sgip
Well-known member
So the Ziggurat in Laguna Niguel is being auctioned by the Feds. The process first began with a "Historical" requirement - to keep the Ziggurat building in place, but the remaining land around could be developed. That went over like a lead balloon. The Feds then removed the Ziggurat preservation piece and re-listed with a $75m opening bid.
As of 2:15 PST on 8/7/2024 there are 3 bidders, and the high bid is $140,400,000. There are 89 (+/-) acres at stake here, so $1,578,000 per acre. Since any development will require a sizeable area required for streets, parks, etc, let's say the real buildable land will come in at 50 acres - or a price at this moment of $2,808,000 per acre. Assuming 7 homes per acre (lowest density SFR build only) that's land costs of $401k per home. Assume another $1m cost to build and $500k of expected profits, you're talking about $2.1m priced homes. Build out expected by 2030 is my best guess.
Watch the auction price battle here:
As of 2:15 PST on 8/7/2024 there are 3 bidders, and the high bid is $140,400,000. There are 89 (+/-) acres at stake here, so $1,578,000 per acre. Since any development will require a sizeable area required for streets, parks, etc, let's say the real buildable land will come in at 50 acres - or a price at this moment of $2,808,000 per acre. Assuming 7 homes per acre (lowest density SFR build only) that's land costs of $401k per home. Assume another $1m cost to build and $500k of expected profits, you're talking about $2.1m priced homes. Build out expected by 2030 is my best guess.
Watch the auction price battle here:
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