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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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It is not 100% official, but California Assembly Bill 1482, which will create statewide rent control throughout California, has been approved by the State Senate and Legislature. Governor Gavin Newsome has pledged he will sign the bill, making the new rent control law effective throughout California in a matter of days. This new law is a resounding victory for tenant advocates and a disappointing loss to landlords. As a result, the South Bay real estate market is now rent-controlled. This is a new way of life for the local real estate community and it will take time for all to adjust to the new laws. Since this is massive breaking news for California real estate, I
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Semi-annually I like to touch on the perpetually hot topic in residential real estate – interest rates. Past Blog Post and Conclusions The last time I wrote a blog post on interest rates was back in March titled “California Interest Rates are Rising – Should You Buy Now?” I highly encourage you to read that last post because it debunks the myth that when interest rates go up, prices go down. And, vice versa. Essentially, per the data, interest rate movement does not dictate whether we go up or down in price. They are a potential contributor to a multitude of factors, but you can never “bet the house” on interest rate moves correlating directly with
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I recently received a lot of feedback on last week’s blog post titled “Why I am Selling My South Bay Residential Income Property.” There was some good feedback and a lot of great comments. Below are a few examples of questions and comments I received: “If you own at such a low basis, your returns are much higher…so why the heck would you sell?” “I only want to invest in real estate and have been sitting in cash for two years. Thanks for the post and I will continue to wait.” “What are you going to buy with the proceeds that justify taking such a big tax hit?” All of these comments and questions are excellent
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