sequoia trails in visalia...2019/06/26 · $0 n/a jan 2015 max. 3,907 $489,900 $155 2 arbor trail...

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T H E H O F F M A N C O M P A N Y18881 Von Karman Ave, Suite 150 Irvine, California 92612(949) 553-2020 • www.hoffmanland.com CA BRE Corp ID #01473762

The

Hoffman

Company

E X C L U S I V E O F F E R I N G M E M O R A N D U M

SEQUOIA TRAILS IN VISALIAA S P E N 1 0 1 F I N I S H E D L O T S | 5 , 0 0 0 S Q . F T.C E D A R 7 4 F I N I S H E D L O T S | 3 , 2 5 0 S Q . F T.

O F F E R I N G D AT E

J U LY 1 5 , 2 0 1 9

TABLE OF CONTENTS

BROKER CONTACT

David McSwain, CA BRE #01741387

T (949) 705-0918 | [email protected]

Norm Scheel, CA BRE #0999403


Tom Dallape, CA BRE #01100284


THE HOFFMAN COMPANY

Southern California Office

18881 Von Karman Ave Ste 150,

Irvine, California 92612

T (949) 553-2020

www.hoffmanland.com

CA BRE #01473762

The

Hoffman

Company

1. Executive Summary

2. Property Overview

3. Market Overview

3

4

17

2

The Hoffman Company is pleased to represent Beazer Homes in offering two

properties for sale in Visalia:

"Aspen at Sequoia Trails”101 finished lots (5,000 sqft. min.) ready to

build, in the city of Visalia

“Cedar at Sequoia Trails”74 finished lots (3,250 sqft. min.), ready to build, in a gated community in the city of

Visalia

• Finished lots

• Two, non-competing product types (gated and non-gated communities)

• No CFD

• No master marketing fee

• No design review

• No offsite costs/improvements

• Easy freeway access

KNOWN AS THE GATEWAY

TO THE SEQUOIAS

SMALL TOWN FEEL WITH

BIG CITY AMENITIES

CONVENIENT ACCESS

TO MAJOR HIGHWAYS

WITHIN MINUTES OF DOWNTOWNEXECUTIVE

SUMMARY

H

O F F E R I N G D AT E

FRIDAYJuly 15TH, 2019

3

CLICKto view

Sequoia Trails

https://www.beazer.com/central-valley-CA/sequoia-trails

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LO C AT I O NThe site is located on the southwest corner of Lovers Ln. & E Walnut Ave in the city of Visalia, CA.

M U N I C I PA L I T YCity of Visalia

E N T I T L E M E N T S A N D S TAT U SMap is recorded and all horizontal improvements are completed. Homes sites are ready to build. All streets, curb gutters and boundary walls are completed. All lots are graded and fully finished.

All project wide development costs, offsite costs and community amenity costs will be paid for and developed by Beazer Homes. The lots for sale bear no entitlement/development risk or further costs beyond the purchase price of the lots themselves.

Buyers shall be responsible for installation of the perimter landscaping adjacent to their lots.

H O A A N D C F DThere is no HOA or CFD on Aspen, Cedar will have an HOA.

E N G I N E E RQuad Knopf

U T I L I T I E SSewer City of VisaliaWater Cal WaterElectricity Southern California EdisonNatural Gas So. Cal. Gas CompanyRefuse City of Visalia

S C H O O L SAnnie R Mitchell Elementary School Great School Rating: 4/10Divisadero Middle School Great School Rating: 4/10Mt. Whitney High School Great School Rating: 7/10

CO M M E N T SSeller requests potential Buyers to not contact the City of Visalia without prior approval from Beazer Homes.

SEQUOIA TRAILS

99

198 VISALIA

FRESNO | 46 MILES

BAKERSFIELD | 74 MILES

TULARE

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Sequoia Trails | Site Detail

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P R O P E R T Y74 finished lots (gated), ready to build.

LOT S I Z E A N D D I M E N S I O N S3,250 sqft. minimum 50’ x 65' min. lot size

H O A A N D C F DThe HOA estimate at buildout is $114 per month. There is no CFD for the site.

CO M M U N I T Y A M E N T I E SBeazer Homes will construct and pay for a .7 acre park, 3 gated entrances and common areas.

D E V E LO P M E N T S TAT U SBeazer Homes will retain and build 44 lots. As of June 1st, Beazer Homes is in construction on 8 home sites.

AVA I L A B L E D U E D I L I G E N C E :• Vesting Tentative Tract map• Site map• Phasing Plan• City Staff Report & Conditional Use Permit DRE Budget review• HOA Site Map

*All Due Diligence is available for review with a signed Confidentiality Agreement


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Cedar Product

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ASPEN

P R O P E R T Y101 finished lots, ready to build.

