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Has Napa finally found its way? Enter the Oxbow Public Market, directly next door to Copia. Modeled after the celebrated Ferry Building Marketplace in San Francisco, the Oxbow Public Market opened in mid-December, and does in a single stroke what neither Copia nor Napa Valley farmers’ markets accomplished in years of trying: It creates a must-visit destination for enjoying the food-wine synergy of Napa. On both of the last two weekends I witnessed throngs of tourists and locals standing in long lines at Taylor’s Automatic Refresher, a spin-off of the great little diner in St. Helena. Inside Oxbow its airy and beautifully designed food hall are vendors with everything we’ll ever need to eat and drink the way we want to eat and drink on Napa weekends: terrific seafood, all-natural meats, organic produce, and killer coffee from the ridiculously good Ritual Coffee Roasters. A Hog Island Oyster Bar is on the way. The Model Bakery, also based in St. Helena, is making great breads and desserts and full breakfast plates to be eaten on outdoor picnic tables. The most fantastic ice cream known to man Three Twins, say hi to my friend and store manager Noel Lopreore. A true cause for celebration is the Fatted Calf shop, offering first-class charcuterie and specialties like duck confit, along with raw pastured meats and pastured chicken and eggs from Soul Food Farm, the current favorite of many high-end restaurants.

One of the biggest attractions of all inside Oxbow, is the Oxbow Wine Merchant. In a big open space, with large windows and outdoor patio tables, this is much more than a wine shop. It’s a wine shop with a wine bar, a kitchen making wine-friendly light eats, and a first-rate cheese shop. Drop in for a bite and you can put together a sensational picnic, enjoying it on the spot.

The economics aren’t entirely there for Oxbow yet—it doesn’t have anything like the daily foot traffic of the Ferry Building. And it’ll need Napa locals to get serious about shopping there, which will put pressure on the alarmingly high prices (which are, no doubt, in turn driven by rents and by the sheer economics of Napa real estate). But the new Westin Verasa Napa—an upscale condo-hotel complex—will soon open across the street, as will a Ritz-Carlton resort. Throw in the wholesale redevelopment of downtown Napa, with the beautiful river walk promenade opening up, and this once-dowdy town, long the back-lot service center for the wine industry, will be on its way to becoming the center of retail gravity for the entire valley.

Now is the time to invest in Napa Valley real estate. If you are seeking a hotel, multifamily, office or retail real estate investment or even an ultra luxury home priced over $4,000,000 you should meet with my team and I for a private consultation. My office is located on 1st and Main on the busiest corner in Napa Valley. Here at the RE/MAX Napa Valley office RE/MAX Cornerstone my team specializes in off market hard to find investment real estate. Contact me, Mike Bolen at Mike@MikeBolen.com or 707-254-9999.

So far in 2008 Napa County has only seen two apartment buildings over 4 units sell, those include:

1333 Jefferson Street- $131,666 per unit

733 Trancas Street- $147,285 per unit

This leaves an average selling price of $139,475 per unit with further declines almost assured as 1711 Lincoln in Napa just went into contract. This property has 10 units and was listed for $1,099,000 even at full asking price which is unlikely the per unit price of $109,900 will put further downward pressure on apartment pricing.

In 2005 and 2006 comp sales approached the $200,000 per unit mark since September 2006 multifamily prices in Napa County have continued to erode. The only bright spot could be downtown Napa where prices have held up but sellers are well advised to sell now into the hype of the new hotel, retail and office development then after the hype. The concept of selling into the trend rather than after the trend is a hallmark of the Warren Buffett style of investment. Otherwise a long term holding horizon of 5 years or better is advised.

Napa duplex, triplex and fourplex sales in 2008 have shaped up like this:

January 2008 average unit sale price- $200,000

1616 Muller - $242,500 per unit

480 Toyon - $157,500 per unit

February 2008 avaerage unit sale price- $247,500

1155 Sylvia - $247,500 per unit

March 2008 average unit sale price- $220,750

1164 Republic - $220,750 per unit

April 2008 average unit sale price- $208,142

1574 Silverado Trail - $188,070 per unit

702 Lawrence - $235,000 per unit

225 Valley Oak - $194,500 per unit

1638 H Street - $215,000 per unit

The small multifamily market qualifies for conforming loans and often small buildings like these appeal to residents not just investors thus keeping prices higher than 5 unit plus buildings which almost always fetch lower per unit prices. We currently have small multifamily offerings in Napa as low as $133,000 per unit.

Here at the RE/MAX Napa Valley office RE/MAX Cornerstone my team and I specialize in off market pocket listings. Over 65% of our sold deals are never advertised. Most are offered to sale only to buyers represented by our team. To gain access to the off market inventory or to learn how we work with buyers contact Mike Bolen at Mike@MikeBolen.com or 707-254-9999. We also work with over 20 investment buyers in an exclusive buyer agency agreement if you are looking to sell no one has more buyers than my team.

