California Home Sales: : Inland Empire Foreclosure Sales Down

California Home Sales:
Distressed Sale Prices Rise With Market

California Home Sales | Costa Real Estate Digest

Buyers and bidders attending a trustee sale in front of the Historic County Courthouse in downtown Riverside in 2011. The sales were so popular the county asked for a law regulating the sales.(David Bauman/The Press-Enterprise)

Distressed California Home Sales Prices Driven By Dwindling Inventory And Other Factors

Numbers in the California home sales market are getting interesting, as reported elsewhere in these pages. The numbers for San Bernardino home sales and Riverside home sales are no exception. Nationally, the pool of distressed sale properties rose 4 points, while the number of REO and pre-foreclosure sales sank. The number of foreclosure related sales in the Inland Empire area decreased for the first time in 15 months.

Here's an interesting article that discusses all this from Debra Gruszecki in the Riverside PRess-enterprise:

REAL ESTATE: Distressed-sales pool, 47 percent

DEBRA GRUSZECKI – "In California, the average price of a foreclosure-related sale rose 4 percent to $248,676 from the previous quarter and from the second quarter of 2011. For the Riverside and San Bernardino County area, home sale prices for distressed property rose to $179,762 from $176,383 one year earlier, as the number of sales in the second quarter — 11,564 — dropped 14.5 percent from the second quarter of 2011." …Press-Enterprise
http://www.pe.com/business/business-headlines/20120830-real-estate-distressed-sales-pool-47-percent.ece

 

 

California Home Sales Related To Foreclosure
Fell 9.6% From Year Age

The number of California home sales related to foreclosure has fallen, but it still netted 40% of the market. Investors … large investors such as hedge funds … are driving this sector of the market. Some are paying 125% of value to obtain properties at Trustee's Sales. This is a reflection of the "Smart Investor Mind" … and is indicative of what the "smart money" thinks about the California home sales in general. They're bullish.

What does that say to you? Are the California home sales market numbers enough to get you interested?

California Home Sales.
 

San Fernando Valley Home Sales: A Market On The Rebound

San Fernando Valley Home Sales:
A Market On The Rebound

San Fernando Valley Home Sales | Costa Real Estate Digest

San Fernando Valley Home Sales Paint Picture Of A Market In Rebound

Recent Reports On San Fernando Valley Home Sales Show Growth In Activity And Prices

Recent reports are showing that San Fernando Valley home sales are no exception tot he rule as we see a definite rebound in the California … and national … real estate markets. Median prices are up and so is the number of homes sold. That's a good combination to see.

In this article from Gregory J. Wilcox of the LA Daily News, we see that foreclosures are no longer driving the market and that Standard sales are beginning to take their place. The median sales price has risen as the low-end REO properties have been snatched up by investors and resident purchasers have become more prevalent.

Here's the link to the article by Mr. Wilcox in the LA Daily News.

San Fernando Valley home market on the rebound

"The San Fernando Valley's housing market recovery gained steam in July with foreclosures plunging 45 percent from a year ago and sales and prices both increasing amid record low inventory, according to reports released Friday. During July, lenders …"
http://www.dailynews.com/news/ci_21396839/san-fernando-valley-home-market-rebound

San Fernando Valley Home Sales See Less Distress

REO and Short Sale transactions have fallen in the area. More San Fernando Valley home sales are Standard Sales with buyers intending to live in their purchases. This is another sign that consumers are showing more confidence in the California real estate market … and more in the general economy as well. We are definitely seeing a market readjusting here and showing signs of rebound.

San Fernando Valley Home Sales.

Orange County Home Sales: Big Gains All Across O.C.

Orange County Home Sales:
Big Gains In All OC Regions

Orange County Home Sales | Costa Real Estate Digest

Orange County Home Sales Are showing Good Numbers Along With The Rest of The State … And The Nation As A Whole.

Orange County Home Sales Up Over 18% Compared To Last Year At This Time

Orange County home sales are up in all areas of the OC as reported by Dataquick. Beach cities, South and North Inland, and Mid-County all show increased sales activity as well as rising prices.

In any real estate market, seeing the combination of increased activity and rising prices, is definitely a good sign. It indicates a market where Buyers are confident in paying more. That shows an increasing confidence in the market itself, and in the economy in general. Orange County home sales are showing this kind of confidence growing in those interested in buying in the area.

Read about it in this report from Jonathan Lansner in the Orange County Register: 

Big home-sale gains found all across O.C.

"That's a key highlight of our study of how recent housing trends hit various corners of Orange County. For the 22 business days ending August 8 — freshest numbers from DataQuick — our region-by-region analysis of local real estate sales patterns saw …"
http://www.ocregister.com/articles/home-369818-gains-county.html

Median Selling Price Of Orange County Home Sales Up As Well

As activity rises, so is the median selling price in the Orange County home sales market. Most analysts attribute this to the fact that there are far fewer properties available today than a year ago. There are far fewer low end REO properties out there … investors have bought them up, spruced them up, and put them on the rental market. We are actually seeing less investor activity and more purchases for primary residence use. These are more "upper-end" type propertiesw, and so the median Orange County home sales price rises.