LOT S I Z E A N D D I M E N S I O N5,000 sqft. minimum 50’ x 100' min. lot width

D E V E LO P M E N T S TAT U SBeazer Homes will retain and build 97 lots. As of June 1st, Beazer Homes has completed and opened three models with 16 home sites under construction.

H O A A N D C F DThere is no HOA or CFD for the site.

AVA I L A B L E D U E D I L I G E N C E :• Vesting Tentative Tract map• Site map• Phasing Plan• City Staff Report & Conditional Use Permit DRE Budget review• Preliminary Title Report (3/2/2018)

*All Due Diligence is available for review with a signed Confidentiality Agreement


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Aspen Product

S E L L E RBeazer Homes Holdings, LLC

P R O P O S E D D E A L S T R U C T U R EAll Cash

P U R C H A S E P R I C ESubmit on a finished lot basis. Individual pricing should be made for Aspen & Cedar.

D U E D I L I G E N C E P E R I O DThe Due Diligence Period shall commence upon buyer acceptance of the LOI and delivery of all due diligence materials. The due diligence period shall be 45 days.

D E P O S I T SThe Initial Deposit of two percent (2.0%) of the purchase price shall be made at the Opening of Escrow and shall remain refundable during the Due Diligence Period. A Second Deposit of eight percent (8.0%) shall be placed into Escrow prior to expiration of the Due Diligence Period. The sum of the Initial Deposit and Second Deposit shall equal a Total Deposit of ten percent (10.0%) of the Purchase Price. Upon Buyer’s approval of its Due Diligence, the Total Deposit shall be released to the Seller and shall be non-refundable except for Seller default.

E S C R O WEscrow shall be held with First American Title Company.

C LO S E O F E S C R O WThe Close of Escrow shall occur within 15 days of approval of the Due Diligence, not later than September 30th, 2019.

O F F E R D AT E

J U LY 1 5 , 2 0 1 9 AG E N C Y R E L AT I O N S H I P D I S C LO S U R E F O R MPer California law, Brokers are required to obtain an executed form from both Buyers and Sellers, providing a disclosure of the Real Estate Agency Relationship for all real property transactions. Please return the attached form with your LOI.

CO M M E N T SBuyer can offer on both communities separately or together.

B R O K E R I N F O R M AT I O NDavid McSwainCA BRE #01741387T (949) [email protected]

Norm ScheelCA BRE #0999403T (949) [email protected]

Tom DallapeCA BRE #01100284T (949) [email protected]

K E Y O F F E R i N G M i L E S T O N EB A N K O B S E R V E D H O L i D AY

JULY 2019

S M T w T F S

1 2 3 4 5 6

7 8 9 10 11 12 13

14 15 16 17 18 19 20

21 22 23 24 25 26 27

28 29 30 31

AUGUST 2019

S M T w T F S

1 2 3

4 5 6 7 8 9 10

11 12 13 14 15 16 17

18 19 20 21 22 23 24

25 26 27 28 29 30 31

SEPTEMBER 2019

S M T w T F S

1 2 3 4 5 6 7

8 9 10 11 12 13 14

15 16 17 18 19 20 21

22 23 24 25 26 27 28

29 30

K E Y O F F E R I N G M I L E S TO N E S

Bid Date July 15th

Buyer Selection July 19th

Due Diligence Starts July 24th

End of Due Diligence September 5th

Close of Escrow September 20th


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Offering Guidelines

SUBJECT SITE

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VISALIA

ANNIE R MITCHELL ELEMENTARY

DIVISADERO MIDDLE SCHOOL

MT. wHITNEYHIGH

V i S A L i A M A L L


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Sequoia Trails | Nearby Vicinity Aerial

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99

VISALIA

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SUBJECT SITE

1.2 Miles

3 MinutesTO CA-198 VIA

AVENUE 288

12.5 Miles

15 MinutesTO CA-99 VIAAVENUE 280

P R O P E R T Y O V E R V I E w 1 0

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Sequoia Trails | Freeway Proximity Aerial

C E D A R

A S P E N

B E A Z E R | U N D E R C O N S T R U C T i O N | C E D A R

B E A Z E R | U N D E R C O N S T R U C T i O N | A S P E N

B E A Z E R M O D E L S

F U T U R E A PA R T M E N T

D E V E LO P M E N T

3 G AT E D E N T E R I E S F O R C E D A R CO N S T R U C T E D BY B E A Z E R H O M E S

PA R K TO B E D E V E LO P E D BY B E A Z E R H O M E S

Beazer homes will maintain responsibility of construction of pocket park in Cedar as a post-closing obligation.

