In the July 22 musings, CTN ran the following blurb with a photo of a realtor sign:
LAND FOR SALE:
“The realtor sign at the base of Potrero Canyon seems to be advertising that this land is for sale. But, buyer beware: This is L.A. Recreation and Parks property, which is the mouth of George Wolfberg Park at Potrero Park.”
Well, CTN was wrong. The property that is adjacent to the mouth of the park (on the south side, alongside PCH) is indeed for sale.
Two readers called the realtor and reported back.
One reported “ I just called the broker and she picked up! In escrow for just under $400,000 .. zoned residential..: on PCH … good price but seems like nightmare traffic … who knows about any potential home and hoops with Coastal Commission.”
A second reader reported that it was zoned A1-1XL, which is agriculture, much like the land across from the Palisades High School, 810 Temescal, where the Standard Nursery is located.
City Zoning documents say that a property rated A1-1XL can include one-family dwellings, parks, playgrounds, community centers, golf courses and agricultural uses. (According to a L.A. City website XL stands for an extra low height.)
Whatever is eventually built here will be adjacent to the proposed Potrero pedestrian bridge across PCH.
Amalfi Estates Founder Anthony Marguleas provided additional information for CTN. Although the address is listed as O Pacific Coast Highway, Marguleas said, “Many land parcels don’t have an address given, so it just defaults to 0 PCH, for example.”
The address given is 0 Pacific Coast Highway and in 2004 the .5 acre of land was on the market for $260,000.
In February 2007, the property was listed for $264,000, and then raised to $375,000. There were no takers.
It was listed again in May 2019 at $1.76 million. There was a price change lowering the ask to $975,00 and in March 2020, the property sold for $685,000.
In June of 2021, the property was listed for $399,999. The owner appears to have been Azusa Refuge Foundation Inc., a nonprofit that assists homeless persons centers, services.
The realtor describes the property:
“Priced to sell quickly!! This once-in-a-lifetime opportunity includes 22,250 square feet of ocean front land that has portions with minimal slope. This property is perched above the famed Pacific Coast Highway (PCH) in highly coveted Pacific Palisades. Unobstructed ocean views and potential to create access directly from PCH. Potential abounds with this ocean front property at affordable pricing. Perfectly suited for a long-term, land bank investment or the location for your dream home! Directly below the Palisades-Huntington and adjacent to Potrero Canyon Park. Seller is open to taking back financing for a qualified buyer. Buyer to conduct its own diligence for all building approvals, both LADBS and Coastal.”
Who had owned it that put it up for sale?
I’ve just updated the story–it appears it was a nonprofit.
Thanks for the updating. Ironic that it was a non-profit that assists in homeless services that sold it. I wonder what will be built there, or if it will be a buy and hold situation again.