 77.8% of residents have a high school education or higher.
• Bakersfield College (founded 1913) and CSU Bakersfield (founded 1970).
• CSU Bakersfield has NCAA Division I status.
• Bakersfield has three professional sports teams: Bakersfield Blaze
(baseball), Bakersfield Jam (basketball), and Bakersfield Condors (ice
hockey).
• Home to Bakersfield Jazz Festival since 1986.
• Bakersfield has six sister cities: Wakayama, Japan; Partisan District of
Minsk, Belarus; Cixi, China; Santiago de Querétaro, Mexico; Bucheon,
Republic of Korea; and Amritsar, India.
Source: City of Bakersfield, Visit Bakersfield.com, and Land Advisors Organization Research
Submit best all cash offer.
Buyer to submit offer based on an “as is” cash value basis.
To purchase the Property, a Letter of Intent (LOI), shall be
submitted by all interested parties. A purchase and sale
agreement will be constructed based on the agreeable terms of
the negotiated LOI.
The Initial Deposit shall be equal to fifty thousand dollars
($50,000). Said Deposit shall be paid at the Opening of Escrow
and shall remain refundable during the Feasibility Period. Upon
Buyer’s approval of Feasibility, a Second Deposit of one hundred
and fifty thousand dollars ($150,000) shall be placed in escrow
providing for a total Deposit of two hundred thousand dollars
($200,000). Upon Buyer’s approval of its Feasibility, the Initial
and Second Deposit shall be released to Seller and shall be nonrefundable except for Seller’s default.
Buyer shall have a Feasibility Period in which to investigate all
aspects of the Property, including the physical condition of the
Property. The Feasibility Period shall begin upon the acceptance
of a Purchase Contract. It is the Seller’s intent to have the
Feasibility Period expire in 30-45 days from the acceptance of
the Purchase Contract.
The Property will be delivered in “as-is” condition.
The Close of Escrow shall occur 15-30 days after the expiration
of the Feasibility Period.
The Property is being sold “as-is” with no representations or
warranties from either the Seller or its Affiliates. Any information
provided by Seller of Affiliates is intended to help a Buyer develop
an offer to purchase the Property, but Buyer must not rely on
anything other than its own due diligence.
Please submit all offers to:
Land Advisors Organization
Attn: Matt Power
735 State Street, Suite 416A,, Santa Barbara, California 93101
Tel: 805-845-2660 │ Cell: 805-722-0813 │ Fax 949-852-8108
Email: mpower@landadvisors.com
Or
Attn: Jason Hepp
27451 Tourney Road, Suite 160, Valencia, CA 91355
Tel: 661-888-1364 │ Cell: 805-689-2603 │ Fax 949-852-8108
Email: jhepp@landadvisors.com
Please submit offer in the form of a Letter of Intent. Offers should
identify the proposed Buyer, its principals and/or material aspects
of its corporate organization. Buyer’s submission should include
information regarding Buyer’s relevant experience and financial
wherewithal, and its intended equity and debt sources for
consummating the Transaction. Pursuant to S.B. 1171, all offers
on real estate in the State of California are required to be
accompanied by an executed version of the form on pages 28-32.
Please fill out the form and return it with your offer.
The information contained in this offering material (“Brochure”) is confidential, furnished solely for the purpose of a review by prospective
purchaser of any portion of Lakeview Estates within the County of Kern, California (“Property”) and is not to be used for any other purpose
or made available to any other person without the express written consent of Park Place Partners, Inc. d/b/a Land Advisors Organization
(“Land Advisors”). The material is based in part upon information supplied by Cavu Rock Prop Project 1 LLC (“Seller”) and in part upon
information obtained by Land Advisors from sources it deems reasonably reliable. Summaries of any documents are not intended to be
comprehensive or all inclusive but rather only an outline of some of the provisions contained therein. No warranty or representation,
expressed or implied, is made by Seller, Land Advisors, or any of their respective affiliates, as to the accuracy or completeness of the
information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections
and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence,
including engineering and environmental inspections, to determine the condition of the Property and the existence of any
potentially hazardous material located at the site.
This Brochure was prepared by Land Advisors. It contains select information pertaining to the Property and does not purport to be allinclusive or to contain all of the information that a prospective purchaser may desire. All assumptions are provided for general reference
purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore,
are subject to material change or variation.
In this Brochure, certain documents and other materials are described in summary form. The summaries do not purport to be complete nor,
necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested
parties are expected to independently review all documents.