T E M P O R A R Y D E T E N T I O N B A S I N T E M P O R A R Y

S TO C K P I L E

B E A Z E R TO R E M O V E P O S T C LO S I N G A F T E R C I T Y H A S CO M P L E T E D R E G I O N A L / D R A I N AG E FAC I L I T Y


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Sequoia Trails | Community Plan

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Sequoia Trails | Site Plan


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Cedar at Sequoia Trails | Property Photos

FLOOR PLAN SQ FT PRICE BED BATH PARKING LEVELS T YPE

1 1,890 - 1,901 From $292,990 3 2.5 2 2 DETACHED

2 2,099 From $301,990 3-4 3 2 2 DETACHED

3 2,170 From $304,990 3-5 2.5-3 2 2 DETACHED

Beazer Homes will construct and pay for a .7 acre park, 3 gated entrances and common areas.

P L A N 1 | FA R M H O U S E A E L E VAT I O N P L A N 2 | S PA N I S H CO LO N I A L A E L E VAT I O N

P L A N 3 | A R T S & C R A F T S A E L E VAT I O N


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Cedar at Sequoia Trails | Beazer Product

CLICKto view

Beazer's Cedar

https://www.beazer.com/central-valley-CA/sequoia-trails/cedar-/


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Aspen at Sequoia Trails | Property Photos

FLOOR PLAN SQ FT PRICE BED BATH PARKING LEVELS T YPE1 1,858 From $307,990 3-4 2 2 1 DETACHED2 2,151 From $325,990 3-4 2.5 2 1 DETACHED3 2,421 From $339,990 4-5 3 2 2 DETACHED4 2,944 From $364,990 6 4.5 2 2 DETACHED

Beazer Homes will construct and pay for a .7 acre park, 3 gated entrances and common areas.

P L A N 1 | C L A S S I C R E V I VA L L E L E VAT I O N

P L A N 3 | FA R M H O U S E L E L E VAT I O N P L A N 4 | COA S TA L L E L E VAT I O N

P L A N 2 | M E D I T E R R A N E A N A E L E VAT I O N


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Aspen at Sequoia Trails | Beazer Product

CLICKto view

Beazer's Aspen

https://www.beazer.com/central-valley-CA/sequoia-trails/aspen-/

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M A R K E T O V E R V i E w1 7

June 2019 | Source: Zonda Meyers Research

NO. PROJEC T NAME BUILDER LOC ATIONSALES INFORMATION SALES RATE PRICING INFORMATION PAYMENT INFO

OPEN

DAT

E

SAMPLE PRODUC TLOT SIZE PLANNED SOLD REMAINING AVG. 3 MO. UNIT SIZE SF PRICE RANGE PRICE PER SF HOA TAX

RATE

1 Acacia Ranch

Smee Builders Inc Visalia 12,500 52 27 25 0.50 0.33

MIN

.

1,580 $244,900 $125 $0 N/A

JAN

2015

MAX

.

3,907 $489,900 $155

2 Arbor Trail D.R. Horton Visalia 4,500 60 37 23 2.83 3.33

MIN

.

1,817 $261,400 $127 $0 1.30%

MAY

201

8

MAX

.

2,208 $279,400 $144

3 Black Oaks I & II

Woodside Homes Visalia 7,500 210 147 63 4.01 2.67

MIN

.

1,571 $269,990 $123 $0 1.10%

MAY

201

6

MAX

.

3,282 $404,490 $172

4 Chelsea West

San Joaquin Valley

HomesVisalia 5,500 139 81 58 3.49 1.33

MIN

.

1,443 $259,900 $150 $0 0.85%

JUN

2017

MAX

.

2,100 $314,900 $180

5 GreystoneSan Joaquin

Valley Homes

Visalia 7,400 124 24 100 18.06 -

MIN

.

1,658 $291,900 $120 - 1.25%

APR

2019

MAX

.

3,205 $384,900 $176

6 Laurel Heights D.R. Horton Visalia 7,000 54 7 47 1.04 1.33

MIN

.

1,695 $271,665 $118 $0 1.25%

OCT 2

018

MAX

.

2,819 $331,430 $160

7 Orchard Walk D.R. Horton Visalia 6,500 156 26 130 3.95 4.67

MIN

.1,440 $249,400 $117

$0 -

OCT 2

018

MAX

.

2,815 $329,400 $173

8 Palms on Beech Court

Daley Homes Visalia 10,000 30 13 17 0.15 -

MIN

.

