(previous Del Mar CRE update here and all the priors can be found by putting "CRE" in the search box at the top of the blog)
I took the camera out last night because of this:
The picture doesn't do it justice. It was amazing. You're lucky you didn't see it because everything you saw from then on would look ugly by comparison.
But while I had the camera out, I took an evening stroll around Del Mar. None of the properties in previous CRE updates appear to have been filled. And I found this:
A new "For Lease" sign, on the top (2nd) story above a company called Johnson & Rountree. It looks like a big office with panoramic ocean views. If they priced that right, somebody would take it. Hah. I just googled Johnson & Rountree and they are debt collectors. There's somebody who ain't going out of business. Maybe they'll wait a few months and then move upstairs at a fire sale price.
Remember that yogurt shop that was "opening soon" a few months ago in the old shoe store?
It's still opening soon.
Lululemon, a company that sells overpriced yoga clothes, appears to be pulling out of Del Mar.
That one is being rented by Capital Growth Properties, Greg and Darlene's company that we saw in a couple places last week. Fortunately for them, it looks like they are just agents, not investors. If they owned all the places they're trying to rent, they'd be bankrupt.
We did find one sign of retail strength, though. Banana Republic is boldly raising prices. Remember that 70% off Final Days sale they were having a few weeks ago? Well, now they are only giving 40% off:
And driving through neighboring Solana Beach today, it looks like Del Mar's epidemic is highly contagious and spreading: