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May 11, 2020 by Peter Maclennan Leave a Comment

Video Tour and Additional Photos of 1780 Monument Blvd

I was able to film a video tour of my listing at 1780 Monument Blvd in Concord, CA.

Video Tour of 1780 Monument Blvd, Concord, CA

The property is 4,180 Sq. ft. and includes lifts for multiple cars. The shop repairs mufflers and is one of the only radiator repair shops in the East Bay Area.

Property Details

Price: $1,500,000
Address: 1780 Monument Blvd
City: Concord
State: CA
ZIP: 94520
MLS #: 40895930
Square Feet: ±4,180

Photos of 1780 Monument Boulevard

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Filed Under: Concord Real Estate, Listing Tagged With: Automotive, Commercial Real Estate, Concord, Contra Costa County, Real Estate Investment

November 19, 2012 by Peter Maclennan Leave a Comment

Stuck in 2007

I speak with a number of real estate investors that own duplex, triplex, or fourplex properties and they expect to get 2007 pricing for their property, even though it is 2012. They are stuck in 2007. When I tell them that I think their property would sell for a range of value, they are upset that the market won’t pay them more for their property.

For some owners, this is bad news because they bought in 2006 or near the peak of the real estate bubble. When I tell them the current market’s assessment of their property they are underwater on their investment property.

For other owners that bought prior to the real estate bubble, they still have a significant amount of equity in their property. This equity may be earning a very low return when compared with other investment alternatives.

Harmful Thinking

One of my favorite shows is ABC’s Shark Tank. On the show aspiring entrepreneurs and inventors pitch their ideas to a team of wealthy investors or “sharks”. The entrepreneurs have to sell the Sharks on why their idea is going to make money and be a good investment.

On many of the episodes a Shark will tell the aspiring entrepreneur that although he/she likes the person or the investment, he/she cannot invest because they are a disciplined investor. Kevin O’Leary frequently refers to his money as “an army” that he likes to send out making sure that they bring back more than they left with.

Living in the past is detrimental to making wise decisions about the future. Eventually prices may get back to the level of 2006 or 2007. The question is: How long is the investor willing to wait for those prices? How many better investments are you going to miss because you are waiting for the market high to come back?

Thoughts?

What motivates people to hold on to an investment even if it is not generating optimum returns?

 

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Filed Under: Contra Costa Real Estate, Real Estate Investing Tagged With: Investment Property, Real Estate Investment

September 21, 2012 by Peter Maclennan 1 Comment

Bay Area Commercial Real Estate Forecast

walnut creek office building

On Friday I attended a Commercial Real estate forecast hosted by Northern California CCIM and the Oakland/East Bay BOMA.

Bob Bach, Senior Vice President and Chief Economist of Newmark Grubb Knight Frank, shared his insights on the national market and how the Bay Area stacks up against other markets. Here are bullet points from his research:

  • The cities in the Bay Area and California that have experienced the most job growth are San Fran & San Jose. This trend is due to the growth in the technology sector and some of the recent IPO’s.
  • Austin, Houston, & San Antonio, Texas are leading employment centers for the nation. In fact, Texas had other metropolitan areas that ranked in the top twenty MSA’s for job growth. Real estate investment in these cities has been particularly strong.
  • Oil prices are a key indicator for the economy. If oil prices spike, watch out.
  • An interesting piece of insight from Bob, was that retail shopping is relatively healthy in the Bay Area but lagging in across the rest of the nation. Part of this is due to the job growth that the Bay Area has seen.
  • Commercial Real Estate (CRE) Investment came back early in the recessionary cycle, but investments were not like in the early 90’s. Many investors expected to make huge returns like in the RTC days. Those returns never materialized.
  • Cap rates are lower year over year in the 2nd quarter of this year. This has produced an increase in prices in real estate investments.
  • This was interesting: The spread between ten year treasury and cap rates are at a ten year high. This means that cap rates could still compress to the historical levels. Or when treasury rates rise, cap rates may not increase in lock step until the spread is reduced.
  • Businesses are hesitant to make a move until the “fiscal cliff” is addressed. The fiscal cliff is the looming debt crisis the U.S. is facing, along with the growth of the deficit spending. There is a lot of uncertainty in the market that is causing business to proceed with caution.

