Confidential Lumber Yard Scam…By Peter Fleming, Malibu Real Estate Confidential
By Peter Fleming, Malibu Real Estate Confidential
City Council Conducts the Vanishing Lease…
We’ve seen the movies where developers and corrupted city officials tear down a classic old ethnic neighborhood to build modern housing for the upper middle class, bringing a new unwanted elegance to Old Town. We always hate the corrupt mayor and big shots, and somebody always gets hurt.
Accuse me of over dramatizing, but manyu Malibu locals looked askance at the loss of the Malibu Lumber Yard in much the same way; questionable “progress” moving out the old and comfortable. Dick Van Dyke’s letter said it best that he had to drive to the Valley to get a screw driver. Other voices predicted fuel waste and traffic accidents caused by thousands of extra dangerous canyon trips to shop elsewhere. So, the City Council wanted more money per square foot for their city property. Bring progress to Malibu. Bring chic, and more rent. The tourists will love newer and fancier T shirts. Talk about bad timing just as store front space is going big time vacant!
Besides starting this ill-timed, pretentious shopping center, they stick the knife in nervily calling it, The Lumber Yard. That’s the stolen name, to go with an expensive lease made by the over eager Malibu City council. Add in, the crowded over stocking of each less than upscale store, and wind up not being able to pay the big rent. Then, according to the Malibu paper, the tenants ask for and GET A MALIBU BAILOUT!!! The Council grants them half payment only for the next fifteen years, plus NO INTEREST on the balance of this dubious sounding arrangement. With this bailout, if they are even master tenants for that length of time, and if they pay, it will be virtually a worthless payout at few pennies on the dollar. A virtual gift payable in future worthless dollar.
Definition of BAILOUT: friends helping friends to your money! Timely and not bad. eh? If Arnold, Goldman and the Fed can do it. If Bush and Obama can do it, the Malibu leaders follow suit.
We need more good citizens to move to Malibu.
At Malibu Real Estate Confidential, we’d love to hear from you – about real estate, freedom, citizenship and home ownership. You can reach Peter Fleming directly at 310-454-1373 or email him at peterfleming@earthlink.net. For all your home buying and selling needs shouldn’t you choose a real estate agent with a seasoned attitude and a commitment to home ownership?
