The parcel, which encompasses five acres, is located at the corner of Black Rail and Poinsettia. It contains a total of 12 planned lots, which is what attracted Merit Group Inc. to the property, according to Michael Kassinger, a Sperry Van Ness broker who worked on the deal. "The buyer plans to develop houses (on the parcel) in the $450,000-plus range," Kassinger adds.
Kassinger acted on behalf of Merit Group Inc. The seller, Redeemer by the Sea, was represented by Jim McNeill of Real Estate Specialties Group.
According to the City of Carlsbad, there will be a maximum of 54,599 residential units in the city at build-out, which is expected to occur sometime after the year 2010. "The dwelling unit cap was ratified by the voter of Carlsbad in the November 1986 election and can only be increased by a majority vote of the people," according to the city's official website.
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