Here’s the model for making bank in the apartment investment market. First, like all ambitious development projects, use other people’s money. Two, like PFI Incorporated, buy a complex where rents are low relative to market demand – the Sonoma Mission apartments, for example, for $7.85 million. Then jack up the rents for the 43 units by 25 percent or so, and mark time until your stated sell date in seven years. Along the way, make a few cosmetic upgrades, and remind your backers that the investment is expected to provide returns of 6 percent annual cash flow, largely tax-sheltered, and final returns of 15 percent per year, upon sale, assuming an average rental market. Apply the same formula to Sonoma’s 885 Broadway as well… Complexes in the Springs seem particularly vulnerable to the formula. Rental demand is high, property prices – figuring the revenue potential – relatively low. The neighborhood’s upcoming infrastructure and beautification projects will add value, too. Other people, get your money out.
No hotel, no public market, no retail. The latest plan for the Broadway/MacArthur corner, the old car lot, is housing only. The proposed project, now known as MacArthur Court, calls for 26 multi-family residences, 11 “house” units and 15 “townhouse” units. The units would be grouped in six clusters on the 1.86-acre site, with a seventh cluster at the cente. The northeast corner of the site, which lies within a creek setback, would be used as a common space area.
Remember that scene in the movie “Ghost” with Demi Moore, and she’s at the potter’s wheel and suddenly gets erotic inspiration from her dearly departed husband (Patrick Swayze), whose hands are pretty lively for a dead guy? Like you throw a pot and have to have a cigarette after? Sonoma Community Center probably does – its scheduled pottery ‘date nights’ for October 16 and 29. Informal, no clay experience necessary, and beer, wine and snacks are included. Take a spin. You can get a little dirty, but keep it clean.
As the president of the successful and hectic Valley of the Moon Vintage Festival, Maria Toimil is finally catching her breath. “A guest from Florida told me Festival is the best event in the nation. Wow, what an honor.” Meanwhile, the parade results are final. Your winners are: Best Float, Vella Cheese. Motorized: Native Sons. Non-motorized: Tolay Springs. Walking: El Verano School. Kids: Sonoma Valley Girl Scouts. (Sonoma Sun float at night; still working on it). See you next year!
Congratulations to The Boys & Girls Clubs of Sonoma Valley board of directors, honored with a Gold Eagle Award from Boys & Girls Clubs of America. It’s a big deal; fewer than 10 percent of clubs in the nation are so honored. “We’re proud of the leadership, hard work, and resources that the volunteer board of directors provide our organization,” said Rachel Cusick of the BGCSV. “It’s a testimony of the dedication and commitment of the organization’s board and executive leadership to serving the youth of your community at the highest level.” Chair Erin Riley Dowling accepted the award at a conference in Long Beach.
Keith Hansen, coming to Sonoma for an October 22 lecture (page Guide), is among the finest bird artists in the western United States. “I’m into the migration,” he says, envious. “The fact is that birds have their sleeping bag, their fork, their knife their spoon, their suitcase packed at all times and they can just open their wings and go to Guatemala or fly to Hawaii.”
— Val Robichaud
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