Orange County Home Sales.
 

California Home Sales: Here's The Good News & Some Strong Gains

California Home Sales:
Here's the Good News

California Home Sales | Costa Real Estate Digest

California Home Sales Showing Strong Numbers

The Number Of Contracts Signed Might Be Static, But Other Factors Hold Positive News For California Home Sales

In two other reports today we saw some good signs for growth in the real estate market that excluded California home sales and other areas of the West. Those reports concerned the number of homes put under contract during the month of July. Those numbers were up nationwide, but not in California. In those posting we discussed the whys and wherefores of that.

Those numbers, however, are not the only measure of California home sales. In this report from the Los Angeles Daily News, we find a wealth of other information from the California Association of Realtors. This report looks at some different numbers that do show really positive signs for California home sales.

Check out this report from City News Service published in the Los Angeles Daily News:

California home sales, prices post strong gains

"LOS ANGELES – Home sales in California increased last month, and the median price of a home reached its highest level in nearly four years, the Los Angeles-based California Association of Realtors reported today. Closed escrow sales of existing …"
http://www.dailynews.com/ci_21336352/california-home-sales-prices-post-strong-gains%3Fsource%3Dmost_emailed

California Home Sales Did Increase … And Prices Are Rising As Well

Those who watch the California home sales figures … or any market really … know that when you see both an increase in activity and an increase in prices, you are looking at a more confident buying public. California home sales are shifting away from the low end, REO properties to homes above $500K. This shows a shift from the Investor buyer to the primary home buyer … and it also shows a Buying public more confident in the market … and the economy.

California Home Sales

California Home Sales: Another … More Rosey … Report On Increase In Pending Sales

California Home Sales:
Another … More Rosey … Report On Increase In Pending Sales

California Home Sales | Costa Real Estate Digest

A man looks at listings of homes for sale in Los Angeles. Some economists see the overall rise in home prices nationwide as a sign that the recovery is beginning to help consumers gain confidence. (Jae C. Hong / Associated Press / August 22, 2012)

NAR Says More Contracts Signed Nationwide – This Report Doesn't Mention Lagging California Home Sales

California home sales are not mentioned in this report from the LA Times. It reports only on the figures nationwide, which we have already reported here in a different post. The fact is that California home sales are fairly static as far as the numbers of homes being sold. We find it interesting that the LA Times doesn't mention this. Rose colored glasses anyone?

However, most other areas of the country are reporting relatively good growth in numbers of homes being put under contract, and that is the gist of this report. NAR reports that nationwide, buyers signed contracts to purchase 2.3 more homes than they did in July and that escrows opened numbered more than any month since April of 2010.

Read about it in this report from the LA Times:

US home sales rose 2.3% in July

"Sales of previously occupied homes rose to a seasonally adjusted annual rate of 4.47 million in July, a 2.3 percent increase from the previous month's rate, the National Association of Realtors said Wednesday. The industry's recovery has grown more consistent" …Los Angeles Times
http://www.latimes.com/business/la-fi-0823-home-sales-20120822,0,1977421.story

What's The Reason for California Home Sales Lagging Behind?

If you look into this in other reports you'll find the information that the growth in the numbers of homes sold does not apply to the Western US region. NAR attributes this to lack of inventory and that California home sales are being held back by Buyers being unable to find the home they want at the price they're willing to pay. In cases like this we're likely to see an adjustment over the next few months that will align the Western regions with the rest of the national market.

California Home Sales.
 

California Home Sales: Pending Contracts At 2 Year High Nationwide

California Home Sales:
Pending Contracts At 2 Year High Nationwide

California Home Sales | Costa Real Estate Digest

This Tuesday, Aug. 21, 2012, photo, shows an exterior view of house with a pending home sale sign in Palo Alto, Calif. Americans signed the most contracts to buy homes in July than at any other point in the last two years, further evidence of a housing recovery. (AP Photo/Paul Sakuma)

NAR Says More Contracts Signed Nationwide – Verifies Improvement In All Areas EXCLUDING California Home Sales & Other Western Areas

The National Associaition of Realtors has good news regarding home sales nationwide, but stops short at extending this to California home sales and the West. According to NAR’s nationwide figures, more people signed contracts to purchase a residential home in July than in June. In fact, more folks put homes into escrow in July than any time since April of 2010.

However, the NAR good news does not apply to California home sales. In fact, it excludes “the West” entirely. So we have good news for the real estate market in general, but California home sales are excluded.

Read about it in this report by Marcy Gordon of the Asheville Citizen-Times

Contracts to buy US homes hits 2-year high

Marcy Gordon – “Americans signed the most contracts to buy homes in July than at any other point in the last two years, further evidence of a housing recovery. The National Association of Realtors said Wednesday that its index of sales agreements for previously occupied homes jumped 2.4 percent in July to 101.7. (AP …”
http://www.citizen-times.com/viewart/20120829/BUSINESS/308290057/Contracts-buy-US-homes-hits-2-year-high%3Fodyssey%3Dmod%257Cnewswell%257Ctext%257CFrontpage%257Cp

California Home Sales Held Back By Lack Of Inventory

Why are California home sales … and other areas of the West … lagging behind at present? NAR says it’s because of a lack of inventory. Believe it or not, the number of homes available for purchase in the area is down considerably. This means buyers are not finding the homes they seek at the prices they want. Thus … less contracts signed. California home sales are occurring, but the rate is static and the market is not speeding up in any measurable way right now.