2,532 $374,950 $130 $108 1.03%

JAN

2012

MAX

.

3,299 $427,950 $148

M A R K E T O V E R V I E w 1 8

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Visalia Active New Home Projects


NO. PROJEC T NAME BUILDER LOC ATIONSALES INFORMATION SALES RATE PRICING INFORMATION PAYMENT INFO

OPEN

DAT

E

SAMPLE PRODUC TLOT SIZE PLANNED SOLD REMAINING AVG. 3 MO. UNIT SIZE SF PRICE RANGE PRICE PER SF HOA TAX

RATE

9 Pine River Estates

San Joaquin Valley

HomesVisalia 6,600 144 98 46 3.39 2.33

MIN

.

1,443 $250,900 $136 $0 1.02%

DEC 2

016

MAX

.

2,100 $284,900 $174

10 River Run Express Homes Visalia 6,500 54 40 14 4.10 4.33

MIN

.

1,230 $234,900 $128 $0 1.1%

AUG

2018

MAX

.

2,226 $284,400 $191

11Silver

Oaks II/Cambridge

Lennar Visalia 7,500 90 89 1 4.94 6.67

MIN

.

2,000 $323,400 $135 $0 1.07%

NOV

2017

MAX

.

3,185 $431,400 $162

12 Sterling Oaks D.R. Horton Visalia 17,000 71 0 71 - -0.33

MIN

.

2,708 $549,900 $170 $160 1.25%

JAN

2019

MAX

.

4,212 $714,900 $203

13 Valley Meadows

Woodside Homes Visalia 6,500 50 27 23 2.21 4.33

MIN

.

1,571 $276,990 $138 $0 0.82%

MAY

201

8

MAX

.

2,406 $331,990 $176

14 Wood Ranch D.R. Horton Visalia 6,000 157 81 76 2.82 2.33

MIN

.

1,695 $261,400 $112 $0 1.03%

JAN

2017

MAX

.

2,819 $316,400 $154


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Visalia Active New Home Projects

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SEQUOIA TRAILS

4

13

8

2 14

109

76

1

3

11 125


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Visalia Active New Home Projects | Location Map


$500,000

$450,000

$400,000

$350,000

$300,000

$250,000

$200,000

PRIC

E

1,00

0

1,50

0

2,00

0

2,50

0

3,00

0

3,50

0

U N I T S I Z E

CHART KE Y MAP KE Y PROJEC T NAME BUILDER

1 Acacia Ranch Smee Builders Inc

2 Arbor Trail D.R. Horton

3 Black Oaks I & II Woodside Homes

4 Chelsea West San Joaquin Valley Homes

5 Greystone San Joaquin Valley Homes

6 Laurel Heights D.R. Horton

7 Orchard Walk D.R. Horton

CHART KE Y MAP KE Y PROJEC T NAME BUILDER

8 Palms on Beech Court Daley Homes

9 Pine River Estates San Joaquin Valley Homes

10 River Run Express Homes

11 Silver Oaks II/Cambridge Lennar

12 Sterling Oaks D.R. Horton

13 Valley Meadows Woodside Homes

14 Wood Ranch D.R. Horton


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Visalia Active New Home Projects | Price Graph

4,625

3,700

2,775

1,850

925

02000 2002 2004 2006 2008 2010 2012 2014 2016 2019LTM

TOTAL HOME CLOSINGS (last twelve months)

1 , 8 6 8A P R 2019 TOTA L E X I S T I N G C LO S I N G S

2 4 4A P R 2019 TOTA L N E W C LO S I N G S

2 , 1 1 2A P R 2019 TOTA L H O M E C LO S I N G S

376,250

322,500

268,750

215,000

161,250

107,500

53,7502000 2002 2004 2006 2008 2010 2012 2014 2016 2019LTM

CLOSING HOME PRICE

3 1 2 , 2 5 0A P R 2019 M E D I A N D E TAC H E D N E W

2 4 6 , 7 2 5A P R 2019 M E D I A N D E TAC H E D E X I S T I N G

90

75

60

45

30

15

02006 2011 2016 2018

DETACHED AFFORDABILIT YN E WE X I S T I N G

CLOSINGS BY PRICE RANGE (last twelve months)

N E W E X I S T I N G225

180

135

90

45

00-60K 60K-120K 120K-180K 180K-240K 240K-300K 300K-360K 360K-1.2M


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Visalia Home Closings

DISCLAIMERThe information contained in this offering material (“Brochure”) is furnished solely for the purpose of a review by prospective purchaser of any portion of the subject property in the City of Visalia, County of Tulare, California (“Property”) and is not to be used for any other purpose or made available to any other person without the express written consent of Scheel Dallape Inc. d/b/a The Hoffman Company (“The Hoffman Company”). The material is based in part upon information obtained by The Hoffman Company from sources it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all inclusive but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Seller, The Hoffman Company, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the site.

