12381 HARBOR BOULEVARD PROPERTY
Subject
Property
12381 Harbor
12381 HARBOR BOULEVARD PROPERTY
Subject Property Overview
•Owner: Michael Dien Luu Family Trust
•Broker: Tracy La, 13833 Beach Blvd., Westminster, CA 92822 •Address: 12381 Harbor Blvd., Garden Grove, CA 92840
•Lot Size: Approximately 6,000 sq. ft.
•Existing Structure: 3-bedroom, 1-bath single-family residence 950 sq. ft •Condition: Red Tagged - Requires demolition
•Zoning: Planned Unit Development 121-98
City Owned Parcels
Address Lot Size
12371 Harbor Boulevard 6,500 sq. ft.- SFR
12401 Harbor Boulevard 6,400 sq. ft.-Vacant
12411 Harbor Boulevard 6,500 sq. ft.-Vacant
12321 Harbor Boulevard 6,500 sq. ft. .-Vacant
Total 26,000 sq. ft.
Twintree Lane
12381
12401
12411
12321
Subject Property
12381 HARBOR BOULEVARD PROPERTY
Property Negotiation Summary: 12381 Harbor Boulevard
Item Seller's Offer Purchase and Sale Agreement
Purchase Price $880,000 $858,888
Commission 6% 0%
Property
Condition As-Is As-Is
Closing Cost City Pays All Escrow and Title fees $6,000 Escrow Period 15 Days 7 Days
Title/Escrow
Company Seller's Choice Southland Escrow
12371 Harbor City
Owned
Subject 12381
Harbor
12421 Harbor
City Owned
12411 Harbor
City Owned
12401 Harbor
City Owned
12371 Harbor City
Owned
RECOMMENDATION
It is recommended that the City Council:
Approve the Purchase and Sale Agreement with Michael Luu and Kim To Family Trust for the acquisition of 12381 Harbor Boulevard by the City for an amount of $858,888, plus an additional $6,000 for related closing costs appropriated for the acquisition of the Property; Appropriate an additional $865,000 in the Economic Development and Housing Department’s Real Estate Division from the General Fund’s existing fund balance; and
Authorize the City Manager, or designee(s), to execute the Agreement, make minor modifications as appropriate thereto, and execute any additional documents necessary to effectuate the transaction, on behalf of the City