PROPOSED 13 SEMI CUSTOM LOT INFILL OPPORTUNITY • COTO

PROPOSED 13 SEMI CUSTOM LOT INFILL OPPORTUNITY • COTO DE CAZA, CA
“WHERE LIFE NEVER LOOKED SO GOOD”
EXCLUSIVE OFFERING MEMORANDUM
WDLAND.COM
94 Discovery ▪ Irvine, CA 92618
949.789.4555 ph | BRE # 01211887
Les Whittlesey
Principal
949.789.4555, ext 14
les.w@wdland.com
Tom Doyle
Principal
949.789.4555, ext 11
tdoyle@wdland.com
13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
TABLE OF CONTENTS
TABLE OF CONTENTS
Page No.
Page No.
Project
1
Process & Timing
2
Location Maps
Development
Overview
10
Due Diligence Materials
11
Assigned Schools Exhibit
12
Oblique Aerial
5
Low Aerial
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Regional Map
7
Coto De Caza
13
Local Map
8
Overview
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Resale Comparables
15
Site Plan
Proposed Site Plan
Market
9
2
The information contained herein has been obtained from sources we deem to be reliable. Buyer is cautioned to make an independent investigation of the property and review all information concerning the property as no representations or guarantees of accuracy and completeness are made,
either expressed or implied by WD Land or its affiliates. BRE License No. 01211887.
13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
PROJECT
Key Property Highlights Include:
▪
Prime property located in well known and highly acclaimed
gated community of Coto de Caza.
▪
The property is located in the northern edge of the valley
near and adjacent to high end large lot estates.
▪
There has been no new home product for many years. And
the community is clamoring for new home product.
The transactions structure will provide for a closing upon
entitlements being approved.
▪
Coto De Caza is one of the most unique communities in
Southern California. Nestled in a valley with two 18 hole golf
courses, this gated master planned community has set the
standard for award winning community design.
▪
The property is designed for executive sized or semicustom homes.
▪
Property is adjacent to a large lot subdivision and is close
to the estate homes area.
▪
The property will be secluded with its own privacy
community wall.
There are no subdivisions available in South Orange
County with lots over 12,000 sq. ft.
▪
Situated next to vast open space while also connected to major
arterials of the 241 Toll Road, the community offers the rural
feeling with the convenience of being close to services, schools
and shopping.
This well established mature neighborhood has not had new
product in several years, so is yearning for new homes in the
area.
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13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
PROCESS & TIMING
Proposal Due Date
OFFERS ARE DUE AT 12:00 NOON WEDNESDAY DECEMBER 17TH AT WD LAND OFFICES
Price
The asking prices for the properties are as follows:
Oak Grove LLC parcel (2.9 Acres)
$3,601,350
SBC Parcel (3.5 Acres)
$4,348,650
Total Price
$7,950,000
Note: The properties will be sold together as one project, and have concurrent feasibilities periods
and escrow closings.
Terms
All cash at the close of escrow. Buyer to adhere to the conditions in the Restrictions and
Requirement section of this Offering.
Feasibility Period
Buyer will have 60 days from a signed Letter of Intent by both parties to complete a Feasibility Study
of the property. During that time Buyer will complete its feasibility of the property including but not
limited to, soils investigation, title review, planning and development review, financial feasibility and
all aspects required for a due diligence. Buyer and Seller shall negotiate and sign the Purchase and
Sales Agreement within 30 days of signing of the LOI. Buyer to prepare the draft purchase
agreement.
Deposits
Buyer to open escrow with a refundable deposit of $100,000. Upon approval of the feasibility period
the deposit shall be increased to 3% of the purchase price, which shall become non-refundable and
will be applicable to the purchase price. The deposits shall remain in escrow until approval of the
Tentative Map and all Appeal Periods have expired, within 3 business days 45.3% of the deposit
shall be released to Oak Grove and 54.7% shall be released to SBC. All deposits will be applicable to
the purchase price. Only in the case that the Tentative Tract Map is not approved shall the deposit
be returned to the buyer.
Close of Escrow
Close of escrow will be 30 days after a Specific Plan Amendment, General Plan Amendment have
been approved and all appeal periods have expired unchallenged for the Tentative Tract Map. Buyer
will have up to 18 months to obtain approvals.
Seller
Silver Bronze Corporation and Oak Grove LLC
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13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
Restrictions and
Requirements
Buyer will add these deal points to the offer which will be included in the Purchase and Sale
Agreement:
Buyer will process a Tentative Tract Map for 13 Low Density zoning lots that are a minimum of 12,000
sq. ft.
