Property owners in the downtown Newhall area are starting to attempt to sell off parcels for a tidy profit, hoping to capitalize on the planned redevelopment of the area. Planners for the City of Santa Clarita claim that the Old Town (Downtown) Newhall area will become a mix of what you'll find in Old Town Pasadena and the 3rd Street Promenade in Santa Monica, but that of course remains to be seen. The Old Town Newhall area doesn't have the favorable location that these other two enjoy, with both Pasadena and Santa Monica being very freeway-close, and of course Santa Monica's Promenade is steps from the beach as well. This one caught my eye, as it shows an architectural drawing of a spiffy building on Main Street (newly renamed from San Fernando Road). However, further reading of the listing indicates that the asking price is for the land only (with "current working drawings" for an 8200sf building as a bonus). I don't think working drawings are necessarily "approved and ready to build" drawings , but at least it's a start! The location isn't bad at all, situated between 8th and Market on San Fernando Road (or Main Street), assuming that the redevelopment plans for the area will actually move forward as stated. If not, then it's just another piece of dirt in the middle of nowhere! Interesting to note is that this land was purchased earlier this year for $270k and is now up for sale at $735k. Either those are some pretty expensive drawings, or there's more that's been done with the planning for this property than is stated, or the current owners are just hoping for a whopping 172% increase in the property's value in just 4 short months. Seems this property has a bit of a confusing past, with many changes in ownership since its purchase in 2001 for $89k. There's even a sale in 2005 at $270k, so somewhere along the line this 2005 purchaser took a bit of a bath on this investment. Looking for investment property in the Old Town (Downtown) Newhall area? Contact Linda Slocum at 661.670.0349 or at Linda@SantaClaritaRealEstateBlog.com. | 