Maria Sicola, Executive Managing Director at Cushman & Wakefield and Head of Research for the Americas, shared some of her thoughts on the U.S. economy and on the Bay Area in particular. She focused primarily on the industrial and office markets:

  • The San Francisco MSA is projected to outperform the rest of the country with a full recovery in 2014.
  • Absorption in the San Francisco office market is strong.
  • Currently, asking rent for office space is $51 per square foot (psf) per year. Vacancy is at about 8%.
  • Tech space is commanding higher rents. She differentiated between “Prime Creative Tech” and “Class A Tech”. Prime Creative Tech is the more desirable of the two spaces and consists of historic and/or brick & timber construction that has undergone a major retrofit. “Class A Tech” is still attractive to users and is described as traditional office space modified to accommodate technology and creative users.
  • Silicon Valley asking rents are $2.80 psf per month. Oakland asking rents are $2.52 psf per month.
  • Another interesting note from Maria’s talk was that there is a lack of Class A industrial space. I just read in the SF Business Times that there is a large speculative industrial project going in in Newark.

The event was an interesting one overall. Investors in office should stick to San Francisco and Silicon Valley projects where job growth has been strongest. Apartment demand is strong in the entire Bay Area.

If you are looking to invest in any of these sectors or have questions about your current investment, give me a ring at (925) 385-8798.

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Filed Under: Bay Area Real Estate News, Real Estate Investing Tagged With: Bay Area, Commercial Real Estate Investing, Real Estate Investment

April 10, 2012 by Peter Maclennan Leave a Comment

Rising Rents Make Rental Properties More Attractive

CNNMoney.com is reporting that rents are rising as home prices fall. According the article the cities with some of the largest price increases in the past 12 months were:

  • Sarasota Florida -12.9%
  • Miami, Florida -12.1%
  • San Francisco, California 11.1%
  • Middlesex County, Massachusetts – 10.6%
  • Edison, New Jersey – 10.5%

As well, they reported that the vacancy rate for apartments was just 4.9%. Even cities in the Midwest saw significant price increases.

Market Forces

In a recent article, I shared about a potential wave of foreclosures that is yet to come. Should these foreclosed properties hit the market, pricing on homes should continue lower.

As well, those souls that have lost their homes to foreclosure or via short-sale  may be forced to rent for a period of time. This increased demand for rental properties, would put continuing upward pressure on rents.

These forces lead me to believe that it is a good time to own residential rental real estate.

If you would like more information on how you can augment your retirement with real estate, please contact us. Or call me at (925) 385-8798.

For other articles about investing in real estate, head over to www.maclennaninvestments.com.

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Filed Under: Real Estate Investing Tagged With: Investment Property, Real Estate Investing, Real Estate Investment

January 11, 2011 by Peter Maclennan 1 Comment

Risk: Getting Your Money Back Guaranteed?

I have been reading Investing for the Future by Larry Burkett on investing principles. I was struck by the author’s clarity in defining risk.

Almost without exception the degree of risk is rated based on the guaranteed return of the principle, not how much earnings the investment might yield.

The key factor in evaluating an investment’s risk is: Will I get my money back?

An investment that could lose lots of money, should provide the investor with a greater reward for their willingness to take that risk.  Conversely, “safe” investments provide less reward to investors, because they have a greater certainty of getting their money back.

This explains why savings accounts are bearing such a low rate of return. The federal government has guaranteed that savings accounts up to $250,000 will be made whole, by the FDIC. Investors in savings accounts are taking almost no risk, so they get almost no reward or return.

If you are interested in earning a higher yield on your savings, please feel free to contact me at (925) 385-8798.

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Filed Under: CA Real Estate, Real Estate Investing Tagged With: Commercial Real Estate Investing, Investment Decisions, Real Estate Investment, Real Estate Investor

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Welcome to Maclennan Investment Group, Inc., your East Bay Area real estate investment advisors. Maclennan Investment Group assists buyers and sellers of real estate maximize the investment potential of their real estate assets.

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Maclennan Investment Group, Inc.
3380 Vincent Rd, Ste HUB
Pleasant Hill, CA 94523
p. (925) 385-8798
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