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California Governor Gavin Newsom’s executive “Stay-at-Home” order is having an effect on industries throughout the state. Our local real estate market is in the early stages of adjusting as a result of the order. There are 16 essential infrastructure sectors that are exempt from staying home, and while housing construction and property management are considered essential, Realtors are NOT exempt from this order. What that means, in short, is the home market has been put on ice. In order to safely social distance, how can you possibly conduct an in-person showing, meet for a listing presentation, or hold an open house? Short answer: You can’t do it. Additionally, with well-deserved concerns over the spread of the
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Coronavirus infection cases have grown with exponential speed. Stock markets have reacted negatively with incredible speed. News seems to be changing at remarkable speed. Speed, speed, speed. Conversely, residential real estate moves very, very slowly. Thanks to a slow moving asset class, we really do not know what effects this “new normal” is having on residential real estate just yet. It takes a couple of weeks to prepare a property for sale, then a few more weeks to make a deal on a listing, and perhaps a month or longer to close an escrow. It is too early to tell and it will be impossible to project until we get more certainty on how the Coronavirus
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Over the last two weeks, the U.S. equity markets have seen extreme volatility not seen since the Great Recession. The Coronavirus, which started out as a small outbreak in China, rocked the second-largest economy in the world over the past two months and has started to spread throughout the globe. Further, the Coronavirus is starting to affect confidence and nerves not just in the United States, but in California, Los Angeles County, and in the South Bay. In fact, California just declared State of Emergency. Per USA Today’s Curtis Tate last night, he reported that a contract medical screener at LAX tested positive for Coronavirus. That hits right at home here in the South Bay. Whether
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We are starting to gear up here at Manhattan Pacific Realty for the upcoming busy Spring selling season. It is busier than normal with a lot of clients starting to plan in January to execute on their 2020 real estate goals. Inventory is still a bit slow to come and I will get back to writing about specific cities and pockets soon. For now, the most important and influential data is the year-over-year price performance in 2019. Normally, I do not discuss quarterly or yearly data in the blog as I tend to share that information on my IGTV page and quarterly mailer. That said, it feels very relevant for the blog presently as there has
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Since we are on a holiday week and skipping out for the holidays by the end of today, I am being “naughty” by writing a short blog post this week, but “nice” because I really am committed to doing this blog each and every week! Not sure if that earns me the “nice” badge of honor, but it definitely helps me justify this post. These items are just some of the things you should be doing or researching now in preparation for your real estate acquisition or disposition in the coming year. There is a lot more to consider than the items below, but here are some tips to get you started. Home Buyers Be sure
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As longtime readers know, I write my “fearless predictions” for the South Bay real estate market for the upcoming year. I also like to hold myself accountable and share with readers how my predictions actually turned out. If you want to refresh your memory, take a look at my predictions from January of 2019 here. Let’s see how I did… Prediction Recap: The Interest Rate Effect My Prediction: The Fed will raise rates, the stock market will close higher, and 30-year rates will go to 5%. Rates that high will hurt the market. Recap: What a way to start the recap! I was VERY wrong on this one…or at least, two thirds wrong. After raising rates
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In 2017, I wrote a blog post called “A Can’t Miss South Bay Investment,” which addressed the new California ADU (Accessory Dwelling Units) bills signed into law by Governor Jerry Brown. This was the first step in allowing for “granny flats” or “in-law units” to be built on owner-occupied single-family property, which was otherwise expensive or nearly impossible to get done in the past. For me, this was a “can’t miss” opportunity for homeowners in the South Bay to cash in on rental income by converting a garage or constructing a rental unit in their backyard. My optimism was soon quashed, however, as cities throughout the state could take the state law and amend certain aspects
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I get comments on my blog posts all the time. The strange world of social media and the internet seem to find a way to bring us together, good and bad. I am constantly surprised everyday on how my posts can inspire the best and the worst out of people. All I can do is be thankful people are reading and try to respond as professionally as possible. As the blog has matured, I am happy to report that the comments and responses have gotten more and more positive. Just over the past two weeks is a sampling of readers that made my day: Email: “Really good article. Well thought out, well communicated, excellent and balanced
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The South Bay is unquestionably huge. Depending on how you calculate the boundaries of the South Bay, it is over 100 square miles with a population of over one million people. How do I determine a South Bay city or neighborhood? If the Daily Breeze covers it, then that is enough to be included in the South Bay. Many of you know the focus of the blog is normally Palos Verdes, Redondo Beach, Hermosa Beach, and Manhattan Beach. For some readers, the blog’s market coverage is too narrow, and for others, it is too wide. For me as a writer and real estate broker, focusing on these four cities is what I can handle without stretching
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Rent control is now a reality for the residents of California as the recent passing of AB 1482 has become the hottest topic in real estate. If you missed last week’s blog post,”The South Bay Real Estate Market is Now Rent-Controlled,” be sure to check it out here for some of the main points. If you would like a deeper dive into the nitty gritty of AB 1482, take a look at the full bill here. So, after a weekend to review and gather my thoughts on how this new law will affect landlords and tenants, I now present to you my unscientific thoughts on how things will shake out. For those of you that know
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