This Brochure was prepared by The Hoffman Company. It contains select information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may desire. All assumptions are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore, are subject to material change or variation.

In this Brochure, certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.

This Brochure is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by The Hoffman Company or the Seller. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.

Seller and The Hoffman Company expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the property and/or to terminate discussions with any party at any time with or without notice. Seller shall have no legal commitment or obligation to any purchaser reviewing this Brochure or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Seller and any conditions to Seller’s obligations there under have been satisfied or waived. The Hoffman Company is not authorized to make any representations or agreements on behalf of Seller.

This Brochure is the Property of The Hoffman Company and may be used only by parties approved by The Hoffman Company. The Property is privately offered and, by accepting this Brochure, the party in possession hereof agrees (i) to return it to The Hoffman Company immediately upon request of The Hoffman Company or Seller and (ii) that this Brochure and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Brochure may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of The Hoffman Company and Seller.

Please be advised, Buyer acknowledges that The Hoffman Company Organization, may (1) act as an agent for more than one prospective Buyer on the subject property and/or (2) act as the agent for both the Buyer and Seller on the subject property. Any prospective Buyer requesting The Hoffman Company to submit an offer on its behalf acknowledges the foregoing disclosures and agrees to the described agency relationships with other prospective Buyers.

POSSIBLE REPRESENTATION OF MORE THAN ONE BUYER OR SELLER - DISCLOSURE AND CONSENT (C.A.R. Form PRBS, 11/14)

A real estate broker (Broker), whether a corporation, partnership or sole proprietorship, may represent more than one buyer or seller. This multiple representation can occur through an individual licensed as a broker or salesperson or through different individual broker’s or salespersons (associate licensees) acting under the Broker’s license. The associate licensees may be working out of the same or different office locations.

Multiple Buyers: Broker (individually or through its associate licensees) may be working with many prospective buyers at the same time. These prospective buyers may have an interest in, and make offers on, the same properties. Some of these properties may be listed with Broker and some may not. Broker will not limit or restrict any particular buyer from making an offer on any particular property whether or not Broker represents other buyers interested in the same property.

Multiple Sellers: Broker (individually or through its associate licensees) may have listings on many properties at the same time. As a result, Broker will attempt to find buyers for each of those listed properties. Some listed properties may appeal to the same prospective buyers. Some properties may attract more prospective buyers than others. Some of these prospective buyers may be represented by Broker and some may not. Broker will market all listed properties to all prospective buyers whether or not Broker has another or other listed properties that may appeal to the same prospective buyers.

Dual Agency: If Seller is represented by Broker, Seller acknowledges that broker may represent prospective buyers of Seller’s property and consents to Broker acting as a dual agent for both seller and buyer in that transaction. If Buyer is represented by Broker, buyer acknowledges that Broker may represent sellers of property that Buyer is interested in acquiring and consents to Broker acting as a dual agent for both buyer and seller with regard to that property.

In the event of dual agency, seller and buyer agree that: (a) Broker, without the prior written consent of the Buyer, will not disclose to seller that the Buyer is willing to pay a price greater than the offered price; (b) Broker, without the prior written consent of the seller, will not disclose to the buyer that seller is willing to sell property at a price less than the listing price; and (c) other than as set forth in (a) and (b) above, a dual agent is obligated to disclose known facts materially affecting the value or desirability of the property to both parties.

Offers not necessarily confidential: Buyer is advised that seller or listing agent may disclose the existence, terms, or conditions of buyer’s offer unless all parties and their agent have signed a written confidentiality agreement. Whether any such information is actually disclosed depends on many factors, such as current market conditions, the prevailing practice in the real estate community, the listing agent’s marketing strategy and the instructions of the seller.

Buyer and seller understand that Broker may represent more than one buyer or more than one seller and even both buyer and seller on the same transaction and consents to such relationships.

The terms and conditions set forth above apply to this Brochure in its entirety.