Buyer accepts a “Land Use Restriction” to be recorded against the Oak Grove Community at escrow
closing requiring conformance with the TTM, and will include a river stone buffer perimeter wall as
shown on the TTM, the preservation of the Heritage Oak trees, and a hiking and equestrian trail
outside the river stone perimeter wall as shown on the TTM, and no material deviation of the TTM
unless approval in writing by the Sellers or the County of Orange.
Buyer will make no material deviation from the TTM unless approved in writing by Sellers or required
by the County of Orange.
Buyer will process a restriction for the Coto Equestrian Center that horses are not to be stabled in the
area shown as Grand Prix Arena, the Dressage Arena, the Covered Arena, and the new Lower Arena
and no horses are to be stabled within 100 feet of the Oak Grove Community project perimeter wall
within the Coto Equestrian Center.
The Coto Equestrian Center will be provided a License by Buyer to use the equestrian improvements
on the 3.5 acres for sixty (60) days after escrow closing to allow time to construct the new Plaza barns
and the new Lower Barns prior to demolition of the Upper Barn and other improvements located on
the 3.5 acres.
Buyer shall contract currently with the signing the Purchase and Sale Agreements (“PSA”) for the SBC
and Oak Grove Properties with Land Strategies per Land Strategies proposal for processing of
Tentative Tract Map (“TTM”) at Buyer’s sole cost and expense.
Buyer will reimburse Oak Grove LLC for Leland Stearns’ and Land Strategies’ expenses pertaining to
Oak Grove within 10 days of presentation of a summary of such expenses with back-up invoices
attached at the approval of the feasibility period.
Within 3 business days of full execution of the PSA, buyer will contract with Geo Soils for a soils report
per Geo Soils’ proposal at Buyer’s sole cost and expense.
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13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
PROCESS & TIMING
KEY OFFERING DATES
OFFERS DUE: December 17, 2014
BUYER SELECTION: December 29, 2014
DUE DILIGENCE KICK OFF: December 30, 2014
END OF FEASIBILITY: March 2, 2015
CLOSE OF ESCROW: 30 days after appeal periods have expired
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13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
LOCATION - HIGH AERIAL
Subject Property
Landvision, 2014
5
13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
LOCATION - LOW AERIAL
Subject Property
Landvision, 2014
6
13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
LOCATION - REGIONAL MAP
Subject Property
Google Terrain Maps, 2014
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13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
LOCATION - LOCAL MAP
Subject Property
Google Terrain Maps, 2014
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13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
LOCATION– SITE PLAN
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13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
DEVELOPMENT - OVERVIEW
Project Size
2.1 Acres owned by Oak Grove LLC
3.7 Acres owned by Silver Bronze Corp
Number of Lots
13 proposed
Sizes and Dimensions
Minimum of 12,000 sq ft
Estimated Cost
to Complete
None available
Entitlement Summary
The property is located in the Coto de Caza
Specific Plan. A Specific Plan Amendment
and Zone change will be required and a
Tentative Tract Map.
Improvements
The site has combination a private school
and portions of a equestrian use on it
Bonds
None
CFD/Assessment
None
HOA
TBD
Utilities/Infrastructure
All utilities are to the site. Sizing will need
to be confirmed that current backbone will
accommodate the project.
Schools
District: Capistrano Unified School District
Elementary: Wagon Wheel (API 919)
Middle: Las Flores (API 934)
High: Tesoro High School (API 882)
Private Schools
Elementary & Middle:
St John’s Episcopal School
High: Santa Margarita High School
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13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
DEVELOPMENT - DUE DILIGENCE MATERIALS
Due Diligence materials are available via Dropbox. Please contact Broker or Coordinator to request access.
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13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
DEVELOPMENT - PUBLIC & PRIVATE SCHOOLS
4
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Subject Property
2
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Wagon Wheel Elementary
API 949, 2013
1
Capistrano Unified School District– Public
Las Flores Middle
2
API 934, 2013
3
Tesoro High
API 882, 2013
Private Schools
4
St. Johns Episcopal School
5
Santa Margarita High School
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13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
MARKET - CITY OF COTO DE CAZA
Coto de Caza (means game preserve in Spanish) is a census-designated place (CDP) and guard-gated private community in Orange
County, CA. The population was 14,866 at the 2010 census.
The CDP is a suburban planned community of about 4,000 homes and one of the Orange County’s oldest and most expensive masterplanned communities. The project began in 1968, when it was envisioned as a hunting lodge, now the Lodge at Coto de Caza, and the
community was completed in 2003. The majority of the community move up tract housing, with collections of custom built homes
through out the community.
