Update : Follow-up on the news : City Sells Property Damaged in Landslide
Certainly it was not a seller’s dream, trying to find a buyer for hillside lots where three homes were destroyed by a landslide in 1993.
But the city found a purchaser for the Mystic Lane properties, and the City Council agreed this week to sell the parcels to Pacific US Real Estate Group for a total of $430,000. Earlier, the city had estimated the lots were worth at least $525,000.
The city bought the lots for $660,000 as part of an earlier settlement with the property owners, then rebuilt the street and hillside and restored utilities in the area. After the work was done, Manager Kenneth C. Frank called the hillside “one of the safest slopes in town.”
Still, the city faced what a staff report called “marketing difficulties” because of the land’s history and the abundance of other parcels also for sale in the area since the 1993 wildfire that swept through the city.
When the city put the lots up for sale in October, Pacific US Real Estate Group was the only bidder.
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