French Camp resident Pete Paulsen read Tuesday’s column (“Sacramento makes it clear: Beverly Hills is part of the affordable housing problem”) and it prompted a trip down memory lane.
Paulsen’s grandfather bought a home at 321 South Cannon Drive in Beverly Hills in 1936 for $$10,000.
His grandfather sold in 1956 for $30,000,
The home last sold in 2022 for $3,870,000.
The base property California tax rate means whoever owns the home is now paying at least $38,700 in property taxes a year, or almost four times what Paulsen’s grandfather paid for it 88 years ago.
It now has an estimated value of $4,595,700.
Based on mid-1950 prices, the Beverly Hills home in question has risen almost 130 times in value in roughly the past 70 years.
Arie Groenveld a longtime Manteca resident who immigrated to California from the Netherlands and was a long time insurance salesman, passed away in 2009.
He shared with the Bulletin for a real estate story about the wisdom of buying a home that was published in 1998 that he had purchased his home in the 400 block of Fir Street in central Manteca for $7.500.
The Fir Street home last sold for $310,000 in 2018
It has an estimated value today of $384,461.
As such, the home has increased 50 times or so in the same 70 years that the home Paulsen’s grandfather increased 130 times.
Obviously, Manteca isn’t Beverly Hills.
Consider the comparison a bit of cotton candy about California’s wide ranging real estate market.
Now for a bit on Paulsen.
Most may have heard of him through the 30 plus years he staged benefit Hot Rod Parties on his French Camp ranch nestled up against the levees of the San Joaquin River.
TV and movie personalities as well as old-name disc jockeys were a part of the offerings.
More recently, he has been staging car shows to pay for the reconditioning of bicycles for kids.
Paulsen has been in the wheel business since 1961 when he opened the original House of Wheels in San Leandro.
He is a past promoter of Delta Speedway
Paulsen is also a member of the Grand National Roadster Show and SF Rod and Custom Hall of Fame.
To contact Dennis Wyatt, email dwyatt@mantecabulletin.com