BROKER CONTACT

David McSwain

CA BRE #0174387

T (949) 705-0918

[email protected]

Norm Scheel

CA BRE #0999403

T (949) 705-0932

[email protected]

Tom Dallape

CA BRE #01100284

T (949) 705-0928

[email protected]

EXCLUSIVE OFFERING MEMORANDUM

W W W . H O F F M A N L A N D . C O M

THE HOFFMAN COMPANY


18881 Von Karman Ave Ste 150,


T (949) 553-2020

CA BRE #01473762

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18881 Von Karman Ave., Suite 150


T (949) 553-2020

Coachella Valley Office

777 E Tahquitz Way, Suite 200

Palm Springs, California 92262

T (760) 969-7357

Northern California Office

3447 Mt Diablo Boulevard

Lafayette, California 94549

T (925) 954-1804

Nevada Office

1980 Festival Plaza Dr., Suite 300

Las Vegas, NV 89135

T (702) 856-4718

The

Hoffman

Company

Leading the LandBrokerage IndustryC A L i F O R N i A + N E V A D A

The

Hoffman

Company

Leading the LandBrokerage IndustryC A L I F O R N I A + N E V A D A

18881 Von Karman Ave, Suite 150, Irvine CA 92612 | T 949.553.2020 | F 949.553.8449 | www.hoffmanland.com | CA BRE #01473762

DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIP – Civil Code Section 2079.16

When you enter into a discussion with a real estate agent regarding a real estate transaction, you should from the outset understand what type of agency rela-tionship or representation you wish to have with the agent in the transaction.

SELLER’S AGENTA Seller’s agent under a listing agreement with the Seller acts as the agent for the Seller only. A Seller’s agent or a subagent of that agent has the following affirmative obligations:

To the Seller:A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Seller.

To the Buyer and the Seller:(a) Diligent exercise of reasonable skill and care in performance of the agent’s duties.(b) A duty of honest and fair dealing and good faith.(c) A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties. An agent is not obligated to reveal to either party any confidential information obtained from the other party that does not involve the affirmative duties set forth above.

BUYER’S AGENTA selling agent can, with a Buyer’s consent, agree to act as agent for the Buyer only. In these situations, the agent is not the Seller’s agent, even if by agree-ment the agent may receive compensation for services rendered, either in full or in part from the Seller. An agent acting only for a Buyer has the following affirmative obligations:

To the Buyer:A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Buyer.

To the Buyer and the Seller:(a) Diligent exercise of reasonable skill and care in performance of the agent’s duties.(b) A duty of honest and fair dealing and good faith.(c) A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties. An agent is not obligated to reveal to either party any confidential information obtained from the other party that does not involve the affirmative duties set forth above.

AGENT REPRESENTING BOTH SELLER AND BUYER

A real estate agent, either acting directly or through one or more associate licensees, can legally be the agent of both the Seller and the Buyer in a transaction, but only with the knowledge and consent of both the Seller and the Buyer.

In a dual agency situation, the agent has the following affirmative obligations to both the Seller and the Buyer:(a) A fiduciary duty of utmost care, integrity, honesty and loyalty in the dealings with either the Seller or the Buyer.(b) Other duties to the Seller and the Buyer as stated above in their respective sections.

In representing both Seller and Buyer, the agent may not, without the express permission of the respective party, disclose to the other party that the Seller will accept a price less than the listing price or that the Buyer will pay a price greater than the price offered.

The

Hoffman

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DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIP – Civil Code Section 2079.16

The above duties of the agent in a real estate transaction do not relieve a Seller or Buyer from the responsibility to protect his or her own interests. You should carefully read all agreements to assure that they adequately express your understanding of the transaction.

A real estate agent is a person qualified to advise about real estate. If legal or tax advice is desired, consult a competent professional.

Throughout your real property transaction you may receive more than one disclosure form, depending upon the number of agents assisting in the transaction. The law requires each agent with whom you have more than a casual relationship to present you with this disclosure form. You should read its contents each time it is presented to you, considering the relationship between you and the real estate agent in your specific transaction.

The following pages of this disclosure form include the provisions of Sections 2079.13 to 2079.24, inclusive, of the Civil Code. Read the provisions carefully.

DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIP- CIVIL CODE SECTION 2079.14

________________________________ __________________________________Real Estate Agent Date Buyer/Seller Date

________________________________ __________________________________Associate Agent Date Buyer/Seller Date

DISCLOSURE REGARDING NATURE OF AGENCY IN TRANSACTION - CIVIL CODE SECTION 2079.17 (a)(b)

(Name of Listing Agent) ____________________________________________________________________________is the agent of (check one): [ ] the seller exclusively; or [ ] both the buyer and seller.

(Name of Selling Agent if not the same as the Listing Agent) _____________________________________________ is the agent of (check one):

[ ] the buyer exclusively; or [ ] the seller exclusively; or [ ] both the buyer and seller.