Currently, there are two 18-hole golf courses and two clubhouses, once considered the “old club” and the other the “new club”. The
new club, the Coto de Caza Golf and Racquet Club, harbors the facilities of the two golf courses and adjacent ten tennis courts. The
old club, located in the residential area known as “the Village”, was once home to tennis guru and teacher Vic Braden; it was also the
home location for the Coto de Caza Youth Swim Team. The new club finished construction of the new Spa and Sports Club building in
2008 that houses a new fitness center with state-of-the-art StarTrac exercise equipment, a spa with many services, a snack bar with
Starbuck’s coffee, and the Michael Change Tennis Hall and Member Lounge. The golf courses are both Robert Trent Jones Jr. design.
The North course was rated the most difficult course in all of Orange County.
Golf Course in Coto de Caza
Golf and Racquet Club.
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13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
MARKET - MARKET OVERVIEW
Market Overview
While there are no new homes available today in the Coto De Caza market, the resale market has
stayed strong. As you can see in the table below, there has been a steady progression in either
number of sales or pricing over the past 4 years. Between 2011 and 2013, you saw the number of
sales rise 50%, and between 2011 and 2014, you have seen the square foot price rise 24%, with
average sales price rising 12.5%
9,999 - 20,000 Sq Ft Lot;
2,999+ Sq Ft Home
2011
2012
2013
YTD 2014
$1,167,498
$1,124,062
$1,337,724
$1,314,425
4,496
4,428
4,438
4,066
Average $/Sq Ft
$259.59
$253.54
$256.35
$322.53
Average Lot Size
13,055
13,049
12,954
12,466
53
76
78
38
Average Sales Price
Average Sq Ft
# of Sales
All these factors are indications of a strong and vibrant home sales market. With the last new home
delivered almost 10 years ago, there is a large pent of demand for new housing.
The graph on the next page illustrates how the regression line has moved up each year as sales
prices across the board have risen. This again is another strong indication of the housing market
and the need for new housing stock
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13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
MARKET - Pricing Graph (Coto De Caza Re-Sales 10,000 - 20,000 Sq Ft Lots; 2,999+ Sq Ft Home)
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13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
Qualifications and Disclaimer
This sales information package and contents hereof, is provided for informational purposes only. Nothing contained herein is deemed to constitute an offer of sale or to impose upon Seller, or any of their affiliates, any obligation to negotiate the sale of any parcel or property, and all
offers to purchase this property must be accepted by the Seller in writing. No representation or warranty, expressed or implied, is made regarding the information set forth herein, the factual accuracy or completeness of any such information or other materials contained herein.
Seller reserves the right to make changes from time to time to any of the information contained or referred to herein, to change the price and/
or terms and may withdraw the property from the market all without any obligations to notify the recipients of this sales information package.
Any party which may enter into any written agreement to purchase the subject property shall make its own independent investigation regarding
all aspects of the subject property and the development contemplated thereon without complete reliance upon the materials contained herein.
Nothing contained herein is intended in any way to limit or mitigate the need for any independent investigation, which a prudent buyer would
be required to undertake in order to determine all facts which could have any effect upon the acquisition or development of the subject property. Any prospective buyers (“Buyer”) are strongly advised to investigate the condition and suitability of all aspects of the property and all matters affecting the value or desirability of the property, including but not limited to the following items: size, lines, access and boundaries; zoning
and land use; any conditions of approval, cost and fees to develop the site; utilities and services; environmental hazards; geological conditions;
natural hazard zone; property damage; neighborhood, area and property conditions; common interest subdivisions and owner associations;
and, specialty tax. If Buyer does not exercise these rights, Buyer is acting against the advice of WD Land. Buyer understands that although conditions are often difficult to locate and discover, all real property contains conditions that are not readily apparent and that may affect the value or desirability of the property. Buyer and Seller are aware that WD Land does not guarantee, and in no way will assume responsibility for,
the condition of the property. WD Land has not and will not verify any of items listed above, unless otherwise agreed to in writing.
This sales information package is subject to changes or withdrawals without notice and does not constitute a recommendation, endorsement
or advice as to the value of the subject property by WD Land or the Seller.
This sales information package is the absolute property of WD Land and may only be used by parties approved by WD Land. No portion of this
sales information package may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of WD Land
and Seller.
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13 SEMI CUSTOM LOT INFILL OPPORTUNITY | COTO DE CAZA, CA
Disclosure and Consent
DISCLOSURE AND CONSENT FOR REPRESENTATION OF MORE THAN ONE BUYER OR SELLER
C.A.R. Form DA, 11/06
A real estate broker, whether a corporate, 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 licensed as a
broker or
through different associate licensees acting for the Broker. The associate licensees may be working out of the same or different office locations.
Broker (individually or through its associate licensees) may be working with many prospective buyers at the same time. These prospective buyers may have
an interest in, and make offers of, 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
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 dual agency, Seller and Buyer agree that: (a) Broker, without prior written consent of the Buyer, will not disclose to Seller that the Buyer is
willing to pay a price greater than the offer price; (b) Broker, without 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 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.
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