This Brochure is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a
recommendation, endorsement or advice as to the value of the Property by Land Advisors or the Seller. Each prospective purchaser is to
rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.
Seller and Land Advisors expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase
the property and/or to terminate discussions with any party at any time with or without notice. Seller shall have no legal commitment or
obligation to any purchaser reviewing this Brochure or making an offer to purchase the Property unless a written agreement for the purchase
of the Property has been fully executed, delivered and approved by the Seller and any conditions to Seller's obligations there under have
been satisfied or waived. Land Advisors is not authorized to make any representations or agreements on behalf of Seller.
This Brochure is the Property of Land Advisors and may be used only by parties approved by Land Advisors. The Property is privately
offered and, by accepting this Brochure, the party in possession hereof agrees (i) to return it to Land Advisors immediately upon request of
Land Advisors or Seller and (ii) that this Brochure and its contents are of a confidential nature and will be held and treated in the strictest
confidence. No portion of this Brochure may be copied or otherwise reproduced or disclosed to anyone without the prior written
authorization of Land Advisors and Seller.
Please be advised, Buyer acknowledges that Park Place Partners, Inc. d/b/a Land Advisors Organization, may (1) act as an agent
for more than one prospective Buyer on the subject property and/or (2) act as the agent for both the Buyer and Seller on the
subject property. Any prospective Buyer requesting Land Advisors to submit an offer on its behalf acknowledges the foregoing
disclosures and agrees to the described agency relationships with other prospective Buyers.
The terms and conditions set forth above apply to this Brochure in its entirety.
DISCLOSURE AND CONSENT FOR REPRESENTATION
OF MORE THAN ONE BUYER OR SELLER
EXCERPTS FROM – C.A.R. FORM DA, 11/06
A real estate broker, whether a corporation, partnership or sole proprietorship, (“Broker”) may represent more than one buyer or
seller provided the Broker has made a disclosure and the principals have given their consent. This multiple representation can occur
through an individual license as a broker or through different associate licensees acting for the Broker. The associates licensees
may be working out of the same or different office locations.
Broker may be working with many prospective buyers at the same time. These prospective buyers may have an interest in, and
make offers on, the same properties. Some of these properties may be listed with Broker and some may not. Broker will not limit or
restrict any particular buyer from making an offer on any particular property whether or not Broker represents other buyers interested
in the same property.
Broker (individually or through its associate licensees) may have listings on many properties at the same time. As a result, Broker
will attempt to find buyers for each of those listed properties. Some listed properties may appeal to the same prospective buyers.
Some properties may attract more prospective buyers than others. Some of these prospective buyers may be represented by Broker
and some may not. Broker will market all listed properties to all prospective buyers whether or not Broker has another or other listed
properties that may appeal to the same prospective buyers.
Buyer and Seller understand that Broker may represent more than one buyer or seller and even both buyer and seller on the same
transaction.
If Seller is represented by Broker, Seller acknowledges that Broker may represent prospective buyers of Seller’s property and
consents to Broker acting as a dual agent for both Seller and Buyer in that transaction.
If Buyer is represented by Broker, Buyer acknowledges that Broker may represent sellers of property that Buyer is interested in
acquiring and consents to Broker acting as a dual agent for both Buyer and Seller with regard to that property.
In the event of a dual agency, Seller and Buyer agree that: (a) Broker, without the prior notice written consent of the Buyer, will not
disclose to the Seller that the Buyer is willing to pay a price greater than the offered price; (b) Broker, without the prior written
consent of the Seller, will not disclose to the Buyer that Seller is willing to sell property at a price less than the listing price; and (c)
other than as set forth in (a) and (b) above, a Dual Agent is obligated to disclose known facts materially affecting the value or
desirability of the property to both parties.
NON CONFIDENTIALITY OF OFFERS: Buyer is advised that Seller or Listing Agent may disclose the existence, terms, or
conditions of Buyer’s offer unless all parties and their agent have signed a written confidentiality agreement. Whether any such
information is actually disclosed depends on many factors, such as current market conditions, the prevailing practice in the real
estate community, the Listing Agent’s marketing strategy and the instructions of the seller.
Seller and/or Buyer acknowledges reading and understanding this Disclosure and Consent for Representation of More than One
Buyer or Seller and agree to the dual agency possibility disclosed.
