FOR SALE La Mesa Hilltop

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1 FOR SALE La Mesa Hilltop Fully Entitled Ready to Build All Impact Fees Paid Infill Location Ocean & Mountain Views No Mello-Roos Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

2 TABLE OF CONTENTS PAGE I. AERIALS 3 II. SITE PLAN 6 III. LOCATION MAP 7 IV. NARRATIVE & PROPERTY HIGHLIGHTS 9 V. BULK SALE/PROJECT SUMMARY OFFERING PROCESS 10 VI. DEFINITION OF A FINISHED LOT 13 VII. PHOTOS 14 VIII. PLAT MAP 17 IX. LOT & HOUSE BREAKDOWN 18 X. COST ESTIMATES (All impact fees already paid) 19 XI LOTS 36 & 37 ALTERNATIVE GRADING DESIGN 22 XII. COMPARABLE HOME SALES 23 XIII. AVAILABLE PLANS, STUDIES & REPORTS 24 Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

3 I AERIALS Yale Avenue Massachusetts Avenue SITE Orien Avenue Ocean View Way Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

4 I AERIALS University Avenue SITE Massachusetts Avenue Serramar Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

5 I AERIALS Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

6 II SITE PLAN 6

7 III LOCATION MAP El Cajon Blvd LA MESA College Ave University Ave Massachusetts Ave Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

8 III LOCATION MAP La Mesa Downtown San Diego Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

9 IV NARRATIVE & PROPERTY HIGHLIGHTS DESCRIPTION La Mesa Hilltop is a 36 lot subdivision for detached single family homes. The property is a prime infill site with ocean and mountain views, and fully entitled. Priced well below replacement cost, the project will allow a Builder to sell homes in 2010 and 2011 at a size and price point appealing to middle-income buyers. LOCATION Located in the incorporated City of La Mesa in East San Diego County, less than 10 miles east of downtown San Diego. The project is situated between the 94 and 8 freeways and between Massachusetts Ave. and Yale Ave. at the terminus of Orien Ave. VIEW ORIENTATION Situated feet above sea level, the lots are terraced and offer sweeping views of the surrounding area, expanding all the way to the Pacific Ocean. HISTORY The property was originally developed by Keystone Communities and is presently owned by a private company. STATUS Final Map (FM 14916) was recorded November 30, The property is presently in blue top condition with graded pads, decorative retaining walls that create the terraces, hillside erosion control measures and roads cut. Utilities are located at the entrance to the project. All fees except building permits are paid. Cost estimates to finish the project are enclosed. The hydrology report was recently approved. The revised grading plan for the sewer and storm water is being submitted. Landscape revisions are proposed to save additional costs. An alternative grading design has been prepared by REC Consultants Inc. for Lots 36 and 37 which minimizes the costs to finish these pads. This alternative combines the two lots into one pad and a conceptual house plot is enclosed. (see Page 21) ARCHITECTURAL PRODUCT Building plans are approved for homes with a weighted average of approximately 2,200 SF each. Revised plans have been discussed conceptually with the City to reflect homes with a weighted average of 2,520 SF each. Note: Despite the increase in square footage, the revised homes will cost less per square foot to build due to value engineered design changes. The City has been open to these revisions if a Buyer chooses to pursue; however, nothing has been submitted. Buyer to verify all information with the City of La Mesa. ADJACENT RESIDENTIAL On an adjacent hilltop with similar views a new development called Serramar has sold all 228 homes. A majority of the homes sold in for $700,000 - $1,100,000. In 2009 there were 12 total sales in Serramar. The 4 Serramar sales comparable to the La Mesa Hilltop product average 2,240 SF and sold for an average price of $539,125 or $240 per SF (see Comparable Home Sales). ADJACENT USES The property is surrounded by local shopping centers, retail amenities, employment centers and major transportation corridors. Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

