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As reported in the OC Register, The largest beachfront parcel in San Clemente has new owners: Its residents. The Park was purchased from Amherst College for about $100 million, Realtor estimates, to the current property owners.
Capistrano Shores, a 90-unit mobile home park in North Beach, was purchased Jan. 25 from Massachusetts-based Amherst College, said Mark Howlett, president of the park's homeowners association. Howlett is a resident of San Juan Capistrano, but has owned a cottage in the park for a year and a half. He added that 97 percent of the park's cottages are secondary homes.
The oceanfront park stretches over seven-tenths of a mile, and Howlett estimated the post sale transaction value of the cottages to be $2.5 million per lot.
The purchase price and terms of sale could not be disclosed. Local Realtor Mike Cotter estimated the sale to be roughly more than $100 million.
"It's a really sweet deal for the residents there," Cotter said. "It's definitely the largest transaction lately in San Clemente."
The land was donated to the college in 2006 by alumnus Roger Holden, said Amherst spokesperson Caroline Hanna. Howlett said they've been working on the sale for 17 months. They wanted to secure the land for themselves and future generations, he said.
"Everyone found a way to do it," Howlett said. "In that the transaction took 17 months to complete, all residents were provided adequate time to provide financing for their homes."
He said residents were elated to finally control their own ocean cottages, and described the sale as a "team effort" and win-win situation for both homeowners and Amherst College.
"We are very pleased that the sale of the land – a gift from a generous Amherst alumnus – has enabled this group of dedicated homeowners to now also become landowners and remain on such a beautiful piece of property," said Amherst treasurer Peter J. Shea.
Howlett added that residents are pleased with the developments proposed for North Beach over the next several years, which they believe will enhance their property values.
Capistrano Shores, a 90-unit mobile home park in North Beach, was purchased Jan. 25 from Massachusetts-based Amherst College, said Mark Howlett, president of the park's homeowners association. Howlett is a resident of San Juan Capistrano, but has owned a cottage in the park for a year and a half. He added that 97 percent of the park's cottages are secondary homes.
The oceanfront park stretches over seven-tenths of a mile, and Howlett estimated the post sale transaction value of the cottages to be $2.5 million per lot.
The purchase price and terms of sale could not be disclosed. Local Realtor Mike Cotter estimated the sale to be roughly more than $100 million.
"It's a really sweet deal for the residents there," Cotter said. "It's definitely the largest transaction lately in San Clemente."
The land was donated to the college in 2006 by alumnus Roger Holden, said Amherst spokesperson Caroline Hanna. Howlett said they've been working on the sale for 17 months. They wanted to secure the land for themselves and future generations, he said.
"Everyone found a way to do it," Howlett said. "In that the transaction took 17 months to complete, all residents were provided adequate time to provide financing for their homes."
He said residents were elated to finally control their own ocean cottages, and described the sale as a "team effort" and win-win situation for both homeowners and Amherst College.
"We are very pleased that the sale of the land – a gift from a generous Amherst alumnus – has enabled this group of dedicated homeowners to now also become landowners and remain on such a beautiful piece of property," said Amherst treasurer Peter J. Shea.
Howlett added that residents are pleased with the developments proposed for North Beach over the next several years, which they believe will enhance their property values.
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