2782 Richard Ave
Sold within 8 hours. June 14, 2013
downslope Gilbert Lot - inside urban reserve $60,000
3022 Main Street Condo
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|Potentially Buildable Lots - Downslope
Gilbert in Cayucos|
These lots were scheduled to have water upon completion of the Nacimiento Project in 2010. Water was not officially available until 2011. Gilbert is only partially graded and individual home owners must first build a road to their property. Some homeowners have formed a LLC to fund the EIR and are working on forming a special assessment district where by the county will pave the road and homeowners pay for it over time.
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The urban reserve line goes down the center of Gilbert. Lots on the upslope of Gilbert lie outside the urban reserve and are considered paper lots. The only exception lies between Lee Ave and Chaney. And even some of the upslope lots between Lee and Chaney are in question.
These lots have been zoned Rural Residential. The rural designation brings with it a minimum buildable size of one acre. As these lots are less than an acre, 18-19 additional adjacent lots must be purchased to equal an acre. Once you have 20 lots you can combine them into one parcel and the county will talk to you about a building permit. However, these lots do not have water, power, sewer or road available and it will be expensive and difficult to develop. As a result, a number of owners have given up and let them go back to the county for unpaid taxes. In January 2005 the county started selling these lots to the Cayucos Land Conservancy. They are not available to the public for purchase. What this means is that it will soon be impossible to acquire 20 contiguous lots thus making all paper lots virtually worthless. Buyers should talk to the San Luis Obispo County Planning Department before considering making a purchase of any paper lot.
So why would anyone want to buy one?
I've had clients who talked to the Planning Dept and told me that the Planning Dept said the same thing I told them but they didn't believe us (their crystal ball said differently) and wanted to buy the lots anyway. Another client said all she wanted was a place for a picnic table and a chair to watch the surf. So for various reasons they continue to sell. So who knows, maybe someday the county will change their minds but I think your odds are better at buying a lottery ticket.
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Breck Smith Real Estate Services
3300 Shearer Ave
Cayucos, CA 93430
cell: 805 720-3173
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Breck Smith is a licensed Real Estate Agent in California. BRE: 00351557