10 V BULK SALE/PROJECT SUMMARY OFFERING PROCESS Project: 36 total buildable lots Lot Sizes: 34 blue top lots (PUD) - 3,400 4,767 SF averaging approximately 3,910 SF 2 additional lots partially graded (not in PUD) - Lot 36, approximately 12,145 SF - Lot 37, approximately 10,342 SF Map #: Final Map 03-01, FM recorded November 30, 2004 Location: Thomas Bros. 1270F5; Between Massachusetts Avenue and Yale Avenue at the terminus of Orien Avenue in the city of La Mesa. # of # of Existing Architecture: Plan # 1 Units 13 Size 2,007 SF Stories 2 Beds/Baths 4 BR / 3 BA + Optional loft ,225 SF 2 3 BR / 3.5 BA + Bonus or Optional 4th BR 3 9 2,421 SF 2 3 BR / 2.5 BA + Loft or 4th BR, Den or Retreat Revised Architecture: 34-Unit PUD 2 Additional Lots 4 2 2,041 SF 2 4 BR / 2 BA Unit Sizes exclude garages and decks. Conceptual architectural revisions possible for homes with a weighted average of approximately 2,520 SF. See Broker for details. HOA: Estimated to be $180 per month for the 34 lots in the PUD. The HOA is set up and all documentation completed and registered with the State of California. The DRE file can be transferred to the Buyer. The 2 additional lots are not in the association and can be processed with any architectural plans. Public Assessments: There are no Mello Roos or Assessment Districts Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

11 V BULK SALE/PROJECT SUMMARY OFFERING PROCESS Affordable: There is no affordable housing requirement. Environmental: Approved negative declaration. All mitigation conditions satisfied. School District: Lots 1-34: La Mesa-Spring Valley School District & Grossmont Union High School District Lots 36-37: Lemon Grove School District & Grossmont Union High School District Tax Rate: % for the 34 lots and % for the 2 lots. Existing Grading: Estimated Remaining Improvements: Estimated Fees: Per the Geosoils As-Graded Compaction Report dated November 30, 2007, cut portions of cut/fill transition lots or building pad areas that required less than 3 feet of fill to achieve their design grades, once remedial removals were complete, were overexcavated to at least 3 feet below finish grade. Street areas were overexcavated to at least 1 foot below the lowest utility invert to facilitate utility construction. The exposed subsoils were then scarified, recompacted, and brought to the proposed grade with compacted fill. Within building pad areas, the subgrade was constructed at gradients no steeper than 3:1. Approximately $37,986 per lot (based on the 34 lots in the PUD). The enclosed cost estimates are approximately two years old. Seller cannot attest as to their accuracy, however, they are being provided as a courtesy. All city, school, park, transportation and water fees have been paid. See the enclosed letter from the City of La Mesa and a list of all impact fees paid. Building permits were pulled that have subsequently expired. In reviewing the current status with the City, as part of obtaining new building permits, which is mearly an administrative matter, there will be other minor fees associated with obtaining permits for the remaining retaining walls and site grading. They are estimated to be as follows: Retaining Wall Permit Renewals Approximately $375 Encroachment Permit Renewal Approximately $1,900 Grading Plan Review & Permit Renewal Approximately $28,745 Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

12 V BULK SALE/PROJECT SUMMARY OFFERING PROCESS Offers: All offers to be submitted on a finished lot basis. The definition of a finished lot for the purposes of this sale is on the following page, and will not be negotiated by Seller. Upon the opening of escrow with a prospective Buyer, Seller will obtain hard bids for remaining improvement costs. Buyer is free to independently complete their own analysis. Once the bids have been obtained, Buyer and Seller to mutually agree as to the construction cost amount to be utilized as a credit to the purchase price. Buyer to disclose before going under contract what contingency factor they would apply to the cost estimates once completed. Buyer to replace or assume all bonds. OFFER DUE DATE JANUARY 12, Call Broker with any questions. Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

