Posted on 11/11/2004 6:04:37 AM PST by NormsRevenge
The Navy has set minimum bid prices and deposit requirements for the planned auction of the old El Toro Marine base, scheduled to begin Jan 5.
The minimum averages range from about $125,000 to just under $300,000 per acre but are expected to ascend quickly although the federal government reckons it will fall short of the nearly $1 million per acre that Tustin air base land fetched. That’s because plans for the 3,700-acre base call for large sectors to be left as wilderness areas or developed as parks. Still, interest in the land is expected to be intense. It will be the largest auction ever of military land, the GSA says.
The minimums were set to encourage bidding but not to let the land go too cheaply, said David Haase, a realty officer with the General Services Administration, which is selling the land.
The GSA will conduct the auction online, in similar fashion to the way the land at the old Tustin base was sold. That acreage fetched just under $1 million an acre but the auction dragged on for several months before concluding in September 2002. The GSA says it wants a much speedier process at El Toro and will close the auction three days after bidding wanes.
(Excerpt) Read more at ocregister.com ...
Bye Bye Orange County. First the orange groves, then the dairies, then the farms and ranches were incorporated.
Hard to believe the influx started just 50 years ago, when an orchard was cleared for a little place called Disneyland.
Happy Veterans Day and a belated Happy Birthday, Marine!
This auction for El Toro will be HUGE.
We've all got some memories of that place. LOL
And when you drive through today, the ghosts are still there.
Talk about some choice real estate.
A mil an acre today and 20 years from now it'll probably be worth a 50 mil an acre!
Semper Fi,
Kelly
3 days to close translate to cash only.
absolutely, LOL
ya didn't think they'd be taking any personal checks now did ya. LOL
But getting financing for that piece of real estate will be a slam dunk.
And at today's interest rates, excellent timing.
I tried to get stationed at El Toro but ended up in North Cackalacki instead. Dang!
Yea, I tried to get stationed at El Toro too...
only they put me on the plane to Da Nang! LMAO
Veterans Day memorial from Arlington is on CSPAN now.
W will speak momentarily.
I only made it to Okinawa, did you know it snows in North Carolina by the ocean? brrrr.. lol
Prsident Bush is speaking now ..Thanks!
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