A quant California downtown is on sale for $6.6 million, but the seller is looking for a specific kind of buyer
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- The entire downtown of Campo, California, hit that market this year for $6.6 million.
- The listing includes a 28-building portfolio with residential and commercial buildings.
- But the town isn't looking for just any buyer.
Nestled below California's Laguna Mountain is Campo, a small unincorporated community that Deborah Jean Peck calls home.
"I've been here for a while, and I'll never leave," Peck, 59, told Business Insider. "The feeling of community is incredible. There's nothing like it."
The community is an hour east of San Diego, a sprawling metropolitan city with over 1.3 million people and two professional sports teams. Campo has just under 3,000 residents and one Dollar General. But for those who live there, that's part of its charm.
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Peck said Campo is a community where people don't hesitate to lend a helping hand or step up when times get tough.
"If there's any type of tragedy, everyone comes together and helps one another. You don't even have to know the person," she said.
People care about each other in Campo, she said. It's something she wants the future owner to understand.
After two decades, real estate investor John Ray has decided to sellCampo's downtown for $6.6 million. But he isn't looking for just any buyer.
Downtown Campo has 28 buildings
The listing for downtown Campo includes three separate parcels totaling about 16 acres. There are 28 buildings, a mix of residential units and commercial businesses, including a post office and a Baptist church.
Nick Hernandez, the property's listing agent at Top Gun CRE, told BI that the area has about 150 to 175 residents. Many of them are young families with children.
"It's a really tight-knit community," Hernandez said.
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Ray first purchased the property in 2000 when he lived in San Diego. He's since moved to Las Vegas. "Campo's not as close as it once was. So, time to pass it on to somebody else," he said.
Ray tried to sell the downtown in 2019 for $6 million but delisted the property when the COVID-19 pandemic hit and the real estate market stumbled.
Both Hernandez and Ray said the natural landscapes surrounding Campo could be a big draw for potential owners. In addition to the Cleveland National Forest, Campo is the southern terminus for the Pacific Crest Trail, an iconic hike that spans the West Coast from Mexico to Canada.
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History buffs might be intrigued with Campo's past, including its stint as a military outpost for African-American troops during World War II, called "Buffalo Soldiers."
"It was a pretty substantial base back in the day," Hernandez said.
Potential owners might also be attracted to revitalizing part of a long-standing town.
Hernandez and Ray said short-term rentals could be one way for Campo's future owner to upgrade the town.
"You can rent an Airbnb and have an activity there, whether it's artistic activity, horses, or off-roading," Ray said.
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Locals don't want a total reinvention
While the opportunity to revitalize downtown Campo with major changes might entice some folks, residents don't want their town to become unrecognizable.
Hernandez, who spoke with residents and businesses, said downtown Campo hasn't undergone any major changes in recent years.
"They all seem pretty motivated to find a new owner of the town," Hernandez said. "They don't want to see someone come in to do a complete redevelopment or build 300 single-family homes."
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Peck said it would be "incredible" to see the future owner invest in the current infrastructure and help the community grow. She's noticed more people moving to the area and buying property.
"They don't have to live here, but we want the person to be a part of the community and to want something better. Not just buy Campo for the namesake of it like, "Oh, I bought a town.'"
When Peck envisions Campo in 10 years, she doesn't see McDonald's or other mega franchises.
"My vision for Campo would be the schools being upgraded, safer roads, and more resources for the kids," she said.
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Hernandez echoed that sentiment, saying locals mentioned renovating the local basketball court and a new playground.
Hernandez said a good candidate for downtown Campo is someone who would add new businesses and residential units while sprucing up the existing ones.
"We're not looking for a buyer who's just a hard numbers guy who wants to boost up the income of the property," Hernandez said. "We're looking for someone with a little bit more vision."
Hernandez said he's had offers from a mix of interested parties, including traditional real estate investors and people pitching unique concepts. One involved NFTs, while another imagined Campo as a potential global trade city.
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Peck has heard rumors of potential buyers, too.
The Hill reported in May that American skateboarder Tony Hawk expressed interest in Campo.
"What I want for Campo is somebody that cares, "Peck said. "It's that simple."
from Business Insider https://ift.tt/TfAetkQ
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