New Year 2018 in Monterey

by qinfovio 9. January 2018 08:38
We are starting a refreshing new year 2018 in Monterey. We finally gave up after 14 years in the City of Seaside. The West Broadway project that started in early June 2017 was a disaster for the business community on the side where the construction is happening. The City of Seaside did not offer any financial assistance to our business. We were asking the City to cover our hard cost, mostly rent, utilities, insurance and it was not in their agenda. And as now, they are finally paving this side of Broadway. It appeared that Broadway Ave will be loosing more or like 20 parking spaces on one side, time 2 is 40 parking spaces. They have also installed a traffic light. This type of project is like the frosting on the cake, it is the last thing that you do. Spending over $7.5 millions and expecting that business will follow. Bottom line, building a business community, retail only according to their zoning without parking is a dead end. All cities over Europe, France, Germany with similar project are dying; Cities try to offer free shuttle to their downtown and it does not seem to be working. The other major changing trend is the online shopping. For the first time, it has surpass 2017 black Friday and holidays shopping in the retailing malls. ++++++++++++++ After all this bad energy we finally made the move to 191 Lighthouse Ave suite A-2 and A-3 in Monterey. We are located just across the coast guard with some view of the bay. The business concept over here is completely different from Seaside. Newer buildings that have been built have commercial units at street level and instead of having one large commercial space, they have six. They have better income with similar commercial space and if one tenant leave, they still fiver other ones that still paying the rent. And above the commercial, they have residential. It appeared that Seaside is more like 30 years behind the new economics concept. I will say that it is due to a lack of leadership. The best way to put it in prospect is the former Fort Ord...just check what has been dome with the Marina side versus Seaside. +++++++++++++++ As for the real estate for 2018, I will say that it would be a good year to moved up if you already own a home. And as for first time home buyer, I will expect more new type of loan with more flexible payment (interest loan only) with lower payment and maybe longer loan term, like Argentina and Switzerland with 100 years years loan. Visit us at any time!

Tags:

Economics | General | Real Estate | Real Estate Economics

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