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Bruce Norris is generally regarded as one of the best California residential real estate forecasters. Not only is he self-taught in real estate economics and data, but he is also a real estate investor himself. He is a great source because he depends on his own predictions to correctly make decisions for his business. For further background, check out a previous blog post I wrote on Bruce Norris predictions here. Bruce Norris Event This last weekend I attended Bruce’s event, “California Real Estate: On Borrowed Time” in Riverside. Upon arrival we received a 250-page book with hundreds of different charts, illustrating that he really does his homework. These charts provided data on various topics such as
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Happy New Year! As we begin 2019, I am starting to make my annual predictions blog for the year. Until, then, I wanted to explore a few topics relevant to the New Year. Real Estate in January In my opinion, January is always a funky month in residential real estate as buyers and sellers are returning from the holidays and vacations. I believe there are great opportunities for both sides during this time, you just have to play your cards right. Buyers For buyers, January is a great month to score a deal. Here are a few reasons… Most buyers are focused on New Year’s resolutions and returning from vacation. Competition is still very low until
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Every January I write my fearless predictions for the South Bay real estate market in the upcoming year. As the year comes to an end, I like to hold myself accountable and show readers how my predictions actually turned out. If you want to refresh your memory, check out my predictions for 2018 here. Let’s see how I did… Prediction Recap: Mortgage Rates Will Rise Moderately Prediction: I predict a rise of about 0.25% with a maximum jump of 0.5% before The Fed would step in to get rates under control. Recap: I was a little off, but, by year end, I could be close depending on where rates end up. According to FRED (Federal Reserve
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As we approach the end of the year, I thought it would be beneficial to review sales and median prices from 2018. This data includes median income and how it relates to affordability. South Bay Median Prices and Closed Sales Home sales are down, not just in California, but all over the nation. Median price increases are also decelerating. How is this impacting the South Bay market? Take a look at these numbers from November YTD (year-to-date). Every area mentioned above shows that sales are down in 2018. In my opinion, this is a direct result of rising interest rates pushing buyers to the sidelines. On the flip side, every area shows that prices are up.
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Earlier this year, our office was buzzing with excitement over the new real estate Opportunity Zones created by the Tax Cuts and Jobs Act (TCJA) of 2017. This section of the TCJA was created to help under-served communities attract investment capital. Now, here at Manhattan Pacific Realty most of our business is focused on South Bay home sales, so Opportunity Zones was never a big topic of conversation among our clients. However, it seems people who normally wouldn’t be interested in this topic (local developers, homeowners, beginning investors) are now more interested since the tax benefits are significant. This brings me to today’s blog. Due to the heightened interest, I wanted to give readers some insight
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This past week the Woolsey and Hill Fires in Southern California and the Camp Fire in Northern California have affected millions of people in the most deadly and destructive fires in our state’s history. Donate! Before we dive into this week’s blog, I want to salute the first-responders and offer condolences to all the people that have lost homes and loved ones. Please donate to help your California neighbors in need. We here at Manhattan Pacific Realty have donated $500 to the relief efforts of the American Red Cross. We will match donations from every reader up to a total of $500 of those that choose to donate after the posting of this blog. Shoot your
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When most people speak about depreciation and real estate, they talk about the tax benefits. Often, you will hear a new real estate investor or some real estate guru say, “You can earn cash flow tax-free because in real estate there is depreciation!” The problem with this statement is that depreciation is very real and tax benefits are given to allow property owners to consistently invest in aging real property, like a new roof, updated plumbing, or new electrical systems. Depreciation Rules For commercial property, the life and deprecation schedule granted by the IRS is 39 years. Have you ever seen a commercial property that has not been upgraded in 39 years? It is about as
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There is much to debate about off-market deals in present day residential real estate. Over the past 10 years, I have seen the good, the bad, and the ugly. In today’s blog post, I will illustrate my opinions on off-market deals and hopefully give you some good insight.   One: Leave the off-market deals to the professionals “Listen, here’s the thing. If you can’t spot the sucker in your first half hour at the table, then you ARE the sucker.” This famous quote by Mike McDermott (Matt Damon) in the 1998 poker cult-classic, “Rounders,” helps to personify residential off-market deals. The reference is made to describe a newbie poker player (a.k.a. a “fish”) trying to play
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For many, Labor Day weekend marks the beginning of school, football season, and Fiesta Hermosa. In real estate, it is the unofficial kick-off to the the fall selling season. Fall Season & New Listing Contrary to popular belief, fall is one of the best seasons to sell in the South Bay. That’s right, much better than the dog days of summer in July and August and only behind the famous Spring selling season as the best seasonal time to list one’s home. Some agents and sellers choose to bring out new listings over the holiday weekend and others choose to list the weekend after. Each strategy has its own merits, which I can get into another
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Today I am going to touch on the topic of interest rates, the Federal Reserve (Fed) balance sheet normalization, and how it is affecting real estate today and in the future. Below I will share my exploration of charts from the Fed and a breakdown of what exactly is influencing interest rates. I am not an economist or financial advisor; I am a real estate investor and local broker studying complex economic topics and how they will impact our local South Bay market. My hope is to shed some light on a topic that will help my readers, clients, friends, family, and anyone interested in real estate.   Fed Normalization Before I dive in, I wanted to
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