Loren’s new stable business brought him face-to-face with travelers from all over California. Pescadero pioneer Alexander Moore was a client who, when he visited San Francisco, boarded his horse with Loren Coburn. (It is said that Mr. Moore built the first wood frame house in Pescadero.)
It’s possible that in the course of conversation, Alexander Moore revealed that lands were for sale on the South Coast–and Loren began to express interest. He was beginning to view land ownership as “insurance” against future economic hardships.
Chatting with folks at the stable, people from all over the state, gave him a good sense of real estate values. He also learned that many of the Spanish rancheros were in danger of losing their land–and that they desperately needed cash.
Until California joined the Union, the Golden State had been composed of a series of huge ranchos with legal issues decided under Mexican and/or Spanish law. Now with Americans pouring in, the land law was evolving, and in the beginning there was much confusion and opportunity for sharp investors.