Winery foreclosures are hitting California’s Napa Valley.
As many as 10 wineries and vineyards in Napa, where the most expensive U.S. wines are produced, will change hands in distressed sales or foreclosures this year and next, up from none in 2008..
“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.
Land values in Napa Valley, home to about 400 producers, have fallen 15 percent from the 2007 peak, driven in part by slumping demand for high-end wine…
Loudoun’s wineries total around 20 and are a keystone of the county’s agricultural economy effort for the last 10 years.
The effort seeks to use rural lands in a form that prevents use as suburban housing and has been moderately successful.
Typically, economic development efforts are fully formed in a 20+ year timeframe.
Virginia wines have recently found favor and are on the upswing in local consumption.
Wineries generate revenue by not only selling wine but using their often scenic facilities as settings for catering venues.
Loudoun wineries have established partnerships with restaurants and growers in the farm to fork fresh food movement which has a lot of interest in the DC area.
Area wineries also generate tasting business from tour groups.
Virginia vintners compete with the more established wine region in New York’s Finger Lakes for east coast wine tourists.