13 VI DEFINITION OF A FINISHED LOT The term Finished Lot shall mean, for each Lot comprising the Property, that all applicable fees required from the development of the Lots with residences have been paid, and all improvements and other obligations, whether on the site of the Property, or outside the boundaries of the Property, have been constructed, installed or completed in order to obtain building permits for the construction of single family residence on the Lots upon the payment of the ordinary building permit fee therefore, so that Buyer will be able to commence construction of its contemplated single family residences on all of the Lots within the Property upon the payment of such fee, and to obtain certificates of occupancy upon completion of such residences. Without limiting the foregoing, the definition of Finished Lot shall refer to a Lot: (i) which is graded in accordance with all rough grading plans (but excluding precise grading) approved by all applicable Governmental Agencies, with a pad certified by the civil engineer of record with respect to line and grade and the soils engineer of record with respect to compaction, each licensed and in good standing in California (ii) with all water, gas, sewer, electricity, telephone, and cable television conduit installed and stubbed into the Lot lines (iii) with all storm drain, and curb, gutter and paving improvements (including driveway approaches and aprons to the back of sidewalks) to the streets constructed and installed (iv) with all property corners monumentation, and retaining walls and perimeter walls installed as required by all applicable Governmental Agencies and the plans and specifications therefore, (excluding walls to be built as a requirement of house construction) (v) with all sidewalks, street lights, street signs, street striping and water meters and boxes installed (vi) with all fees and exactions paid (excluding the typical fee for building permits, architectural and plan check fees), and (vii) with the completion of any perimeter landscaping, open space, and other improvements as required by the improvement plans as conditions of approval to the Tentative Map or the Final Maps or by any applicable Governmental Agencies, specifically excluding, however, (a) front yard landscaping and side and rear yard fencing, (b) pocket park, (c) fire department plan check and any fire department inspection, (d) meter deposits, and (e) soils testing other than with respect to rough grade pad certification of lots, at service lateral locations, and at utilities and streets within streets and rights of ways. Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

Lee & Associates-North San Diego County 5872 Owens Avenue, Suite

14 VII PHOTOS View of the La Mesa Community to the East View from La Mesa Hilltop of Pacific Ocean, Downtown San Diego and Point Loma Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

15 VII PHOTOS View looking Southeast at Serramar View of Downtown San Diego and Point Loma View of property from Serramar View of Serramar Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

16 VII PHOTOS View of the Pacific Ocean View looking North View of La Mesa looking North La Mesa Hilltop Lots La Mesa Hilltop Lots Entrance Road to La Mesa Hilltop Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

17 VIII PLAT MAP Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

18 IX LOT & HOUSE BREAKDOWN Lot Lot Area House Plan Type Building Number Gross Net 1A 1B 2A 2B 3A 3B Sq. Ft. 1 4,048 4,017 X 2, ,663 3,637 X 2, ,663 3,639 X 2, ,663 3,663 X 2, ,663 3,338 X 2, ,790 3,581 X 2, ,864 3,660 X 2, ,905 3,691 X 2, ,905 3,730 X 2, ,801 3,801 X 2, ,027 3,961 X 2, ,764 3,646 X 2, ,400 3,400 X 2, ,400 3,334 X 2, ,400 3,212 X 2, ,400 3,278 X 2, ,400 3,280 X 2, ,362 3,276 X 2, ,516 4,001 X 2, ,569 3,683 X 2, ,776 3,497 X 2, ,942 3,866 X 2, ,079 4,016 X 2, ,101 4,002 X 2, ,112 4,112 X 2, ,007 3,899 X 2, ,288 4,220 X 2, ,577 3,475 X 2, ,644 3,519 X 2, ,087 4,087 X 2, ,470 4,440 X 2, ,440 4,142 X 2, ,440 4,163 X 2, ,767 4,616 X 2,007 Total 132, , ,016 Average 3,910 3,761 2,265 Net lot area excludes sideyard slopes Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

