The city of San Diego is hitting the real estate market.
The City Council this afternoon signed off on Mayor Jerry Sanders’ plan to sell a collection of its real estate portfolio, paving the way for the city’s first large-scale land sale in recent memory. The vote was 7-1 with Councilman Brian Maienschein dissenting.
The council approved selling 18 of the 19 properties proposed by Sanders, pulling a La Jolla duplex off of the list because of concerns over how a prospective sale would impact a neighbor’s driveway. The property is appraised at $3 million.
The council eschewed its sales method, public auction, in favor of putting the properties on the market through a broker. It stipulated that a broker shouldn’t be paid more than 6 percent commission, though Real Estate Assets Director Jim Barwick said he expected commissions to be lower.
A number of council members applauded the efforts of Barwick’s department. “We are the worst landowners right now in my district,” said Councilman Tony Young, who has advocated land sales for a number of years.
Councilman Brian Maienschein said the approach was shortsighted. “Just because it’s felt that there isn’t a use for theses properties today, doesn’t mean there won’t be in 10 or 20 years,” he said.
The properties include everything from high rises such as the World Trade Center, appraised at $18.1 million, to vacant parcels valued at $160,000. They also include a number of residential homes in La Jolla obtained years ago for a road project that was never completed. One home, on Beaumont Avenue, is appraised at $1.67 million.
Click here for a full detail of the properties on the block.
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