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Posted on October 5 at 4:48 p.m.
I originally ran these APN's on 9-13-11 and then again today 10-5-12
Land Trust for Santa Barbara County website:How was the purchase price determined?An independent real estate appraiser has provided the Land Trust with an estimate of the fair market value of the property. The purchase price of $8.5 million is based on that appraisal and negotiation with the seller. (http://sblandtrust.org/hotspringscany...)
Land Trust for Santa Barbara County newsletter:Over a two-year period, we studied the property, completed our own real estate appraisal and negotiated a price below the appraised value. The property, which includes six legal land parcels zoned for residential development, was purchased for $7,600,000. (http://www.sblandtrust.org/pdfs/sprin...)
County Clerk, Recorder and Assessorhttp://www.sbcvote.com/Assessor/detai...http://www.sbcvote.com/Assessor/detai...http://www.sbcvote.com/Assessor/detai...http://www.sbcvote.com/Assessor/detai...http://www.sbcvote.com/Assessor/detai...
2011 Assessed ValuesAssessed Values:$221,643$880,460$221,643$444,708$711,214_________$2,479,668
2012 Assessed ValuesAssessed Values:$227,777$904,830$227,777$457,017$730,900_________$2,548,301
Transfer Tax Amount: $8,360.00 was paid on each parcel at the transfer date: 3/15/12
I don't think the land was worth $8.5 million myself and I would have encouraged any prospective buyer to make a reasonable offer of maybe $3.75 million because it was likely to remain raw land. We all know that just because there are recorded Certificates of Compliance on each parcel doesn't mean that anything can be reasonably done to that parcel especially within RMZ 40 or 100.
On Hot Springs Plan Remains Stalled
Posted on October 5 at 1:27 p.m.
The water rights of Montecito Water District is easily found at the Hall of Records. In the early '90's Mark McCaslin exchanged the water rights for three water meters to be provided to the canyon to entice the possibility of building homes.
The fact that that went no further speaks volumes that there was no threat from development in these last nearly 25 years (the utilities and water meters still do not exist to this day).
It would be illuminating for the USFS to explain why it wanted to alter water rights to Montecito Water District and not alter the water rights to Montecito Creek Water Company.
Posted on October 5 at 12:20 p.m.
As someone involved with real estate I can tell you that raw land is always for sale. Despite Mr McCaslin's property development schemes over the years no one ever made a serious offer of the land, and the agent to the property Kerry Mormann of Coastal Ranch realty and advisory council member to the Land Trust can lay that to rest by showing real proof that someone would be foolish enough to buy the property to build a house or revitalize the springs. Any one providing due diligence would discover that by the early '90's the land had no value and the only value was in the water.
So this story is about water not land. The issue is steelhead habitat and anything else is a distraction.
The Theatre Group at SBCC presents Michael Frayn's hilarious comedy! Read More
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