Santa Lucia Preserve to auction off homesites at steep discounts.
Wednesday, September 30, 2009
It’s been more than a year since home prices dipped below half their former values in Marina, Seaside and Salinas, but—in line with realtor predictions—higher-end properties have been slower to sag. Now we’re seeing the recession catch up with luxe estates.
An Oct. 3 auction, billed as a "developer closeout sale" for the seven remaining sites in the ultra-exclusive Santa Lucia Preserve subdivision (aka Rancho San Carlos), sets minimum bids at $430,000 to $970,000 for homesites normally priced $900,000 to $3 million-plus.
The controversial development is set among 20,000 acres in the Santa Lucia Range, 90 percent of which are protected under a conservation easement. The gated community features a golf course, hacienda, equestrian and sports centers, lakes, pools and trails.
The sale will be held at 4pm at the Preserve Hacienda. For info, contact Albert Burney Auction Co. at 800-434-1654.