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These days, there are just no easy deals in residential real estate. With statewide median prices up over 13% in the third quarter, ultra-low interest rates, and clearly, not enough inventory, finding any sort of “sweet buy” is exceedingly difficult. So, where can one find opportunities today and into the presumed 2021 vaccine recovery? The clear winners in 2020 have been residential home and industrial real estate. And, to no surprise, the clear losers have been office and retail real estate. Income properties and apartment buildings are a bit fuzzier. So, I want to dive in a little deeper on that topic. Major Headwinds for Apartments There have been major headwinds for apartment buildings in 2020
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Yesterday, the California Association of Realtors (C.A.R.) released their third quarter housing numbers. The data presented this quarter might be some of the most important received in all of 2020. For this blog, I want to highlight a few facts from the C.A.R. report. Then, I want to dig deeper into housing affordability numbers and how it might affect the market over an extended period of time. C.A.R’s 3rd Quarter Report & Affordability The title of C.A.R.’s press release was: “Higher Home Prices Driven by Dearth of Inventory Depresses California Housing Affordability in Third-Quarter 2020.” Some of their main bullet points were the following: Just 28% of California households could afford to buy the $693,680 median-priced
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Last week, I had the wise idea of doing an “instant” reaction to the California proposition results that affected real estate throughout the state. I should have known better. Here we sit on Friday still without official results as the votes are still being counted. According to the Associated Press, via Google search: “CA proposition results,” there are 76% of the votes being reported. With just over three quarters of the votes counted, this is how the key real estate propositions look as of this morning, Friday, November 6th. California Proposition 15: Change in Commercial Property Tax: California Proposition 19: Change Property Tax Rules: California Proposition 21: Local Government Rent Control: In case you wanted a
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