Kidder Mathews development opportunity

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Kidder Mathews development opportunity Powered By Docstoc
					            Major Price Reduction to $1,850,000

            Development Opportunity | Fairfax, CA




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                                                                                                                                Sir Franc                                                                                                                   St. Rita
                                                                                                                                                    is Drake                                                                                                Church
                                                                                                                                                                            Boulevard

                                                                                                                                                                                                                                                                                                                        Delano’s IGA
                                                                                                                                                                                                                                                                                                                        Supermarket




            Presented by


            Benjamin Pollock                                                                                    Richard Stoll
            Senior Vice President                                                                               Senior Vice President                                                                                                                                       SITE
            bpollock@kiddermathews.com                                                                          rstoll@kiddermathews.com
            LIC #01833943                                                                                       LIC #00779521



            www.fairfaxopportunity.com
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Development Opportunity | Fairfax, CA




Bay Area & Marin Economy                                        MAP OF BAY AREA WITH SITE IDENTIFIED
                                                                     SITE
In the recovery from the Great Recession, the San Francisco     MAP OF MARIN WITH SITE IDENTIFIED
                                                                    Fairfax
Bay Area is thriving as the strongest regional economy in the
                                                                PHOTO OF MARIN HEADLANDS AND GG
United States. The sources of this strength include having            San Rafael
                                                                BRIDGE FROM BAKER BEACH ETC.
                                                                                   Richmond
one of the three or four most highly educated labor forces in
the nation, dominance in venture capital investment (about                                    Tiburon                        Berkeley
40% of the US total), world class universities in Stanford
and Berkeley, and leadership in entrepreneurship (15% of                                                                           Oakland
all patents granted in the US in 2010; 250% more than New
                                                                                           San
York, the next leading metropolitan area). Thirty Fortune 500                              Francisco
corporations are based in the Bay Area, surpassed only by        MAPS NOT TO SCALE
New York with its 45 Fortune 500 corporations. Between
July 2011 and July 2012, the Bay Area added over 100,000
jobs, a 3.3% increase that far exceeded the nation at 1.4%.
                                                                                      SITE
Marin County, like the Bay Area as a whole, continues to
                                                                                             SIR
recover nicely from the Great Recession. Although it has                      Fairfax              FR
                                                                                                        AN

eschewed “big box” retail development and large office                                    San
                                                                                                         C IS
                                                                                                             DRA          San
                                                                          BOLIN
complexes, by most economic measures the County is                                AS RD   Anselmo                         Rafael
                                                                                                              KE


                                                                                                                   B
outperforming the state and the nation. It has the lowest
                                                                                                                   LV
                                                                                                                      D




unemployment rates in California, with over 550 new payroll                                                        Ross
businesses added since 2011. Unemployment stood at
5.8% in September 2012 and is forecast to keep dropping.                  MARIN COUNTY
Similarly, real personal incomes are forecast to grow 2.8%
per year in 2013 and 2014. Residential real estate markets
have exhibited strong growth since the summer of 2011.
Median home prices are rising steadily due to falling
inventories and low interest rates.




                                                                                                                               kiddermathews.com
Development Opportunity | Fairfax, CA




Town of Fairfax Background                                    DEMOGRAPHICS – 3 MILE RADIUS
Named after Charles Fairfax, scion of a Virginia landowning   Population
clan, who headed west during the Gold Rush and became
                                                              2012 Estimated                       45,924
active in local, state and national politics, the Town was
                                                              2017 Projected                       47,861
incorporated in 1931. Only 2.2 square miles, the Town
lies in the heart of Marin County, 30 minutes from San        Historical Annual Growth              0.3%
                                                              2000 to 2012
Francisco. Fairfax is a hiking and mountain biking mecca
                                                              Projected Annual Growth               0.8%
owing to the unusual amount of open space and hills that      2012 to 2017
surround it. Unlike most communities in Marin County, it
                                                              Households
hosts a vibrant nightlife that includes well-known venues
                                                              2012 Estimated Households            19,145
for jazz and other popular music.
                                                              2017 Projected Households            19,443
Growth of the town’s population of 7,500 is constrained by    Historical Annual Growth              0.3%
the lack of developable lots. Homes in Fairfax vary from      2000 to 2012
smaller, older dwellings to dramatic modern properties,       Projected Annual Growth               0.3%
with many homes enjoying sweeping panoramas and               2012 to 2017
wooded settings. As the recovery continues, the supply        Age
of available homes for sale has dwindled to just three        2012 Estimated Median Age              46.2
months. Homes consistently have been selling at over list     Income
price since spring 2012.                                      2012 Estimated Average             $127,009
                                                              Household Income
                                                              2012 Estimated Median              $106,290
                                                              Household Income
                                                              Home Values
                                                              2012 Median Home Value             $606,715




