Thursday, July 28, 2011

Cha-ching!!!



Encinitas developer and friend of the council majority John DeWald has sold the Pacific Station retail space for an astonishing $19.5 million, or $502 per square foot. That Federal Reserve easy money sure pays off for the wealthy, huh? Meanwhile, how are you liking your $4 gasoline and $6 milk?

Now if only those Pacific Station condos would start selling...

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8 comments:

  1. AnonymousJuly 28, 2011 at 3:53 PM

    This link should work:
    http://www.sdbj.com/news/2011/jul/27/pacific-station-retail-center-sells-195m/

    ReplyDelete
  2. W.C. VaronesJuly 29, 2011 at 7:16 AM

    Thanks, fixed it!

    ReplyDelete
  3. AnonymousJuly 29, 2011 at 3:38 PM

    "Federal reserve easy money" ?? Please explain this comment for the financially naive.

    ReplyDelete
  4. wcvJuly 29, 2011 at 5:15 PM

    When the Fed prints money and/or sets interest rates near zero, it drives up asset prices, benefiting the wealthy.

    But it also drives up food and energy prices, hurting the working and middle classes.

    That's the great shame of Ben Bernanke: he's bailed out Wall Street while impoverishing Main Stree

    ReplyDelete
  5. AnonymousJuly 29, 2011 at 8:32 PM

    Pacific Station is business property in a prime location; but commercial property values are down, like residential real estate. It seems inflation works in reverse for property values at the moment. Doesn't matter tho, as the middle class has no money and can't get credit, no matter what the prices are.

    ReplyDelete
  6. W.C. VaronesJuly 30, 2011 at 10:22 AM

    More discussion of the Fed widening the wealth gap here.

    ReplyDelete
  7. AnonymousJuly 30, 2011 at 7:21 PM

    So do you think that $19.5 million is too much for this place? Beach community property is always going to be the most desirable, even in a tanked economy. I guess property is worth as much as the highest bidder thinks it is, given that the surrounding area is in somewhat of an agreement (comps). The wealthy have the excess capital to take speculative risks, so perhaps they create the market. The US dollar is getting to the point where it is becoming worthless paper, as the Fed is printing billions and throwing it around the world, especially in our war zones (mega-military-industrial profit zones). Our leaders are fools and our wall streeter/industrialists are greedy traitors- they are destroying our economy for short term gain, with long term ruination for the masses.

    ReplyDelete
  8. AnonymousSeptember 2, 2011 at 1:10 PM

    BTW, the condos are over half way sold out according to their website...in less than a years time, I would say that is pretty darn successful in this market!

    ReplyDelete

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