25 years ago...
I am excited about this week as it marks my 25th anniversary in real estate. December 1992 seems like a lifetime ago, which in many ways rings true when you look at the growth one experiences in themselves and the world around them.
There have been many positive occurrences in my career and business as well as a few learning experiences. My most significant success during these years are the relationships created. Thank you for being my client--I am a better person because of it.
I thought it would be fun to take a look at our world back in 1992:
U.S. population: 254,994,517 (today 325,365,189)
Average life expectancy: 75.8 years (2010 was 78.7)
President: George Bush, Vice President: Dan Quayle
Bill Clinton elected President of the United States
Top-grossing movie: “Aladdin”
Billboard’s number one hit single: “End of the Road” by Boyz II Men
Number one rated TV show by Nielsen Media Research: “60 Minutes”
Johnny Carson’s last show draws a record 55 million viewers
Superbowl XXVII: Dallas 52 – Buffalo 17 (January 1993)
World Series: Toronto 4 – Braves 2
NBA Championship: Chicago 4 – Portland 2
Average cost for a gallon of gas $1.05 (today $3.56)
Windows 3.1 released by Microsoft
AT&T released the video telephone for $1,499
The first ever photo posted on the Internet
Unemployment: 7.3 percent (today 4.8 percent)
Dow-Jones: high: 3,413, low: 3,137 (today 24,534 and 19,677)
Federal budget: $1.41 trillion (today $4.094 trillion)
Federal debt: $4.065 trillion (today $20.245 trillion)
Inflation: 2.90 percent (today 2.07 percent)
Consumer Price Index: 140.3 (today 244.7)
Median household income: $30,636
Cost of a first-class stamp: 29 cents
California minimum wage: $4.25 ($11.00 January 2018)
Average cost of a new house in the U.S.: $146,200 (today $400,200)
...and a few statistics about Napa Valley:
Napa County population: 114,322 (today 141,565)
City of American Canyon incorporated as a city
Average Downtown Napa retail lease rate: $1 psf/month (today over $6)
Average Downtown Napa commercial building value: $100 psf (today over $900)
Total countywide property valuation: $8,084,816,353 (today $37,426,335,858)
Wineries in Napa Valley: 233 (today more than 500)
Total producing vineyard acreage: 31,155 (today 43,449)
Total grape tons produced: 135,255.6 (today 153,046)
Average price per ton for grapes: $1,239.74 (today $5,647 reds, $2,485 whites)
Total value of grapes produced: $167,682,000 (today $729,507,300)
As I continue supporting my clients in their commercial sales and leasing needs I will also be developing next year a private equity syndication fund for accredited investors. By pooling our resources, we will be positioned to purchase investment real estate in the Napa Valley and beyond. More on this later.
I look forward to another 25 years--working for you and, “Guiding you through the real estate part of your life."
Burt M. Polson, CCIM, is an active commercial real estate broker. Reach him at 707-254-8000, or firstname.lastname@example.org. Sign up for his email newsletter at BurtPolson.com.