19 X COST ESTIMATES (All impact fees already paid) From: Jessie Y. Wu Date: Mon, 16 Nov :36: To: Cc: David E. Gregory P. Dann Subject: Permit Status for La Mesa Hilltop Project Dan: I am again writing to you to address the status of the building and grading permits for the Hilltop Development in La Mesa. As you know, the permits for the 36 units were initially issued on June 21, 2005, and later extended to January 21, Due to lack of construction progress, these permits expired as of January 21, In accordance with Section of the La Mesa Municipal Code (LMMC), the building permits may be renewed provided that, among other conditions, the expiration has not exceeded three years from the original issuance date. Therefore, the option of permit renewal was no longer available as of June 2008 and that, in order to resume the construction, new permits must be obtained. However, as you are aware, based on City Attorney s advice, City will NOT reassess the sewer connections, Parks (Parkland Dedication In-Lieu & Park Improvement Impact) Fees, nor the Traffic Impact Fees. In addition, the School Fee Compliance Certificates submitted previously continue to be valid and maybe transferred to the new permits when they are re-issued. The applicable fees for the new permits will consist of the plan review and building permit fees only. As to the expired retaining wall and the grading permits (expired September 2007 and May 2009 respectively), they may be renewed at any time. The fees for the renewal retaining wall and grading permits will be based on the remaining work to be permitted. Please reference the LMMC for further information at the following link Also, you may visit to obtain the current plan review and permit fees. I will be sending you copies of the school compliance certificates and original permits separately. I hope this information clarifiers all permit related issues for the project. Please let me know if you have other questions. Jessie Y. Wu, PE, CBO Building Official City of La Mesa Voice: Fax: jwu@ci.la-mesa.ca.us Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

20 X COST ESTIMATES (All impact fees already paid) Fee Type Amount Paid Building Fee $41,941 Dwelling Unit Fee $21,960 Electrical Fee $4,313 Engineering Fee $3,600 Fire PC Fee $10,381 Helix Water District Meter Fee $470 Mechanical Fee $2,435 Micro Film Fee $1,737 Plan Check Fee $27,262 Planning Fee $10,381 Plumbing Fee $3,714 San Diego County Water Authority $7,383 School - Grossmont Union High School District Fee $79,616 School - La Mesa-Spring Valley School District Fee $101,234 School - Lemon Grove School District Fee $5,691 Sewer Lateral $86,400 SMIP-Res $659 State Energy $6,920 Transportation Fee** $72,900 Water Meter Fee for 36 Meters $94,176 Total $583,173 All fees shown above are pre-paid and locked per the City Letter on the previous page. Fees that would be owed today if not previously grandfathered would be substantially higher. **No cash payment was made for the Transportation Fee, but such imposition on the project was waived per the City Letter on the previous page. Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

21 X COST ESTIMATES (All impact fees already paid) La Mesa Hilltop Site Development Cost to Complete (with partial 2009 updates) (Does not include Lots 36 & 37) Cost to Complete Source of Estimate Staking $40,000 Contract with Keith Brewer Encroachment Permit Renewal $1,900 Estimate from the City of La Mesa Grading $25,000 Keystone Estimate Grading Plan Review & Permit Renewal $28,745 Estimate from the City of La Mesa Brow Ditches $23,711 Keystone Estimate Erosion Control $40,000 Keystone Estimate Retaining Walls $36,989 UT Construction Estimate (November 20, 2009) Retaining Wall Permit Renewals $375 Estimate from the City of La Mesa Retaining Wall Repair $26,118 UT Construction Estimate (November 20, 2009) Sewer $174,793 Bid from Western Pacifi c (March 22, 2007) Sewer - Backflow Device $9,100 N/A Storm Drain $59,848 Bid from Western Pacific (March 22, 2007) Water $138,376 Bid from Western Pacifi c (March 22, 2007) Rock Breaking (for Sewer, Water and Storm Drain) $45,000 Bid from Western Pacific (March 22, 2007) Dry Utility Joint Trench $116,875 Bid from TC construction (April 13, 2007) Street Paving $175,387 Bid from MGI (April 10, 2007) Curb & Gutter $123,394 Bid from American Concrete (March 29, 2007) Landscaping $215,880 Bid from Valley Crest (October 26, 2006) & Howard & Associates Analysis Bond Premiums $10,055 Current Actual Annual Cost TOTAL COST TO COMPLETE $1,291,546 * All costs are estimates only. Seller does not warrant as to their accuracy. Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

22 XI LOTS 36 & 37 ALTERNATIVE GRADING DESIGN 22

XII COMPARABLE HOME SALES - SERRAMAR 2009 HOUSE SALES UNDER 3,000 SF Media: 10 Media: 9 - VT: http://www.