________________________________ __________________________________Real Estate Agent Date Buyer/Seller Date

________________________________ __________________________________Associate Agent Date Buyer/Seller Date

The

Hoffman

Company



Civil Code Sections 2079.13 to 2079.24

2079.13. As used in Sections 2079.7, and 2079.14 to 2079.24, inclusive, the following terms have the following meanings:

a) “Agent” means a person acting under provisions of Title 9 (commencing with Section 2295) in a real property transaction, and includes a person who is licensed as a real estate broker under Chapter 3 (commencing with Section 10130) of Part 1 of Division 4 of the Business and Professions Code, and under whose license a listing is executed or an offer to purchase is obtained.b) “Associate licensee” means a person who is licensed as a real estate broker or salesperson under Chapter 3 (commencing with Section 10130) of Part 1 of Division 4 of the Business and Professions Code and who is either licensed under a broker or has entered into a written contract with a broker to act as the broker’s agent in connection with acts requiring a real estate license and to function under the broker’s supervision in the capacity of an associate licensee.The agent in the real property transaction bears responsibility for his or her associate licensees who perform as agents of the agent. When an associate licensee owes a duty to any principal, or to any buyer or seller who is not a principal, in a real property transaction, that duty is equivalent to the duty owed to that party by the broker for whom the associate licensee functions.(c) “Buyer” means a transferee in a real property transaction, and includes a person who executes an offer to purchase real property from a seller through an agent, or who seeks the services of an agent in more than a casual, transitory, or preliminary manner, with the object of entering into a real property transac-tion. “Buyer” includes vendee or lessee.(d) “Commercial real property” means all real property in the state, except single-family residential real property, dwelling units made subject to Chapter 2 (commencing with Section 1940) of Title 5, mobilehomes, as defined in Section 798.3, or recreational vehicles, as defined in Section 799.29.(e) “Dual agent” means an agent acting, either directly or through an associate licensee, as agent for both the seller and the buyer in a real property transaction.(f) “Listing agreement” means a contract between an owner of real property and an agent, by which the agent has been authorized to sell the real property or to find or obtain a buyer.(g)”Listing agent” means a person who has obtained a listing of real property to act as an agent for compensation.(h) “Listing price” is the amount expressed in dollars specified in the listing for which the seller is willing to sell the real property through the listing agent.(i) “Offering price” is the amount expressed in dollars specified in an offer to purchase for which the buyer is willing to buy the real property.(j) “Offer to purchase” means a written contract executed by a buyer acting through a selling agent that becomes the contract for the sale of the real property upon acceptance by the seller.(k) “Real property” means any estate specified by subdivision (1) or (2) of Section 761 in property that constitutes or is improved with one to four dwelling units, any commercial real property, any leasehold in these types of property exceeding one year’s duration, and mobilehomes, when offered for sale or sold through an agent pursuant to the authority contained in Section 10131.6 of the Business and Professions Code.(l) “Real property transaction” means a transaction for the sale of real property in which an agent is employed by one or more of the principals to act in that transaction, and includes a listing or an offer to purchase.(m) “Sell,” “sale,” or “sold” refers to a transaction for the transfer of real property from the seller to the buyer, and includes exchanges of real property be-tween the seller and buyer, transactions for the creation of a real property sales contract within the meaning of Section 2985, and transactions for the creation of a leasehold exceeding one year’s duration.(n) “Seller” means the transferor in a real property transaction, and includes an owner who lists real property with an agent, whether or not a transfer results, or who receives an offer to purchase real property of which he or she is the owner from an agent on behalf of another. “Seller” includes both a vendor and a lessor.(o) “Selling agent” means a listing agent who acts alone, or an agent who acts in cooperation with a listing agent, and who sells or finds and obtains a buyer for the real property, or an agent who locates property for a buyer or who finds a buyer for a property for which no listing exists and presents an offer to pur-chase to the seller. (p) “Subagent” means a person to whom an agent delegates agency powers as provided in Article 5 (commencing with Section 2349) of Chapter 1 of Title 9. However, “subagent” does not include an associate licensee who is acting under the supervision of an agent in a real property transaction.

