Google Yahoo! Myspace YouTube Facebook Live eBay Wikipedia Craigslist Blogger Amazon Go CNN ESPN New York Times Weather About MapQuest Apple Ask Wal-Mart Chase Cnet Bank of America CareerBuilder
Property crisis hits famous US wine growing region
|
The property foreclosure crisis in the US has spread to California’s famous wine producing Napa Valley as falling land values and a shift to cheaper brands hits the industry hard.
As many as 10 wineries and vineyards in the region, which produces the most expensive wines in the US, will change hands in distressed sales or foreclosures this year and next, up from none in 2008, according to a report from SiliconValley Bank.
It says that 7% of vintners believe their finances are very weak while 71% of respondents said credit is harder to get. ‘We have 250 vintner clients saying this downturn is the worst in 20 years,’ said Bill Stevens, manager of the bank’s wine division in St Helena, California.
Part of the problem is that land values in Napa, home to about 400 producers, have fallen 15% from the 2007 peak, driven in part by slumping demand for high end wine, according to Robert Nicholson of International Wine Associates, a consulting and financing firm in Healdsburg, California.
It says that 7% of vintners believe their finances are very weak while 71% of respondents said credit is harder to get. ‘We have 250 vintner clients saying this downturn is the worst in 20 years,’ said Bill Stevens, manager of the bank’s wine division in St Helena, California.
Part of the problem is that land values in Napa, home to about 400 producers, have fallen 15% from the 2007 peak, driven in part by slumping demand for high end wine, according to Robert Nicholson of International Wine Associates, a consulting and financing firm in Healdsburg, California.
Categories
Newsletter
Get each new article from
New York
Your email:
Latest
Mets edge Pirates in Dickey's 11-strikeout gameNew York Seizes Control of Horse-Racing BoardNew York City to get first major natgas line in 40 yearsNew York Taxi Drivers Unsure They Will See Benefits of a Fare HikeNew York Tops London With A Million Dollar Parking SpaceAmerican Idol: Will Jessica Sanchez's Bad Original Song Cost Her The Title?Egyptians to vote in historic presidential electionNorth Korea says it will 'expand' nuclear program in face of U.S. 'hostility'Iran's Ahmadinejad to visit China to discuss nuclear issueRomney adds to delegate lead with win in Kentucky
Tags
Popular
New York cops bust 45 in 'Supreme Team' drug crackdownNew York Tattoo Convention lands at Roseland Ballroom with up to 200 artistsREVEALED: A look inside Britain's most exclusive apartment block as £65m flat at One Hyde Park goes up for saleSenators take aim at Facebook co-founder, who will skip taxes by renouncing citizenshipNew York City Plans to Offer Buyouts to Idled TeachersBeastie Boys' Adam Yauch Honored by New York Senate$90M midtown penthouse tops mark for priciest New York City apartmentDonna Summer, Disco Queen, Dead at 63Popular Antibiotic May Raise Risk of Sudden DeathCalifornia expects Facebook boost
Comments
New York, NY |
|