Price: $539,900 APN: 475-641-15-00 List Date: 08/04/2008 MT: 192 AMT: 187 Address: 3815 Milwaukee Ct Court/Lndr Apprvl Needed: N City: La Mesa, CA Possession Bedrooms: 3 Full Baths: 2 Unit#/Space#:

SqFt: 2,077 EO: N Neighborhood: SERRAMAR Year Built: 2006 LS: N Complex/Park: SERRAMAR CBB$: CBB%: 2.00% CVR: N Sign on Property: LO: Discovery Property Group, Inc.

Phone: Detached Status: Sold LP: $549,000 - $568,000 MLS #: 090039467 Sales Price: $538,500 Orig.

23 XII COMPARABLE HOME SALES - SERRAMAR 2009 HOUSE SALES UNDER 3,000 SF Media: 10 Media: 9 - VT: Media: 7 Media: 5 Detached Status: Sold LP: $494,900 MLS #: Sales Price: $440,000 Orig. Price: $539,900 APN: List Date: 08/04/2008 MT: 192 AMT: 187 Address: 3815 Milwaukee Ct Court/Lndr Apprvl Needed: N City: La Mesa, CA Possession Bedrooms: 3 Full Baths: 2 Unit#/Space#: Optional BR: Half Baths: 1 Zip: Map Code: 1270G5 Total BR: 3 Total Baths: 3 Community: LA MESA Est.SqFt: 2,077 EO: N Neighborhood: SERRAMAR Year Built: 2006 LS: N Complex/Park: SERRAMAR CBB$: CBB%: 2.00% CVR: N Sign on Property: LO: Discovery Property Group, Inc. (67191) LOP: (858) LA: Mark S. Powell (631274) LAP: (858) Show: Contact Listing Age Occupant: Occ.Phone: Detached Status: Sold LP: $549,000 - $568,000 MLS #: Sales Price: $538,500 Orig. Price: $585,000 APN: List Date: 07/10/2009 MT: 47 AMT: 46 Address: 7780 Eastridge Dr Court/Lndr Apprvl Needed: N City: La Mesa, CA Possession Close of Escrow Bedrooms: 3 Full Baths: 2 Unit#/Space#: Optional BR: Half Baths: 1 Zip: Map Code: 1270G5 Total BR: 3 Total Baths: 3 Community: LA MESA Est.SqFt: 2,077 EO: N Neighborhood: Serramar Year Built: 2006 LS: N Complex/Park: CBB$: CBB%: 2.50% CVR: Y Sign on Property: Y LO: Coldwell Banker (25165) LOP: (619) LA: George I. Bandak (241183) LAP: (619) Show: Call First. Easy to Occupant: s Mr/Mrs. Moyers Occ.Phone: Detached Status: Sold LP: $640,000 MLS #: Sales Price: $540,000 Orig. Price: $640,000 APN: List Date: 01/09/2009 MT: 116 AMT: 115 Address: 3985 Sacramento Drive Court/Lndr Apprvl Needed: N City: La Mesa, CA Possession Close of Escrow Bedrooms: 3 Full Baths: 2 Unit#/Space#: Optional BR: Half Baths: 1 Zip: Map Code: 1270G5 Total BR: 3 Total Baths: 3 Community: LA MESA Est.SqFt: 2,077 EO: N Neighborhood: Serramar Year Built: 2005 LS: N Complex/Park: CBB$: CBB%: 3.00% CVR: N Sign on Property: N LO: LMD Realty Company (14026) LOP: (760) LA: Donald W. Fontana (112258) LAP: (760) Show: Office at 3995 Sacra Occupant: Vacant Occ.Phone: Detached Status: Sold LP: $699,000 MLS #: Sales Price: $638,000 Orig. Price: $699,000 APN: List Date: 01/06/2009 MT: 6 AMT: 3 Address: 3965 Sacramento Drive Court/Lndr Apprvl Needed: N City: La Mesa, CA Possession Close of Escrow Bedrooms: 3 Full Baths: 3 Unit#/Space#: Optional BR: Half Baths: 0 Zip: Map Code: 1270G5 Total BR: 3 Total Baths: 3 Community: LA MESA Est.SqFt: 2,728 EO: N Neighborhood: Serramar Year Built: 2005 LS: N Complex/Park: CBB$: CBB%: 3.00% CVR: N Sign on Property: N LO: LMD Realty Company (14026) LOP: (760) LA: Donald W. Fontana (112258) LAP: (760) Show: Office Sacram Occupant: Vacant Occ.Phone: MLS# Address ZIP MAPCD BR Baths ESF LTP AMT LP LP/SF SP SP/SF COE OMD Status Milwaukee Ct G ER 187 $494,900 $440,000 $ /06/09 02/12/09 SOLD Eastridge Dr G ER 46 $549,000 - $568,000 $538,500 $ /25/09 08/25/09 SOLD Sacramento Drive G ER 115 $640,000 $540,000 $ /30/09 05/04/09 SOLD Sacramento Drive G ER 3 $699,000 $638,000 $ /03/09 01/09/09 SOLD Note: Weighted Avg. Price of $ PSF RES Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