$308,823 paid per room before renovations. While this figure is high to be sure it doesn’t represent the high water mark of $375,000 paid per room last year on another downtown Napa property. Darcy Tunt purchased the Inn for $5,250,000, Tunt immediately began renovations with a plan to host contemporary and luxurious surroundings in a clean, minimal style.

Downtown Napa’s newest luxury inn, the White House Inn and Spa prepares their debut, after a huge restoration, businesswoman Darcy Tunt owner of the 1801 1st B&B has purchased one of Napa’s oldest B&B’s the elegant 1886 Queen Anne Victorian on Brown Street, formerly known as the Blue Violet Mansion bed and breakfast. The owner plans to reopen the historic inn this summer as the White House Inn and Spa. 

Now is the time to invest in Napa Valley real estate. If you are seeking a hotel, multifamily, office or retail real estate investment or even a ultra luxury home priced over $4,000,000 you should meet with my team and I for a private consultation. My office is located on 1st and Main on the busiest corner in Napa Valley. Here at the RE/MAX Napa Valley office RE/MAX Cornerstone my team specializes in off market hard to find investment real estate. Contact me, Mike Bolen at Mike@MikeBolen.com or 707-254-9999.

As a commercial investment real estate broker based in Napa, I want to help my clients save money on their real estate holdings. Please read the following directly from the Napa county property tax assessor concerning a property tax review request:

“In my capacity as Assessor-Recorder-Clerk I want to provide as much information to the public as possible regarding property tax, document recording and other related issues. An informed public is the key to good customer service and to insuring that every property owner and resident receives fair and prompt treatment. Some of the duties of the department include property tax assessment and parcel map maintenance.”

-John Tuteur, Napa County Assessor, jtuteur@co.napa.ca.us (707) 253-4459

To find the necessary documentation to request a review of you property taxes, please go to the following link and follow the instructions below:

http://www.co.napa.ca.us
In the search tab type in Assessment Review Request
Click on #2 on the list
 OR
Top right click on Government
Left side click on Department/ Districts
Click on Assessor
Click on Documents/ Forms
Assessment Review Request

Now is the time to invest in Napa Valley real estate.
If you are seeking a hotel, multifamily, office or retail
real estate investment or even a ultra luxury home priced
over $4,000,000 you should meet with my team and I for a
private consultation. My office is located on 1st and Main
on the busiest corner in Napa Valley. Here at the RE/MAX
Napa Valley office RE/MAX Cornerstone my team specializes
in off market hard to find investment real estate. Contact
me, Mike Bolen at Mike@MikeBolen.com or 707-254-9999.

Prices for existing single-family homes in the Bay Area are

down in all counties except San Francisco the past year.

Prices are still up in most counties the past four years

and in all nine counties the past eight years.

 County        Price $ March 2008 1-year 4-year % 8-year %

Alameda       501,000        -20.7     6.6      67.0

Contra Costa  409,000        -33      -2.6      66.9

Marin         862,500        -10.6     15.0     56.5

Napa          457,250        -20.5    -4.7      77.6

Santa Clara   684,500        -9.3     21.3      48.8

San Francisco 826,500         0.4     27.2      94.0

San Mateo     760,000        -5.7     16.9      52.0

Solano        330,000        -24.8     0.0      91.9

Sonoma        425,000        -22.4    -2.0      59.8

Bay Area      549,000        -20.4     9.8      59.6

Notice Napa is the third lowest priced county in the bay area

while arguably maintaining the broadest appeal to those outside

the area. Now is the time to invest in Napa Valley real estate.

If you are seeking a hotel, multifamily, office or retail

real estate investment or even a ultra luxury home priced

over $4,000,000 you should meet with my team and I for a

private consultation. My office is located on 1st and Main

on the busiest corner in Napa Valley. Here at the RE/MAX

Napa Valley office RE/MAX Cornerstone my team specializes

in off market hard to find investment real estate. Contact

me Mike Bolen at Mike@MikeBolen.com or 707-254-9999.

When the liberal wing of the supreme court ruled in Kelo vs. City of New London that local government may take private property for new private economic development our court reaffirmed the American ideal that together we achieve more than we can separately. Eminent Domain is the power of government to take land from an owner without his consent with just compensation and sufficient notice. It is rooted in the Fifth Amendment of the US constitution that specifically prohibits the taking of property for public use without just cause. A few reasons in favor of eminent domain:

1. Redevelopment of the urban core prevents suburban sprawl
2. Increased tax base from new development projects creates jobs, lowers the tax burden on private homeowners and produces more jobs
3. Allows local government to create safe affordable housing zones
4. Large deteriorated vacant buildings and lands can be redeveloped for the common good and spur economic activity

Many of the great projects built by government would have been stopped were it not for eminent domain. Railroads, superhighways, public parks, agriculture preserves, etc. could be stopped by a single land owner. We cannot afford to allow a single person veto power over such projects. In the future this will be increasingly important as useful land close to our cities becomes scarce.

