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OMB APPROVAL
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OMB number 3235-0145
Expires: October 31, 1994
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
California Coastal Communities Inc.
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(Name of Issuer)
Common Stock
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(Title Of Class of Securities)
129915104
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(CUSIP Number)
Check the following box if a fee is being paid with this
statement. (A fee is not required only if the filing person: (1)
has a previous statement on file reporting beneficial ownership
of more than five percent of the class of securities described in
Item 1; and (2) has filed no amendment subsequent thereto
reporting beneficial ownership of five percent or less of such
class.) (See Rule 13d-7).
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
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CUSIP NO. 129915104 13G PAGE 2 OF 5 PAGES
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1 NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Merrill Lynch, Pierce, Fenner & Smith Incorporated
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* Joint Filing
(a)
(b)
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF None
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SHARES BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY EACH
1,038,259
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7 SOLE DISPOSITIVE POWER
REPORTING PERSON WITH
None
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8 SHARED DISPOSITIVE POWER
1,038,259
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,038,259
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8.7%
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12 TYPE OF REPORTING PERSON*
BD, CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
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SCHEDULE 13G
Item 1 (a) Name of Issuer:
California Coastal Communities Inc. (the "Company")
Item 1 (b) Address of Issuer's Principal Executive Offices:
4343 Von Karman Ave
Newport Beach, CA 92660
Item 2 (a) Names of Person Filing:
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Item 2 (b) Address of Principal Business Office, or,
if None, Residence
Merrill Lynch, Pierce, Fenner & Smith Incorporated
World Financial Center, North Tower
250 Vesey Street
New York, New York 10281
Item 2 (c) Citizenship:
See Item 4 of Cover Pages
Item 2 (d) Title of Class of Securities:
See Cover Page
Item 2 (e) CUSIP Number:
See Cover Page
Item 3
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S")
is a broker-dealer registered under Section 15 of the Securities
Exchange Act of 1934.
Item 4 Ownership
(a) Amount Beneficially Owned:
See Item 9 of Cover Pages. Pursuant to ss. 240.13d-4, MLPF&S
(the "Reporting Person") disclaims beneficial ownership of the
securities of the Company referred to herein, and the filing of this
Schedule 13G shall not be construed as an admission that the Reporting
Person is, for the purposes of Section 13(d) or 13(g) of the Act, the
beneficial owner of any securities of the Company covered by this
statement, other than certain securities of the Company held in MLPF&S
proprietary accounts.
Page 3 of 5 Pages
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(b) Percent of Class
See Item 11 of Cover Pages
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
See Item 5 of Cover Pages
(ii) shared power to vote or to direct the vote
See Item 6 of Cover Pages
(iii) sole power to dispose or to direct the
disposition of
See Item 7 of Cover Pages
(iv) shared power to dispose or to direct the
disposition of
See Item 8 of Cover Pages
Item 5 Ownership of Five Percent or Less of a Class.
Not Applicable
Item 6 Ownership of More than Five Percent on Behalf of Another
Person
Not Applicable
Item 7 Identification and Classification of the Subsidiary Which
Acquired the Security Being on the Parent or Holding Company.
Not Applicable
Item 8 Identification and Classification of Members of the Group.
Not Applicable
Item 9 Notice of Dissolution of Group
Not Applicable
Page 4 of 5 Pages
<PAGE>
Item 10 Certification
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transaction having
such purposes or effect.
Signature.
After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Date: February 12, 1999
Merrill Lynch, Pierce, Fenner &
Smith Incorporated
By: /s/ Andrea Lowenthal
Name: Andrea Lowenthal
Title: Attorney-In-Fact*
*Signed pursuant to a Power of Attorney, dated November 17, 1995,
included as Exhibit A to Schedule 13G filed with the Securities and
Exchange Commission by Merrill Lynch, Pierce, Fenner & Smith, Inc. on
February 12, 1999 with respect to International Paper Corporation.
Page 5 of 5 Pages
