Salinas area/Moss Landing/Castroville

[Gayle Eisner]

Hi all:

I was thinking about purchasing a house  Or multifamily Salinas/Castroville?  A new hospital Kaiser is being built in the area, along with a train/transit in the next several years.  Also, a horse race track is proposed, along with a deSal plant in Moss Landing.  The 2 marine labs are expanding as well.  So many things are happening in this area & I was wondering if it would be a good place to invest?  However, the area is very strict on water supply and the farms in the area are of heavy pesticide usage, (strawberries and artichokes) which seems strange in such a ecofriendly state as California.  The area is changing, but Im not sure if good for an investment yet.?  Thanks kindly! Gayle

[Greg Hamer]

Hi Gayle, the Peninsula is pretty overpriced for rentals IMHO.  It all depends on what you want to do.  Properties are appreciating at a pretty good rate with DOM usually around 30 days or less.  If you put very little money down, I am not sure if you will come ahead with purchase price vs rental income.  

I haven't heard about a new hospital being built here, other than the VA clinic in Marina. Same thing with a train hub. The desal and racetrack might be dead in the water depending on who you talk to. There is always a lot of talk, just not sure when it will come along.

Let me know if you need any help.  I am a RE agent in Carmel.

Greg