Property rights proponents claim that the biggest corporations and developers will most often win. If government works the way our founders designed it takes a balanced perspective from public hearings. Then big corporations will only win when the facts are compelling and on their side. As shown with Angwin bubble debate the big company/institution doesn’t always win. The community won when it saw that a plan would have more negatives for the community. Government can work and as such should be given the power to grow.

Sometimes a Wal-Mart, new hotel, shopping center, jail or road is a good use for a condemned piece of property. People need cheap goods, and they also need jobs. In an area of urban blight, a Wal-Mart is a vast improvement to the local landscape. The same thing might be said about a Wal-Mart in a rural area that once was a farm. The reverse is true as well government could condemn a Wal-Mart to create a vineyard to better protect open space. A private housing development might be the solution to replacing run down crime infested privately owned housing.

Ultimately, we need smart government that listens to public input and fosters smart projects where they are needed. Government must assist those who are dislocated by such change in finding equivalent housing, providing more than simply just compensation and other necessities such as counseling, transportation, and moving expenses. If government works to promote smart growth and works for the people we all win.

I urge you to vote NO on proposition 98 and NO on proposition 99.

Saturday night Tom Cruise, Katie Holmes, Kate Beckinsale, Victoria Beckham, Seal and Katie Holmes celebrated Posh’s birthday in Napa Valley doing some wine tasting and dining at the French Laundry restaurant. The A-List quick vacation excursion received barely any press. Why? Because the drive from L.A. to Napa is 5-7 hours depending on traffic. To far for the paparazzi.

How does this relate to commercial real estate? Napa is in. Napa is ultra chic, expensive, majestic and just far enough from L.A. to not be on the daily Perez Hilton celeb radar. $100’s of millions are being spent on new development in Napa including a reworked riverfront yes with ocean access a new Ritz Carlton and many hotel projects either being built are in planning.

Now is the time to invest. If you are seeking a hotel, multifamily, office or retail real estate investment or even a ultra luxury home priced over $4,000,000 you should meet with my team and I for a private consultation. We know Napa better than any firm in the bay area. My office is located on 1st and Main on the busiest corner in Napa Valley. Here at the RE/MAX Napa Valley office RE/MAX Cornerstone my team specializes in off market hard to find investment real estate. Contact me Mike Bolen at Mike@MikeBolen.com or 707-254-9999.    

I have had so many requests for a related links page of websites I use and recomend that I have decided to create this page as a blog entry:

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You can find great local Napa, California real estate information on Localism.com Mike Bolen is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.

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Las Vegas and Miami continue to share the dubious distinction of being the weakest markets over the past 12 months returning -22.8% and -21.7%, respectively. These two markets witnessed some of the fastest growth in the 2004/2005 periods, with annual growth rates peaking above +50% and +30%, respectively. For the month of February, markets in the West were the biggest decliners.  San Francisco, Las Vegas, and Los Angeles were the worst performers.  Each had a negative return in excess of 4%.

The cost of a typical Bay Area home plunged 17.2 percent year-over-year in February, compared with 13.2 percent in January and 10.8 in December, according to an index of real estate values published by New York credit rating agency Standard & Poor’s. “Prices have a lot of room to fall,” said Patrick Newport, an economist with Waltham, Mass., research firm Global Insight Inc. “We could see some really big drops.”

There is now much opportunity in the market in both commercial and investment properties here in Napa county. Here at the RE/MAX Napa Valley office RE/MAX Cornerstone my team and I specialize in commercial investment properties contact me Mike Bolen at 707-254-9999 or Mike@MikeBolen.com and let’s discuss your acquisition target.  

Los Angeles, Calif.-based Urban Housing Group has sold the Edgewater Luxury Apartments in San Francisco for $115 million to UDR, Inc.The Edgewater Luxury Apartments, which sold for $595,855 per unit, are located at 355 Berry St. The complex contains 193 units and was built in 2007. The six-story apartment building is comprised of a 157,203 square foot building with one-bedroom and two-bedroom units.

What a discrepancy between Napa and San Francisco. The last large scale sale in Napa was the Plaza Del Sol Apartments  which sold for $10.31 million this 70 unit complex sold for $147,285. Also note that Napa apartments are not subject to rent control.

Here at the RE/MAX Napa Valley office RE/MAX Cornerstone my team and I specialize in commercial investment properties contact me Mike Bolen at 707-254-9999 or Mike@MikeBolen.com and let’s discuss your acquisition target.