Anchor ads are not supported on this page.

4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

San Diego Unified Raises Price Tag On Mission Beach Center

The starting bid for the 2.3 acres of beach and bayfront property in Mission Beach has just gone up.

If San Diego Unified board members decide to approve the sale of seven excess properties at a June 19 hearing, bids for the plot of land will start at $11 million, up from the $7.8 million that was initially proposed.

Things began to get heated at San Diego Unified after staff announced a proposal to sell seven excess properties at "fire-sale" prices. By selling the properties, the district hoped to raise approximately $25 million to help fill the $120 million shortfall projected for this coming fiscal year. School board member Scott Barnett went so far as to accusing district staff of "selling off the furniture to pay the mortgage."

After some weeks and many phone calls from critics, district staff decided to raise the starting price to $11 million, the low-end assessment from a May 2011 study by Jones Lang LaSalle.

According to one district employee, the price was changed after removing a condition that required an expedited escrow.

"We were a little overcautious with our conditions only because we wanted more bids," says one district staff member. "But we have since removed the condition of an expedited escrow and that is why the price went up."

And while $11 million will silence some critics, others continue to feel that the price is set way too low.

One local real estate broker claims the district has undervalued the Mission Beach property by $120 per square foot, and that's even with the recent adjustment.

"You're ready to give away capital assets that may be the only collateral available in the future to fund the Education for the future students and residents of San Diego..." wrote Cynthia Conger in a letter to San Diego Unified board members. "Easily, the sale of just Mission Beach alone could more than meet the District's current funding loss. Why is the District more interested at selling multiple school properties at low-ball prices at the peak of the annual market yet at the lowest point of this current...real estate cycle?"

But district staff responds by saying that is not the final price, only the minimum starting bid when, and if, the properties do go to auction.

"There is already so much interest in this property. We know the final bid will come in higher," said a district employee. "And as far as market-value, if this does go to auction then bidders will determine the fair-market value. There's too much interest in it for the district to not get what it is worth ."

"This all still needs to be approved by the board. Even after the auction is held the board must approve the final bid. There is still plenty of time to pull the plug on this. We are only in the beginning stages."

Board members will vote on whether to sell the seven excess properties, including the 2.3 acres in Mission Beach, at a June 19 hearing. Go to Sandi.net to view the upcoming agenda.

http://sandiegoreader.com/users/photos/2012/jun/06/25726/

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

Woodpeckers are stocking away acorns, Amorous tarantulas

Stunning sycamores, Mars rising

The starting bid for the 2.3 acres of beach and bayfront property in Mission Beach has just gone up.

If San Diego Unified board members decide to approve the sale of seven excess properties at a June 19 hearing, bids for the plot of land will start at $11 million, up from the $7.8 million that was initially proposed.

Things began to get heated at San Diego Unified after staff announced a proposal to sell seven excess properties at "fire-sale" prices. By selling the properties, the district hoped to raise approximately $25 million to help fill the $120 million shortfall projected for this coming fiscal year. School board member Scott Barnett went so far as to accusing district staff of "selling off the furniture to pay the mortgage."

After some weeks and many phone calls from critics, district staff decided to raise the starting price to $11 million, the low-end assessment from a May 2011 study by Jones Lang LaSalle.

According to one district employee, the price was changed after removing a condition that required an expedited escrow.

"We were a little overcautious with our conditions only because we wanted more bids," says one district staff member. "But we have since removed the condition of an expedited escrow and that is why the price went up."

And while $11 million will silence some critics, others continue to feel that the price is set way too low.

One local real estate broker claims the district has undervalued the Mission Beach property by $120 per square foot, and that's even with the recent adjustment.

"You're ready to give away capital assets that may be the only collateral available in the future to fund the Education for the future students and residents of San Diego..." wrote Cynthia Conger in a letter to San Diego Unified board members. "Easily, the sale of just Mission Beach alone could more than meet the District's current funding loss. Why is the District more interested at selling multiple school properties at low-ball prices at the peak of the annual market yet at the lowest point of this current...real estate cycle?"

But district staff responds by saying that is not the final price, only the minimum starting bid when, and if, the properties do go to auction.

"There is already so much interest in this property. We know the final bid will come in higher," said a district employee. "And as far as market-value, if this does go to auction then bidders will determine the fair-market value. There's too much interest in it for the district to not get what it is worth ."

"This all still needs to be approved by the board. Even after the auction is held the board must approve the final bid. There is still plenty of time to pull the plug on this. We are only in the beginning stages."

Board members will vote on whether to sell the seven excess properties, including the 2.3 acres in Mission Beach, at a June 19 hearing. Go to Sandi.net to view the upcoming agenda.

http://sandiegoreader.com/users/photos/2012/jun/06/25726/

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Previous article

If they build it, you can retire early

New residential development rising from former elementary school site
Next Article

San Diego Unified Looks to Sell Properties

Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town The Gonzo Report — Making the musical scene, or at least reporting from it Letters — Our inbox Movies@Home — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Theater — On stage in San Diego this week Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close

Anchor ads are not supported on this page.

This Week’s Reader This Week’s Reader