                                                                                          kiddermathews.com
Development Opportunity | Fairfax, CA




Property Description
The property consists of approximately 99 acres,
according to the Marin County Assessor, although a
survey is unavailable. The terrain is wooded and hilly with
numerous level clearings. Views throughout the property are
spectacular to opposite ridgelines and to the City and Bay.
The site is unimproved except for a graded but unpaved
road that runs from the end of Marinda Court to within yards
of the highest elevation. With the Town zoning code allowing
for minimum lot sizes of 10 acres, at least nine lots should
be allowed.




                                                               kiddermathews.com
Development Opportunity | Fairfax, CA




Development Opportunity
Nestled above Sir Francis Drake Boulevard, the main
route accessing Fairfax, California, the subject property
appears to the casual observer to be simply open space
for the residents to enjoy. In fact, after 50 years of common
ownership, the property presents a once-in-a-lifetime
development opportunity that rarely surfaces. Breathtaking
views, tranquility, and the ability to create a special living
environment are the seminal factors to this opportunity.

The subject property measures approximately 99 acres
according to the Marin County Assessor’s Office.                 MANY HOMES ENJOY SWEEPING PANORAMAS

According to the recently adopted General Plan, the
underlying zoning designation for this area of Fairfax is
UR-10. UR-10 allows for one (1) dwelling unit per ten (10)
acres. The subject property consists of four (4) parcels
with Assessor’s Parcel Numbers and six (6) historically
established parcels.

The APNs are:

     •	 001-251-31
     •	 001-171-51
     •	 001-150-12
     •	 001-160-09
                                                                 WOODED SETTINGS

The UR-10 zoning would entitle the developer to create
9-10 buildable lots through the administrative process of
Certification of Compliance and Lot Line Adjustments.

The Town has indicated its preference for a clustering
of the new development near existing residential
development rather than further up the hillside where
Ridgeline Scenic Corridor restrictions could apply.




                                                                 HOMES OF VARIOUS STYLES




                                                                                              kiddermathews.com
Development Opportunity | Fairfax, CA




Selection Process
For the first time in 50 years, the property is being offered
for sale. If you are interested in learning more about
the property and receiving access to the due diligence
materials, please visit our website (www.fairfaxopportunity.
com) and click “Execute Agreement” to sign the Principal
or Broker Confidentiality Agreement.

Cooperating broker fee is 2%. Offers will need to include the
following provisions:
     •	 Price
                                                                VIEW TO THE EAST
     •	 Due diligence period
     •	 Closing period
     •	 Earnest money deposit
     •	 No financing contingency
     •	 As Is - Where Is

We look forward to hearing from you.

Benjamin Pollock                 Richard Stoll
Senior Vice President            Senior Vice President
bpollock@kiddermathews.com       rstoll@kiddermathews.com
415.229.8952                     415.229.8971


www.fairfaxopportunity.com
                                                                LOOKING NORTHEAST




 LOOKING WEST                                                   VIEW TO THE SOUTH, INCLUDING SAN FRANCISCO




                                                                                                kiddermathews.com

				
DOCUMENT INFO
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posted:6/16/2013
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Description: Kidder Mathews gives detailed information about a 99-acre property adjecent to the center of Fairfax in Marin County.