Wednesday, October 12, 2011

Underwater mortgage? Water district to buy real estate that is ...

Posted by: Maven on October 12, 2011 at 7:23 am

From the Silicon Valley Mercury News:

?In an unusual deal that gives new meaning to the old real estate adage ?location, location, location,? Silicon Valley?s largest drinking water provider is negotiating to buy 225 acres in the hills east of Highway 101 near Morgan Hill.

But there isn?t much of a view. The property is under water. At the bottom of Anderson Reservoir.

Like the reservoir itself, some of the details remain unclear. But the proposed purchase by the Santa Clara Valley Water District ? which once owned the land and resold it ? would close one of Silicon Valley?s most controversial development sagas 50 years after it began. ? ?

Continue reading from the Silicon Valley Mercury News by clicking here.

October 12, 2011 ? Filed Under Bay Area

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