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July 27, 2020

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Newsletter: July 27

July 27, 2020|by Erik Torkells

FOOD STUFF
••• The Bell’s folks are working on a second restaurant (above).
••• Mesa Burger’s Coast Village Road outpost has opened.
••• A second Sweet Wheel Farms farmstand.
••• $2 afternoon cold brews at Low Pigeon.
••• Your best cheese bet now that C’est Cheese is gone.
••• Coffee Bean & Tea Leaf on De La Vina has closed.
••• Will Magic Castle Cabaret reappear?
→ Read the post.

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HOT PROPERTY
The week before last, hardly anything closed, and I started to wonder whether the hot market was cooling down. Last week, however, it roared back to life. Here are the 12 closings of note from the past two weeks, including an oceanfront house in Hope Ranch that sold for nearly half off the initial ask.

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NEWS ROUNDUP
••• The home of Ellen Degeneres and Portia de Rossi was burglarized.
••• Rumored layoffs at the Biltmore (above).
••• 16,000-square-foot mixed-use development opens soon in Paso Robles.
••• Progress in farming shellfish off Ventura.
••• A push for manufactured fish reefs off Goleta.
→ Read the post.

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ODDS & ENDS
••• New home design store opening on State Street (above).
••• Gallery coming to Coast Village Road.
••• Smart Covid-19 update from Sansum Clinic’s CEO.
••• More on Porch’s moving sale.
••• Traffic breaks on the 101 in Montecito.
••• Hot Springs fixer now available for rent.
••• Ojai house with its own baseball field.
→ Read the post.

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PRICE CUTS
The week’s top adjustments include the march of the Montecito Mediterranean mansions, dropping from eight figures to seven; two Montecito properties around $5 million that have raised their prices; and a spec renovation inching toward reality.

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Recent Comments

I think development is just such a different animal. I've worked a little bit with very experienced developers. People who ONLY do RE development. They… — John

John: I think we should keep in mind that Yardi is a software company that sells software *and data* for *real estate property management*. The… — SBradley

Though Yardi is a commercial software developer, real development is much riskier. That business has moats, history, customer lock in and competitive advantages. Redevelopment and… — John

You should remember that where you're sitting right now used to be a tree, a field, or open land at some point. You benefit every… — Tony Machado

It is kind of complex to tease out who bears the risks and benefits in these projects that have public and private parties involved. I… — SBradley

Very interesting. If Yardi is paying anywhere near $120M + $35M + $5.7M for almost 250k empty square feet, this is going to take a… — NuemanJ

I think some folks who would consider this is a windfall for Yardi may be overlooking two things: 1)The cost to Yardi to buyout AB's… — StanThompson

Just realizing I did not address your first point. The buildings on the property have been up for sale, and their value is also depressed… — SBradley

I think that the city's representation of this land as having ‘zero value’ is confusing because it sums together the value of 2 distinct things… — SBradley

No idea whether this is a good deal for Yardi or not. Paseo Nuevo has been available for sale since 2020 with no buyers -… — NuemanJ

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