I hate to go on about the charms of Greenwood, between Bond and Pilot Butte. But to continue from the comments on the previous post, here are some things I like about it.
It's old Bend.
Almost every business is locally owned. No McDonalds or Starbucks or massive chain-stores or precious boutiques.
A funky mix. Service, industrial, retail, office.
Not as messy and trafficy as 3rd St, but still busy. A major conduit to Costgo and Barnes and Noble from east, south and north.
The buildings weren't all built at the same time with the same style, and have been around long enough to blend in.
Rents are still affordable. But still mostly move in ready.
Neither too big or too small buildings. Indeed, the only place in town with 2000 to 5000 sq. ft. places that could be adapted for retail.
The fashionista's haven't ruined it yet.
Just the place for an individualist to make his or her mark. To stand out. And it seems more likely to go up in quality, rather than down. And the city isn't talking about completely redoing it (like 3rd St. Shudder to think how they'll botch that....)
Actually, the more I think about it.....nevermind. Don't go there. You'll hate it. You'd be much more happy on the West Side. Leave Greenwood alone.
Monday, March 10, 2008
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After driving through the Westside of Bend today, I kept having this phrase go through my mind. "Buying Success."
Because that's what it looks like to me -- that people are trying to buy success. Buy the best building, on the best side of town, with the best fixtures, and the best logo driving up in the best cars, carrying the best inventory, and living the best dream of the best of all possible worlds.
And yet, I can't help but wonder what their rate of return for the money invested really is.
Or is it all fake and hollow? Are those new buildings thrown up with minimal quality. Is it all for show? Are the building real, but the tenants all suckers?
Spending a million dollars to earn back 50k profit a year seems pretty crazy, but that's what it looks like to me in many of these locations. Like no one actually sat down and did the math and figured out the rate of return.
Sometimes, if you have money, taking the safe 6% might be the smarter thing to do.
I could be all wet.
Maybe I don't know what the dynamics really are. But if the rate of return I get in my business after 28 years is any indication, most of these businesses are never going to break even after 10 years earning 5 times as much as me, even if they're covering their nut in the meantime. Which makes them nothing but foolish ego trips.
Makes sense. It fits in with paying twice as much as a house is worth, moving to a town without a real job, and thinking the party would never end.
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