June 2014
www.cvbizjournal.com
JUNE
2014 VOL 9 • NUMBER 10
Business Journal Central Valley
1
www.cvbizjournal.com
StOCKtOn • traCy • lODI • ManteCa • latHrOP • lInDen • rIPOn
MODeStO • CereS • tUrlOCK • OaKDale • rIVerBanK
Stockton leads nation in home price increases Medical Miracles Doctors Medical Center in Modesto handles extreme pre-mature cases.
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Floral Fantasy Twigs & Stems specializes in industrial chic’ design.
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ELIZABETH STEVENS/CVBJ
San Joaquin Partnership CEO Mike Ammann (far right) sells insurance business owner Zain Jeewanjee (far left) on opening an office in Stockton as airport director Harry Mavrogenes and Stockton City Councilman Moses Zapien look on.
BUILDING THE BRAND Greater Silicon Valley chalks up first big win with Tesla deal By ELIZABETH STEVENS Business Journal editor
Fun & Games Local cities depend on sports to bring in tourists.
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WHAT’S INSIDE Publisher’s Notes............Page 2 Insight and Analysis......Page 38 Briefs.....................Pages 44, 45 Legals....................Pages 46, 47
STOCKTON — It’s the first day of the TiECon conference on tech entrepreneurship and innovation in Silicon Valley. The San Joaquin Partnership has a booth at the trade show. Its CEO Michael Ammann has someone on his hook, and he’s not above name dropping to reel him in. “Amazon? Tesla? You’ve heard of the Google barge? They’re all in San Joaquin County,” Ammann said. The businessman, Zain Jeewanjee, who has insurance offices in San Jose, seems impressed. He’s interested in expanding and would like to move to Stockton. Ammann
even has a site in mind -- the new incubator space Cafe Coop in downtown Stockton. “I just think we have a story to tell. We can use Amazon. We can use the Google barge. We can use Tesla,” Ammann said, back in his office in Stockton. He added it’s not a hard sell in Silicon Valley. “We don’t get a lot of pushback from people. I don’t think you saw anyone walk up to the booth and say, ‘Greater Silicon Valley? What is that? You’re all wrong. What are you doing? You can’t do that.’” In addition to Ammann, Chief Deputy County Administrator and new Airport Director Harry Mavrogenes, Stockton City Councilman Moses Zapien and Development Services Director at City
of Tracy, Andrew Malik attended TiEcon to support the Greater Silicon Valley message: that San Joaquin County offers space to expand for logistics and manufacturing, a deep-water port, affordable housing, attractive financing opportunities and a skilled labor force -- many of whom already work in the Bay Area. The Greater Silicon Valley brand took its first big step last summer when it opened an office in Santa Clara. It launched publicly last June when the Partnership published a 16page supplement to the Silicon Valley Business Journal complete with advertisements from developers, touting the available space, family atmosphere, great recreational opportunities and beautiful vineyards in San Joaquin County. Ammann makes weekly trips to Santa Clara, often accompanied by Mavrogenes, to make the face-to-face pitch that San
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SAN JOSE — Stockton topped the nation in year over year home price increases, according to the April 2014 National Housing Trend Report released by realtor.com, operated by Move, Inc. Home prices in the StocktonLodi market rose 41.8 percent in April, compared to April 2013, the report said. Reno saw the next highest increases with 25.1 percent. The median listing price in the Stockton market was $269,250 in April. Total listings were down 3.8 percent compared to April 2013. Sacramento was the only other Northern California city in the list’s top 10 with a year over year price increase of 19.7 percent. Nationwide, the report revealed a healthier real estate marketplace than a year ago and strong seller confidence. While last April’s list price gains were driven largely by dramatic shortages in forsale inventory, April 2014 data shows sustained moderate home price gains in tandem with increasing inventories. The increase in inventory and asking price suggests sellers are much more optimistic than a year ago, likely the result of a strengthening national economy, Realtor.com said. Across the nation, however, rising home prices and doubledigit inventory mean housing markets are becoming more balanced. “Home prices and inventories are more in balance in most markets – a sign of improving housing health and optimism across much of the country,” said Steve Berkowitz, Move’s chief executive officer. “As sellers gain confidence, we also are watching spring sales data closely to gauge whether buying activity will be in line with these early indicators.”
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