I've been talking about how crazy it's starting to be to find buildable land in the Bay Area for a little while now. It's really starting to get super crazy now. Okay..... this is the back story.
My favorite dive burrito place used to be right down the road from what is now Google. I used to work in the buildings that Google now owns when I first started my career. That burrito place was where everyone went. It was a dive back then, but as the years went by, even I started to be a little amazed the health department wasn't shutting them down. It wasn't the food, the food was always consistent. It was the building had really started to go into severe disrepair. The ceiling looked like it would fall down and was stained. They obviously had a roof problem. If you hadn't already been going there for a long time, your first visit would make you nervous kind of thing.
About two years ago one Saturday Mr S. and I strolled up and they were razing the building. Luckily we found out they had only moved to another spot in Mountain View. We didn't really think of that spot until today. End of back story.
Tonight I needed Mr S's help to haul something home, so we decided to have burgers in Mountain View, and on the way back to the freeway - Mr S. drove by the spot that used to be my old dive burrito place.
And wouldn't you know it... they put effing condos up there. Now let me tell you. This plot of land was basically the size of two 7/11's. The new condos', I think, were three stories tall. My mind exploded so I'm not sure. But still. I'd be very shocked if it was even 20 units.
This is going to get very interesting from here. Said in the most sarcastic way.
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We picked up 25 free games from an operator this week who lost his warehouse lease in santa rosa because they doubled his rent. Apparently the pot farms are betting on legalization passing and have been bidding up the spaces. Another huge local industry that is set to grow enormously. Somehow I don't see demand dimenishing. I just hope they figure out the traffic problem before things get too big. DF
ReplyDeleteOooooooh. Right. I have seen those stories percolating up. I guess the real business to be in right now is owning warehouse space. And cranes. There must be 20 cranes up in Silicon Valley right now. I've read some crazy stories out of SoCal about warehouse space though. I don't know if you've heard how these people are securing this space. Just for kicks.
ReplyDeleteMy childhood girlfriend was dating this guy out of Colorado, and he's trying to find warehouse space in Seattle - which just went friendly. But banks don't recognize them. So to get the warehouse, the owner said to send him a photo of stack of cash. 50 cent style! And that's how he got his warehouse space.
It's literally like the wild West.
Thanks for pointing that out though. Rents going up 100%(even for warehouse(space) makes me feel like the effects of inflation will be tick, tick, ticking at our door.
I do think over time demand will go down slightly. Kids like to be edgy, and if it's not illegal well....there isn't as much appeal.