|
City of Santa Ana Washington Square Park Feasibility Study
<br />July 2025
<br />on the most comparable sales price of $1,230,000 at 925 N. Lowell that occurred on May 19, 2025.
<br />Additionally, an increase of 8% was added to the most comparable sales price due to the 1501 N. Lowell
<br />having a larger lot, an additional bedroom, 2 additional bathrooms, a larger lot size (13,608 square feet) and
<br />a larger building size (2,304 square feet). The increase of 8% was determined by analyzing sales prices of 4
<br />bedrooms, 4 bathrooms residential single-family home sales compared to sales prices of 3 bedrooms, 2
<br />bathrooms residential single-family home sales in the City.
<br />The following provides the detail for the comparable sales for residential single-family homes:
<br />Residential Single
<br />Family RSF Homes
<br />Dantes - Subject
<br />Property
<br />Most
<br />Comparable
<br />Comparable
<br />Sale 2
<br />Comparable
<br />Sale 3
<br />Comparable
<br />Sale 4
<br />Comparable
<br />Sale 5
<br />Address
<br />1501 N Lowell
<br />925 N Lowell
<br />1020 N Lowell
<br />1028 N Olive
<br />1602 N
<br />Rosewood
<br />1905 W 15th
<br />Assessor Parcel No.
<br />405-321-12
<br />405-183-01
<br />405-282-16
<br />405-283-21
<br />405-302-08
<br />004-044-14
<br />Zoning
<br />R-1
<br />R-1
<br />R-1
<br />R-1
<br />R-1
<br />R-1
<br />Land Use
<br />RSF Improved
<br />RSF Improved
<br />RSF Improved
<br />RSF Improved
<br />RSF Improved
<br />RSF Improved
<br />Building Square Feet
<br />2,304
<br />1,698
<br />1,469
<br />1,372
<br />1,551
<br />1,297
<br />Lot Square Feet
<br />13,608
<br />6,368
<br />8,125
<br />5,600
<br />6,850
<br />8,320
<br />Lot Acres
<br />0.31
<br />0.15
<br />0.19
<br />0.13
<br />0.16
<br />0.19
<br />Bedrooms
<br />4
<br />3
<br />3
<br />3
<br />3
<br />3
<br />Bathrooms
<br />4
<br />2
<br />2
<br />2
<br />1
<br />2
<br />Last Sales Date
<br />5/19/2025
<br />4/4/2025
<br />5/5/2025
<br />5/30/2025
<br />5/1/2025
<br />Last Sales Price
<br />$1,230,000
<br />$1,117,000
<br />$1,050,000
<br />$1,025,000
<br />$1,000,000
<br />Estimated Value *
<br />$1,328,400 IF
<br />* - 85. increase applied to the most comparable sale price of $1,230,000.
<br />The estimated value for vacant, unimproved, residential single-family land was determined to be $81.60 per
<br />square foot. This per square foot value would yield an acquisition price of $3,566,980 for the three (3)
<br />vacant, unimproved, residential single-family properties owned by Dantes. An acquisition price of $1,476,177
<br />for the vacant, unimproved, residential single-family property owned by the Hayden Trust was estimated.
<br />This $81.60 per square foot value was based on a comparable sales analysis. The most comparable sale at
<br />527 N. Fairlawn had a per square foot value of $74.18.
<br />For the analysis of recent, comparable, unimproved, vacant residential land sales, there were two (2)
<br />comparable sales to analyze in the City. Unimproved, vacant, residential land sales were also examined in
<br />2025 and four (4) different sales were found with comparable per square foot values ranging from
<br />approximately $70 to $90 per square foot. After examining these sales, the sales price of $74.18 per square
<br />foot for 527 N. Fairlawn was determined to be the most comparable sale. An increase of 10% has been
<br />applied to the per square foot value of $74.18 because the Dantes and the Hayden Trust properties in
<br />Page 7
<br />
|