24 XIII AVAILABLE PLANS, STUDIES & REPORTS Alternative Design Study for Lots by REC Architectural Plans (approved) Architectural Revision Plans (conceptual) As-Graded Compaction Report dated 10/30/2009 As-Graded Geotechnical Report dated 11/20/2007 Bids for Cost to Finish Lots Biological Resources Report Bond - Helix Water District Bond - Monumentation Bond - Payment Bond - Performance Bond List and Agreements Bond Amounts and Premiums Bond Authorization Transfer Letter from La Mesa Building Permit Extension Letter Building Permits CAD Files from Morrison Engineering (*Available for review w/ REC) CCRs Recorded for La Mesa Hilltop City of La Mesa Lien Documents Common Maintenance Area Easement Agreement Conditions of Approval Contact List for Project DRE White Report Encroachment Permit Erosion Control Plans Evidence of all Paid Building Fees Final Map Geosoils Geotechnical Evaluation dated 7/21/ Grading Permit 30. Grading Plan Fee Calculation 31. Grading & Improvement Plans 32. Hilltop Common Area Grant Deed 33. HOA Additional Information 34. HOA Articles of Incorporation 35. HOA Budget 36. HOA Bylaws 37. Hydrology Study / Standard Urban Stormwater Mitigation Plan dated 11/26/2008, revised 10/7/ Landscape Architecture 39. Landscape Plans and Revisions 40. Landscape Plans Study (For Cost Reductions) 41. Methane Monitoring Results 42. Model Complex Permit Letter 43. Negative Declaration 44. Pad Grading Certification (Lots 3-34) 45. Parcel Map 46. Phase 1 Report 47. Post Blast Surveys 48. Preliminary Title Report dated 11/12/ Property Tax Statements 50. Retaining Wall Certification 51. Retaining Wall Permit 52. School Compliance Fees 53. Subdivision Extension Letter from City Manager 54. Subdivision Improvement Agreement 55. Subdivision Improvement Agreement Letter Lee & Associates-North San Diego County 5872 Owens Avenue, Suite 200, Carlsbad, CA T: F:

VISTA AZUL- APPROVED 20 LOT TENTATIVE MAP

VISTA AZUL- APPROVED 20 LOT TENTATIVE MAP 1,836-2,079 SF House Sizes Expansive Views Entitlements for 20 Residential Lots Previously Graded Entitled for 14 Detached Lots, 6 Townhome Units ASKING PRICE: $1,295,000 Monterey Heights Elementary School