Disclosure Regarding Real Estate Agency Relationship
(AS REQUIRED BY THE CIVIL CODE)
When you enter into a discussion with a real estate agent regarding a real estate transaction, you should from the outset understand
what type of agency relationship or representation you wish to have with the agent in the transaction.
1. Buyer’s/Tenant’s Agent
A selling agent can, with a Buyer’s/Tenant’s consent, agree to act as agent for the Buyer/Tenant only. In these situations, the agent is
not the Seller’s/Landlord’s agent, even if by agreement the agent may receive compensation for services rendered, either in full or in
part from the Seller/Landlord. An agent acting only for a Buyer/Tenant has the following affirmative obligations:
TO THE BUYER/TENANT:
A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Buyer/Tenant.
TO THE BUYER/TENANT AND THE SELLER/LANDLORD:
(a) Diligent exercise of reasonable skill and care in performance of the agent’s duties.
(b) A duty of honest and fair dealing and good faith.
(c) A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or
within the diligent attention and observation of, the parties. An agent is not obligated to reveal to either party any confidential
information obtained from the other party that does not involve the affirmative duties set forth above.
2. Seller’s/Landlord’s Agent
A Seller’s/Landlord’s agent under a listing agreement with the Seller/Landlord acts as the agent for the Seller/Landlord only. A
Seller’s/ Landlord’s agent or a subagent of that agent has the following affirmative obligations:
TO THE SELLER/LANDLORD:
A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Seller/Landlord.
TO THE BUYER/TENANT AND THE SELLER/LANDLORD:
(a) Diligent exercise of reasonable skill and care in performance of the agent’s duties.
(b) A duty of honest and fair dealing and good faith.
(c) A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or
within the diligent attention and observation of, the parties. An agent is not obligated to reveal to either party any confidential
information obtained from the other party that does not involve the affirmative duties set forth above.
3. Agent Representing Both Seller/Landlord and Buyer/Tenant
A real estate agent, either acting directly or through one or more associate licensees, can legally be the agent of both the
Seller/Landlord and the Buyer/Tenant in a transaction, but only with the knowledge and consent of both the Seller/Landlord and the
Buyer/Tenant. In a dual agency situation, the agent has the following affirmative obligations:
TO BOTH THE SELLER/LANDLORD AND THE BUYER/TENANT:
(a) A fiduciary duty of utmost care, integrity, honesty and loyalty in the dealings with either the Seller/Landlord or the Buyer/Tenant. (b)
Other duties to the Seller/Landlord and the Buyer/Tenant as stated above in their respective sections.
In representing both Seller/Landlord and Buyer/Tenant, the agent may not, without the express permission of the respective party,
disclose to the other party that the Seller/Landlord will accept a price less than the listing price or that the Buyer/Tenant will pay a
price greater than the price offered.
The above duties of the agent in a real estate transaction do not relieve a Seller/Landlord or Buyer/Tenant from the responsibility to protect
his or her own interests. You should carefully read all agreements to assure that they adequately express your understanding of the
transaction. A real estate agent is a person qualified to advise about real estate. If legal or tax advice is desired, consult a competent
professional.
Throughout your real property transaction you may receive more than one disclosure form, depending upon the number of agents assisting
in the transaction. The law requires each agent with whom you have more than a casual relationship to present you with this disclosure
form. You should read its contents each time it is presented to you, considering the relationship between you and the real estate agent in
your specific transaction.
This disclosure form includes the provisions of Sections 2079.13 to 2079.24, inclusive, of the Civil Code set forth on the reverse hereof.
Read it carefully.
Matt Power
NA
Name of Listing Agent:
Name of Selling Agent
(if not the same as the Listing
Agent)
Is the agent of:
X
seller/landlord exclusively;
or
is the agent of (check one):
both the buyer and seller
the buyer/tenant exclusively; or
the seller/landlord exclusively;
or, both the buyer and seller.
NA
Listing Agent (Signature)
Date
Selling Agent – if not same as
Listing Agent (Signature)
Date
Seller/Landlord(Signature)
Date
Buyer/Tenant (Signature)
Date
2079.13: As used in Sections 2079.14 to 2079.24, inclusive, the following terms have the following meanings:
(a) “Agent” means a person acting under provisions of Title 9 (commencing with Section 2295) in a real property transaction, and includes
a person who is licensed as a real estate broker under Chapter 3 (commencing with Section 10130) of Part 1 of Division 4 of the
Business and Professions Code, and under whose license a listing is executed or an offer to purchase is obtained.
