Sales Up 3.5% In SLO City
The City of San Luis Obispo has released their latest sale tax report for the 4th quarter of 2012.The report says sales tax revenues were up 3.5% compared to the same quarter the year before. Sales in the Los Osos Valley corridor we the highest in the city – up 15.7% compared to a 22.9% decline along Maddona Rd. Downtown sales tax moneys increased 1.5%. Restaurant and auto sales were top gainers,
The report says sales for all SLO County were up an even stronger 34.4%.
Marsh Street Commons, a mixed use project offering Downtown residential units and Marsh St retail and office space is well under construction.Principal Craig Mangano who is building the complex with brother Andy says 11 of the 12 residential units are spoken for and some will be moving in in August. The units are in the $600k to $700k range.No news on the 5 street-level retail spaces but Mangano says they are in negotiation including some restaurant tenants.
The Mangano brothers are also building the 175 single family Serra Meadows on Prado east of Higuera. Model homes are nearing completion. A long list of interested buyers demonstrates pent up demand in SLO. In the city limits SLO has seen around 15 units a year for new non-subsidized single-family homes in a city with a reputation as one of the best retirement locations in the US.
Craig Mangano says says so far buyers at Marsh St Commons are about half out of of town’ers with many paying all cash.