By Barbara Vignone
It started with an idea
…land touched by the warmth of the western sun…rugged expanses of coastal terrain…breathtaking vistas of the ocean’s blue waters…the freshness of the sea breezes…all challenged creative and talented minds to achieve a special vision…
So begins a brochure for Sea Pointe Estates. However, before Sea Pointe was established, back when locals knew the area as HANG GLIDER HILL and the area code was 714, a developer was selling lots in Linda Mar Estates. Seventy-eight individuals put deposits on lots through an office located in Newport Beach. The City of San Clemente was paid advanced fees for permits, however Linda Mar Estates went into bankruptcy.
In order to preserve their investments the lot owners decided to try to buy the property out of bankruptcy. John Anderson, one of the original lot owners and a current resident, negotiated financial banking and found investors willing to secure the property. Five million dollars was offered to Linda Mar Estates, and an additional $14 million was required to grade and develop the property. The original 78 owners would be able to purchase their lots at production cost and Sunkist Construction (one of the financial partners, would do the grading.
A bank was ready to provide the loans but first required a City Grading Permit. The “new” City Council, dedicated to a policy of slow-growth, would not approve a grading permit, even though the group possessed a final plot map and had previously paid fees. In order to proceed, the group had to sue the City of San Clemente. Upon winning the suit, they were issued a grading permit.
In the meantime, the real estate financial market had changed. The Prime Rate went to 21 ½ percent; money for real estate development had slowed. The bank was still committed to the $5 million loan for the purchase of the land but not the $14 million for development. The financial group then decided to sell their position in the investment.
The new group, which we believe was the Central Capital Construction Company, took over the development, agreed to honor the commitment to the original owners, and the commencement of grading operations began in March of 1982 and continued until final mass grading was completed in 1983.
The Central Capital Development Company opened a sales office at 15 Madrigal with lots available for the construction of custom homes. The community was named Sea Pointe Estates. Two additional tracts were included in the original plan: one for 24 single family homes (not necessarily custom design) and the other for 22 condominiums. The Central Capital Development Company wanted to complete the land use process, file a new map for eleven lots in place of the 22 condominiums, and encumber all the lots with a Custom Home Declaration. A proposal to annex the undeveloped lots into the Sea Pointe Estates Homeowners Association was approved by the current owners in May 1988. There were then 259 lots within Sea Pointe. The final 11 lots were offered for sale in a Pre-Marketing Investment Prospectus in 1990.
Over the years the development continued and custom homes were built throughout Sea Pointe Estates. As you walk or drive through the neighborhood you see new families moving into he community and new homes are under construction. As of April 2005 there are 5 homes being built and there are 50 undeveloped home sites.
Thanks to John Anderson for his recollections of, and his part in, the history of Sea Pointe. Much of the information for this writing was obtained from him and from pamphlets, brochures and sales information from Sea Pointe Estates.
If anyone can add additional information to this story or have your own story to tell send it to the following Email address Historian@SeaPointeEstates.org.