Recent Half Moon Bay events and court cases are making national news. After reading about the following land use decisions and transactions, one can make an interesting observation:
• Wavecrest Partners sold 208 acres to Peninsula Open Space Trust for 13.1 million. That’s $63,000 per acre.
• Nurserymen’s Exchange sold 22 acres to the City of Half Moon Bay for $3.1 million. That’s $155,000 per acre.
• In the Yamagiwa lawsuit against the City of Half Moon Bay, Judge Walker’s decision awarded Yamagiwa $38 million for 24 acres. That’s $1.6 million per acre – 1.6 million!
Judge Walker’s decision seems out of proportion to any sense of reality. Land values aren’t rising that fast.
Gael Erickson
P.O. Box 2905
El Granada, CA 94018
It is my understanding that Gael Erickson had given the HMB Review the first crack at publishing this letter. They either decided to "sit on it" or just not publish it.
Thank you Coastsider for proving to be a true open forum on the Coastside,
Yesterday's SF Chronicle in Matier & Ross's column that again demonstrates just outlandish was Judge Walker's decision was in the Yamagiwa decision.
In a highly urban area, the State is considering selling the 68 acre Cow Palace property to the City of Daly City for 70-100 Million. That pencils out to 1 million to less than 1.5 million per acre.
Beechwood, in little ole Half Moon Bay, still exceeds that amount at $1.6 million per acre.