(b) “Associate licensee” means a person who is licensed as a real estate broker or salesperson under Chapter 3 (commencing with Section
10130) of Part 1 of Division 4 of the Business and Professions Code and who is either licensed under a broker or has entered into a
written contract with a broker to act as the broker’s agent in connection with acts requiring a real estate license and to function under
the broker’s supervision in the capacity of an associate licensee.
The agent in the real property transaction bears responsibility for his or her associate licensees who perform as agents of the agent.
When an associate licensee owes a duty to any principal, or to any buyer or seller who is not a principal, in a real property transaction,
that duty is equivalent to the duty owed to that party by the broker for whom the associate licensee functions.
(c) “Buyer” means a transferee in a real property transaction, and includes a person who executes an offer to purchase real property
from a seller through an agent, or who seeks the services of an agent in more than a casual, transitory, or preliminary manner,
with the object of entering into a real property transaction. “Buyer” includes vendee or lessee.
(d) “Commercial real property” means all real property in the state, except single-family residential real property, dwelling units made
subject to Chapter 2 (commencing with Section 1940) of Title 5, mobile homes, as defined in Section 798.3, or recreational
vehicles, as defined in Section 799.29.
(e) “Dual agent” means an agent acting, either directly or through an associate licensee, as agent for both the seller and the buyer in
a real property transaction.
(f) “Listing agreement” means a contract between an owner of real property and an agent, by which the agent has been authorized
to sell the real property or to find or obtain a buyer.
(g) “Listing agent” means a person who has obtained a listing of real property to act as an agent for compensation.
(h) “Listing price” is the amount expressed in dollars specified in the listing for which the seller is willing to sell the real property
through the listing agent.
(i)
“Offering price” is the amount expressed in dollars specified in an offer to purchase for which the buyer is willing to buy the real
property.
(j) “Offer to purchase” means a written contract executed by a buyer acting through a selling agent that becomes the contract for the
sale of the real property upon acceptance by the seller.
(k) “Real property” means any estate specified by subdivision (1) or (2) of Section 761 in property that constitutes or is improved with
one to four dwelling units, any leasehold in these types of property exceeding one year’s duration, and mobile homes, when
offered for sale or sold through an agent pursuant to the authority contained in Section 10131.6 of the Business and Professions
Code.
(l) “Real property transaction” means a transaction for the sale of real property in which an agent is employed by one or more of the
principals to act in that transaction, and includes a listing or an offer to purchase.
(m) “Sell,” “sale,” or “sold” refers to a transaction for the transfer of real property from the seller to the buyer, and includes exchanges
of real property between the seller and buyer, transactions for the creation of a real property sales contract within the meaning of
Section 2985, and transactions for the creation of a leasehold exceeding one year’s duration.
(n) “Seller” means the transferor in a real property transaction, and includes an owner who lists real property with an agent, whether
or not a transfer results, or who receives an offer to purchase real property of which he or she is the owner from an agent on
behalf of another. “Seller” includes both a vendor and a lessor.
(o) “Selling agent” means a listing agent who acts alone, or an agent who acts in cooperation with a listing agent, and who sells or
finds and obtains a buyer for the real property, or an agent who locates property for a buyer or who finds a buyer for a property
for which no listing exists and presents an offer to purchase to the seller.
(p) “Subagent” means a person to whom an agent delegates agency powers as provided in Article 5 (commencing with Section
2349) of Chapter 1 of Title 9. However, “subagent” does not include an associate licensee who is acting under the supervision of
an agent in a real property transaction.
2079.14: Listing agents and selling agents shall provide the seller and buyer in a real property transaction with a copy of the
disclosure form specified in Section 2079.16, and, except as provided in subdivision (c), shall obtain a signed acknowledgment of
receipt from that seller or buyer, except as provided in this section or Section 2079.15, as follows:
(a) The listing agent, if any, shall provide the disclosure form to the seller prior to entering into the listing agreement.
(b) The selling agent shall provide the disclosure form to the seller as soon as practicable prior to presenting the seller with an offer
to purchase, unless the selling agent previously provided the seller with a copy of the disclosure form pursuant to subdivision (a).
(c) Where the selling agent does not deal on a face-to-face basis with the seller, the disclosure form prepared by the selling agent
may be furnished to the seller (and acknowledgment of receipt obtained for the selling agent from the seller) by the listing agent,
or the selling agent may deliver the disclosure form by certified mail addressed to the seller at his or her last known address, in
which case no signed acknowledgment of receipt is required.
