Strong Demand For Subdivision Lots
A new California Association of Realtors report says in 2014, nearly half (45 percent) of investors said they purchased properties in”more remote” locations of the state including Sacramento, San Joaquin, Fresno, Kern, Merced, and Tulare, up from 27 percent in 2013, C.A.R.’s “2014 Investor Survey” found. “Given the depletion of distressed homes on the market, investors are changing their strategy and are moving away from purchasing homes in more popular, urban areas in favor of more rural areas of the state where better deals can be found.”
That news jibes with city planner Josh McDonald’s observation that builders are increasingly looking at buying some of the 5500 approved lots in Visalia left over from the real estate bust now that the new city General Plan will be in place and the economy has recovered. ”We’ve seen lots of interest” he says.
Surplus City Building Bought
The Visalia development group called 120 W Main includes Visalia realtor Matt Graham, farmer and developer Fred Lagomarsino, farmer and industry owner Tommy Elliott and developer Harvey May. The group, just last week, completed the purchase of the former Surplus City property at 315 E Main in Downtown,a 9500sf building. Surplus City closed their doors after many years in early 2014 and its owner put the property up for sale. A major remodel is now planned.
“We hope to lease it out to two retail users” explains Harvey May.”We already have a letter of intent from a well known retailer for half the space.”The group purchased the Mars pharmacy building at 124 W Main a few years ago and did a major makeover. Now they will getting the kind of user they were waiting for when Fresno’s Sequoia Brewery opens there hopefully by Christmas.
”We want to help rejuvenate these older properties.“ May adds the Surplus City building is well placed close to the corner of Bridge and Main where the 10-plex movie theater is as well as the newer constructed Crawdaddy’s.
Downtown retail vacancy is extremely low says chair of the Downtown Visalia merchants group, Don Sharp. “Besides the Surplus City space,I can’t think of any other Main St space available on the ground floor” says Sharp. Property owner Sam Sciacca has said with the former Links space he bought is now spoken for – with a salon and wine-bar moving in and 4 apartments in the works upstairs.
Speaking of upper levels on Main St – property owner George Ouzounian says he will install an elevator by the first of the year at his building on the corner on Main and Willis to help lease second story office space in the building.
Some years back May with another investment group rejuvenated the old Togni building Downtown – now fully leased including a second story apartment.
California Hot Springs Revival?
The rural enclave of California Hot Springs in southern Tulare County appears to be ready for some kind of revival with two plans in the early stages to build at least modest destination resorts here. The historical California Hot Springs itself founded in 1882 and developed as a health resort that centered around the town’s naturally pure hot springs water now includes a water bottling facility – is in escrow to be sold to an unnamed buyer soon. A source says they plan to revive the facility as a camp of sorts, a getaway for urban folk. Nearby, a yoga center called Vendanta Spiritual Retreat is being planned by an LA group who recently purchased a Hot Springs Rd ranch. Asked why they would invest in this remote and quiet part of California – founder Deepak Swarup responds “that’s why” adding in true zen fashion that the public resort will start small but progress “as soon as it is supposed to to.” The project went through a county approval process.
Tule Tribe Member Labors To Keep Wukchumni Language Alive
Speaking of revivals, Marie Wilcox, an elder with the Tule River Indian tribe, is the subject of a film and New York Times video blog this week. After laboring with several years of hunt and peck on her older computer Marie created a Wukchumni language dictionary to encourage the reuse of the near forgotten language that was once spoken here by some 50,000 Yokuts. Today there are around 200 Wukchumni tribe members.
Drought’s Silver Lining
What kind of company does better in a drought? How about a drip irrigation company or bottled water maker? Yes to both in Tulare County as Traver-based Streamline Irrigation is expanding their footprint north of town, ramping up to 16 employees and completing a new building says Mike Washam of Tulare County’s economic development office who has assisted with the expansion.Washam says his office is also busy seeking grants to help in these drought times by offering to fund daily bottled water delivery to families who lost their wells along with schools where below income population is high, schools who have water contamination as well as water supply problems. About $1.5 million is expected to be funded.
Chinese Reopen Market For Citrus
Drought may be flashing a red light but overseas demand for Valley crops continue to give the green light. Citrus growers suffering zero surface water delivery got some good news this month when China reopened their market after over years time.Industry sources say China had imported about 5 million cartons a year before a disease issue came up that is now resolved. The $70 million market is a fast growing one for us – the world’s number one ag county.
It’s A Horserace For Visalia Air Service Contract
Despite ties to LAX, favored by Visalia as a destination,a new 2-year contract to serve Visalia under the Essential Air Service subsidy is no lock for the current contractor, Great Lakes Airlines. The company has competition from 4 other airlines who have been lobbying the city. Now after a city request the Feds have postponed a decision for a few months says staff.Complicating the issue is a possible loss of an air subsidy to Merced who figure in several applicants plans who want to serve both cities.
Sears Still Solid In Visalia
Sears may be tanking nationwide, they lost nearly $1 billion during the first half of 2014, with plans to close 130 stores this year. But don’t look for that to happen in Visalia just yet. Sources say the Visalia store does alright and ranks high on performance for Sears locations in the state.
Packwood Creek Dental Office
Look for a new dental office to open at Packwood Creek shopping center after the first of the year. Pacific Dental Services partners with over 400 local dentists nationwide doing the behind the scenes legwork and marketing for new locations,often in a retail setting, while letting the local dentist do what the do – fix teeth. The company has several locations open or opening soon in the Fresno/Clovis area.
New Wet Seal Plus Opens
30 Wet Seal+ Plus stores across the nation held their grand opening August 16 including the new West Seal Plus at Packwood Creek in Visalia.
Batch Plant Seeks Approval
Pismo-based Papich Construction wants to expand their Hwy 99/198 asphalt batch plant and make it permanent. They had been working with the City of Visalia to build a plant in the industrial park but now are pursuing a permit with the county at their present location near Goshen.
Bear Valley Ski Resort Sold
Who says ski resorts have no future in the Golden State? Not the Canadians who announced this week they were purchasing Bear Valley ski resort east of Stockton. The company is called Skyline.The resort operates year round with summer events including a well-known music festival.
Porterville Foster Farms Jobs-Out Cleaning Contract
Stung by salmonella issues that caused several recalls – poultry producer Foster Farms will job-out the all-important sanitary cleaning of their Porterville facility starting next month with about 60 employees being offered jobs with a new private firm, S3 Sanitation, who will now do the work. Some 400 work at the plant.