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from Mr. Holden's comparables in Huntington Beach and Los
Angeles, and more than 30 miles away from Oxnard.
Mr. Holden acknowledges that MVN and MVS are "situated in
Santa Barbara's most desirable neighborhood". He also notes that
MVN and MVS "make up the majority of the commercial property in
Montecito. They almost set their own rental market." The
Montecito-Santa Barbara community is unique in that there is very
limited vacant land. It is a small community, and there are not
many shopping centers for sale at any given time, in contrast to
Los Angeles and Orange counties where many shopping centers are
for sale at any particular moment in time. Moreover, during
1989, Santa Barbara voters passed "Measure E", which restricts
the building of commercial and industrial properties in the city
limits of Santa Barbara. Mr. Holden states that, although it is
too early to tell how Measure E would affect the real estate
market in Santa Barbara, "more than likely, it will cause a
shortage of commercial rental facilities and create high rents".
Accordingly, the unique character of the Montecito-Santa Barbara
real estate market will be maintained well after the alternate
valuation date.
Mr. Holden attempted to demonstrate the rising
capitalization rates of commercial shopping center sales in
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