2079.14. Listing agents and selling agents shall provide the seller and buyer in a real property transaction with a copy of the disclosure form specified in Section 2079.16, and, except as provided in subdivision (c), shall obtain a signed acknowledgment of receipt from that seller or buyer, except as provided in this section or Section 2079.15, as follows:

(a) The listing agent, if any, shall provide the disclosure form to the seller prior to entering into the listing agreement.(b) The selling agent shall provide the disclosure form to the seller as soon as practicable prior to presenting the seller with an offer to purchase, unless the selling agent previously provided the seller with a copy of the disclosure form pursuant to subdivision (a).(c) Where the selling agent does not deal on a face-to-face basis with the seller, the disclosure form prepared by the selling agent may be furnished to the seller (and acknowledgment of receipt obtained for the selling agent from the seller) by the listing agent, or the selling agent may deliver the disclosure form by certified mail addressed to the seller at his or her last known address, in which case no signed acknowledgment of receipt is required.(d) The selling agent shall provide the disclosure form to the buyer as soon as practicable prior to execution of the buyer’s offer to purchase, except that if the offer to purchase is not prepared by the selling agent, the selling agent shall present the disclosure form to the buyer not later than the next business day after the selling agent receives the offer to purchase from the buyer.

2079.15. In any circumstance in which the seller or buyer refuses to sign an acknowledgment of receipt pursuant to Section 2079.14, the agent, or an associ-ate licensee acting for an agent, shall set forth, sign, and date a written declaration of the facts of the refusal.

The

Hoffman

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2079.16. (As more fully set forth on the first page of this Disclosure)

2079.17. (a) As soon as practicable, the selling agent shall disclose to the buyer and seller whether the selling agent is acting in the real property transaction exclusively as the buyer’s agent, exclusively as the seller’s agent, or as a dual agent representing both the buyer and the seller. This relationship shall be con-firmed in the contract to purchase and sell real property or in a separate writing executed or acknowledged by the seller, the buyer, and the selling agent prior to or coincident with execution of that contract by the buyer and the seller, respectively.(b) As soon as practicable, the listing agent shall disclose to the seller whether the listing agent is acting in the real property transaction exclusively as the seller’s agent, or as a dual agent representing both the buyer and seller. This relationship shall be confirmed in the contract to purchase and sell real proper-ty or in a separate writing executed or acknowledged by the seller and the listing agent prior to or coincident with the execution of that contract by the seller.(c) The confirmation required by subdivisions (a) and (b) shall be in the following form: (Name of Listing Agent) ____________________is the agent of (check one): [ ] the seller exclusively; or [ ] both the buyer and seller.

(Name of Selling Agent if not the same as the Listing Agent) is the agent of (check one): [ ] the buyer exclusively; or [ ] the seller exclusively; or [ ] both the buyer and seller.(d) The disclosures and confirmation required by this section shall be in addition to the disclosure required by Section 2079.14.

2079.18. No selling agent in a real property transaction may act as an agent for the buyer only, when the selling agent is also acting as the listing agent in the transaction.

2079.19. The payment of compensation or the obligation to pay compensation to an agent by the seller or buyer is not necessarily determinative of a particular agency relationship between an agent and the seller or buyer. A listing agent and a selling agent may agree to share any compensation or commission paid, or any right to any compensation or commission for which an obligation arises as the result of a real estate transaction, and the terms of any such agreement shall not necessarily be determinative of a particular relationship.

2079.20. Nothing in this article prevents an agent from selecting, as a condition of the agent’s employment, a specific form of agency relationship not specifi-cally prohibited by this article if the requirements of Section 2079.14 and Section 2079.17 are complied with.

2079.21. A dual agent shall not disclose to the buyer that the seller is willing to sell the property at a price less than the listing price, without the express writ-ten consent of the seller. A dual agent shall not disclose to the seller that the buyer is willing to pay a price greater than the offering price, without the express written consent of the buyer.

This section does not alter in any way the duty or responsibility of a dual agent to any principal with respect to confidential information other than price.

2079.22. Nothing in this article precludes a listing agent from also being a selling agent, and the combination of these functions in one agent does not, of itself, make that agent a dual agent.

2079.23. (a) a contract between the principal and agent may be modified or altered to change the agency relationship at any time before the performance of the act which is the object of the agency with the written consent of the parties to the agency relationship.(b) A lender or an auction company retained by a lender to control aspects of a transaction of real property subject to this part, including validating the sales price, shall not require, as a condition of receiving the lender’s approval of the transaction, the homeowner or listing agent to defend or indemnify the lender or auction company from any liability alleged to result from the actions of the lender or auction company. Any clause, provision, covenant, or agreement purporting to impose an obligation to defend or indemnify a lender or an auction company in violation of this subdivision is against public policy, void, and unenforceable.

2079.24. Nothing in this article shall be construed to either diminish the duty of disclosure owed buyers and sellers by agents and their associate licensees, subagents, and employees or to relieve agents and their associate licensees, subagents, and employees from liability for their conduct in connection with acts governed by this article or for any breach of a fiduciary duty or a duty of disclosure.

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