Upfront
REAL ESTATE TRENDS by Samia Cullen
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Owner of JJ&F grocery store eyes Miki’s Market space !S -IKI S LEAVES !LMA 6ILLAGE ANOTHER GROCER LOOKS AT TAKING OVER THE SPOT by Sue Dremann OE +HOURY THE PATRIARCH OF THE FAMILY THAT OWNS ** & -ARKET IN 0ALO !LTO SAYS HE IS CONSID ERING TAKING OVER THE !LMA 6ILLAGE SPACE RECENTLY OCCUPIED BY -IKI S &ARM &RESH -ARKET WHICH CLOSED THIS WEEK AFTER JUST FIVE MONTHS -IKI S OPENED TO GREAT FANFARE LAST /CTOBER FOLLOWING SEVEN YEARS OF BLIGHT AT THE PLAZA NEAR %AST -EAD OW $RIVE "UT AFTER MONTHS OF POOR SALES -IKI S CLOSED ON 7EDNESDAY LEAVING OWNER -ICHAEL h-IKIv 7ER NESS WITH MILLION IN DEBT ** & A YEAR OLD MARKET LO CATED AT #OLLEGE !VE IS PART OF THE PLANNED #OLLEGE 4ERRACE #ENTRE REDEVELOPMENT AT #OLLEGE !VENUE AND %L #AMINO 2EAL 4HE CENTER WOULD INCLUDE SQUARE FEET OF OFFICE SPACE SQUARE FEET OF OTHER RETAIL AND EIGHT UNITS OF AF FORDABLE HOUSING "UT THE ECONOMIC DOWNTURN BROUGHT THE PROJECT TO A STANDSTILL ACCORDING TO PEOPLE CLOSE TO THE DE VELOPMENT 0ROJECT ARCHITECT 4ONY #ARRASCO SAID IN -ARCH THAT DEVEL OPER !DVENTERA )NC IS hSTILL TRYING TO GET IT FINANCED v
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#ITY OFFICIALS HAVE GIVEN THE PROJECT A ONE YEAR EXTENSION TO SUBMIT PLANS FOR A BUILDING PERMIT SAID #URTIS 7IL LIAMS THE CITY S DIRECTOR OF PLANNING AND COMMUNITY ENVIRONMENT +HOURY SAID ON -ARCH THAT HE IS DISSATISFIED WITH THE SITUATION 4HERE IS GARBAGE AROUND THE ABANDONED AD JACENT PROPERTY THE ROOF LEAKS AND THE BUSINESS IS NOT GETTING ADEQUATE CUS TOMERS TO MAKE MONEY HE SAID !DVENTERA 0RESIDENT 0ATRICK 3MAILEY DID NOT RETURN REQUESTS FOR COMMENT 3O NOW +HOURY IS CONSIDERING OPENING A STORE IN !LMA 6ILLAGE HE SAID 7HETHER HE WOULD CLOSE THE #OLLEGE 4ERRACE GROCERY REMAINS TO BE SEEN )F CONDITIONS STAY AS THEY ARE h7E LL HAVE TO LEAVE 7E RE WASTING OUR TIME HERE v HE SAID 4HE +HOURYS LOOKED OVER THE !LMA STORE LAST 4HURSDAY 7ERNESS HOWEVER SAID HE WASN T SURE WHETHER ANY OTHER OPERATOR WOULD BE SUCCESSFUL IN THE SPACE 4HE STORE S STRUGGLES WERE IN PART BASED ON THE !LMA 6ILLAGE PROJECT ITSELF AND THE POLITICAL CLIMATE IN WHICH IT WAS BUILT 0EOPLE DIDN T LIKE
THE PROJECT AND SOME WERE RESOLVED NOT TO SHOP THERE HE SAID !SKED ON 4UESDAY IF ANY DEAL HAD MATERIALIZED BETWEEN HIM AND THE +HOURYS HIS ANSWER WAS SHORT AND TO THE POINT h.O ) M FINISHED v HE SAID SHAK ING HIS HEAD 0ROPERTY OWNER *OHN -C.ELLIS SAID IN AN EMAIL THAT HE HASN T HEARD ANY THING ABOUT THE +HOURYS INTEREST h%VEN IF ) HAD ) WOULDN T COM MENT ON IT AS WE NEVER COMMENT ON LEASES OR POTENTIALS UNTIL A LEASE IS ACTUALLY SIGNED ˆ BAD LUCK TO DO OTHERWISE v HE SAID N 3TAFF 7RITER 3UE $REMANN CAN BE EMAILED AT SDREMANN PAWEEK LY COM
Advice for Home Buyers in Today’s Market Buying or selling a home is ranked as one of the most stressful events in life. The local real estate market is hot; inventory is at an historic low and multiple offers on almost every property is the norm. Market conditions are putting buyers under pressure to buy a home before home prices and interest rates go higher. The stress that buyers experience can be alleviated with careful planning. There is more to home buying than ďŹ nding the right house. The process is complex with a myriad of issues that surface and need to be addressed promptly. Therefore once the decision to buy a house is made, you should soon after get the help of an experienced local real estate agent who can offer an insider’s advice. Experienced local agents have a strong sense of the precise actions that should be taken in different situations. When faced with decisions ask your agent for advice (including the
rationale behind their advice), and ask for data before making your ďŹ nal decision. If you are unsatisďŹ ed by the answers and truly feel that you cannot trust your agent, you have not found the right agent. A qualiďŹ ed agent will help you understand the process, explain the timeline, answer your questions and navigate through the complex process to avoid costly pitfalls or mistakes. A reputable local agent can also assist by suggesting different neighborhoods or properties that you may not have considered and by helping you prepare and negotiate the terms of offers and counteroffers. Finally, be proactive and do your own research. Go to the city building department to learn more about how the house has been modiďŹ ed over time. Talk to the neighbors about their experiences in the neighborhood. The more you know, the better off you are and the less likely you are to encounter bad surprises.
If you have a real estate question or would like a free market analysis for your home, please call me at 650-384-5392, Alain Pinel Realtors, or email me at scullen@apr.com. For the latest real estate news, follow my blog at www.samiacullen.com
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