(d) The selling agent shall provide the disclosure form to the buyer as soon as practicable prior to execution of the buyer’s offer to
purchase, except that if the offer to purchase is not prepared by the selling agent, the selling agent shall present the disclosure
form to the buyer not later than the next business day after the selling agent receives the offer to purchase from the buyer.
2079.15: In any circumstance in which the seller or buyer refuses to sign an acknowledgment of receipt pursuant to Section 2079.14,
the agent, or an associate licensee acting for an agent, shall set forth, sign, and date a written declaration of the facts of the refusal.
2079.17:
(a) As soon as practicable, the selling agent shall disclose to the buyer and seller whether the selling agent is acting in the real
property transaction exclusively as the buyer’s agent, exclusively as the seller’s agent, or as a dual agent representing both the
buyer and the seller. This relationship shall be confirmed in the contract to purchase and sell real property or in a separate writing
executed or acknowledged by the seller, the buyer, and the selling agent prior to or coincident with execution of that contract by
the buyer and the seller, respectively.
(b) As soon as practicable, the listing agent shall disclose to the seller whether the listing agent is acting in the real property
transaction exclusively as the seller’s agent, or as a dual agent representing both the buyer and seller. This relationship shall be
confirmed in the contract to purchase and sell real property or in a separate writing executed or acknowledged by the seller and
the listing agent prior to or coincident with the execution of that contract by the seller.
(c) The confirmation required by subdivisions (a) and (b) shall be in the following form (see next page):
Name of Listing Agent:
Is the agent of:
Name of Selling Agent
(if not the same as the Listing
Agent)
seller/landlord exclusively;
or
is the agent of (check one):
both the buyer and seller
the buyer/tenant exclusively; or
the seller/landlord exclusively;
or, both the buyer and seller.
Listing Agent (Signature)
Date
Selling Agent – if not same as
Listing Agent (Signature)
Date
Seller/Landlord(Signature)
Date
Buyer/Tenant (Signature)
Date
(d) The disclosures and confirmation required by this section shall be in addition to the disclosure required by Section 2079.14.
2079.18: No selling agent in a real property transaction may act as an agent for the buyer only, when the selling agent is also acting as
the listing agent in the transaction.
2079.19: The payment of compensation or the obligation to pay compensation to an agent by the seller or buyer is not necessarily
determinative of a particular agency relationship between an agent and the seller or buyer. A listing agent and a selling agent may agree
to share any compensation or commission paid, or any right to any compensation or commission for which an obligation arises as the
result of a real estate transaction, and the terms of any such agreement shall not necessarily be determinative of a particular relationship.
2079.20: Nothing in this article prevents an agent from selecting, as a condition of the agent’s employment, a specific form of agency
relationship not specifically prohibited by this article if the requirements of Section 2079.14 and Section 2079.17 are complied with.
2079.21: A dual agent shall not disclose to the buyer that the seller is willing to sell the property at a price less than the listing price,
without the express written consent of the seller. A dual agent shall not disclose to the seller that the buyer is willing to pay a price greater
than the offering price, without the express written consent of the buyer.
This section does not alter in any way the duty or responsibility of a dual agent to any principal with respect to confidential information
other than price.
2079.22: Nothing in this article precludes a listing agent from also being a selling agent, and the combination of these functions in one
agent does not, of itself, make that agent a dual agent.
2079.23: A contract between the principal and agent may be modified or altered to change the agency relationship at any time before the
performance of the act which is the object of the agency with the written consent of the parties to the agency relationship.
2079.24: Nothing in this article shall be construed to either diminish the duty of disclosure owed buyers and sellers by agents and their
associate licensees, subagents, and employees or to relieve agents and their associate licensees, subagents, and employees from
liability for their conduct in connection with acts governed by this article or for any breach of a fiduciary duty or a duty of disclosure.
CONTACT
CalBRE #01225173
LAND ADVISORS ORGANIZATION
100 Spectrum Center Drive, Suite 1400
Irvine, California 92618
(949) 852-8288
www.landadvisors.com
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AFFILIATED BUSINESSES
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CalBRE #01225173
EXCLUSIVELY REPRESENTED BY:
Matt Power
Senior Vice President
CA BRE #01252653
805.845.2660
mpower@landadvisors.com
Jason Hepp
Senior Vice President
CA BRE #01457267
661.888.1364
jhepp@landadvisors.com