California Home Sales.

Commercial Real Estate: Fresno Among 5 Least Expensive Markets

Commercial Real Estate:
Fresno Among 5 Least Expensive Markets

Commercial Real Estate | Fresno Operation Costs Among Lowest

Fresno Commercial Real Estate
(Photo – The Business Journal)

Annual Report Aggregates Rental Income & Operating Expenses From 125 Commercial Real Estate Markets

A report on the expense of operating commercial real estate properties in 125 cities in the US comes from the Building Owners and Managers Association. It found that the California city of Fresno is within the top five least expensive commercial real estate markets … as far as actual operational costs are concerned.

Here is all the information in a report found in the Fresno Business Journal written by the Business Journal staff:

Report: Commercial real estate costs low in Fresno

"View Comments. Commercial real estate FresnoA report by the Washington, DC-based Building Owners and Managers Association, shows that Fresno is within the top five least-expensive commercial real estate markets in regard to total operating expenses."
http://www.thebusinessjournal.com/news/real-estate/3081-report-commercial-real-estate-costs-low-in-fresno

Most Expensive commercial Real Estate Operation

The report also found that the most expensive cities in which to operate commercial real estate were New York, San Francisco, Washington D.C., Boston, and Los Angeles. It found, as well, that operating expenses increased nationwide as a general rule, but that income from rents also increased. All in all, this indicates a balance in the commercial real estate market.

Commercial Real Estate.
 

Los Angeles Commercial Real Estate: Pebblebrook Buys $125 Million "W Los Angeles"

Los Angeles Commercial Real Estate:
The "W Los Angeles – Westwood"
Has Been Sold

Los Angeles Commercial Real Estate | W Los Angeles - Westwood Sold

W Los Angeles – Westwood
(Photo W Los Angeles – Westwood)

Sale Of The Luxurious Hotel Is One Of The Larger Recent Sales In Los Angeles Commercial Real Estate

Starwood Hotels and Resorts, one of the larger players in hotel properties in Los Angeles commercial real estate and around the world, has sold the "W Los Angeles – Westwood" to Pebblebrook Hotel Trust.

Any large sale is a shot in the arm to the Los Angeles commercial real estate market, and this is no exception. You can read about it here in this article from the World Property Channel by Scott Kauffman:

Pebblebrook Buys $125 Million W Los Angeles

By Scott Kauffman – World Property Channel – "The luxurious "W Los Angeles – Westwood" traded hands this week. Pebblebrook Hotel Trust, a publicly traded real estate investment trust, officially acquired the hotel property from Starwood Hotels & Resorts Worldwide, Inc."
http://www.worldpropertychannel.com/north-america-vacation-news/starwood-hotels-resorts-worldwide-pebblebrook-hotel-trust-w-los-angeles-westwood-westin-gaslamp-quarter-san-diego-w-boston-sheraton-delfina-santa-monica-6006.php

Los Angeles Commercial Real Estate:
A Management / Ownership Partnership

Pebblebrook Hotel Trust has taken ownership here, but apparently Starwood has entered into a 40 year agreement to continue managing the property while Pebblebrook has agreed to continue with planned renovations to some of the facility's amenitites. This is one of the larger transactions recently in the world of Los Angeles commercial real estate.

Nashville Commercial Real Estate Sales Up 218 Percent

Commercial Real Estate:
Nashville Commercial Sales Up
In 2nd Quarter

Commercial Real Estate | Costa Real Estate Digest

Nashville Commercial Real Estate Closing (Photo www.nashville.gov)

Nashville Commercial Real Estate Sales Up 218 %

There are still pockets of bad news in the world of commercial real estate, but more and more good news is appearing everywhere you look. In our effort to keep an eye on what's happening nation-wide and, indeed, world-wide, we've posted this report about commercial real estate sales in the Nashville area.

This report is based on a new report just out that shows Nashville commercial real estate really jumping up in activity. Activity is always a good indicator of market confidence, and this is no different.

Read about it here in the Nashville Business Journal:

Nashville commercial real estate sales up 218 percent


Nevin Batiwalla – Staff Reporter- Nashville Business Journal – "There were 102 transactions totaling $179 million in Davidson County for the quarter. Both are the highest totals Nashville has seen in the second quarter since 2006."

http://www.bizjournals.com/nashville/news/2012/08/27/nashville-commercial-real-estate-sales.html

 

Commercial Real Estate Is Down From The "Boom"
… But Moving Up From The "Bottom"

One of the most important things to look for when analyzing the commercial real estate market is momentum. The fact is the market is moving forwards and upwards now. It is no longer languishing at the bottom, but is showing signs of upwards momentum. That's a good sign, and commercial real estate investors are aware of it.

Commercial Real Estate.
 

Commercial Real Estate: USA Is Still The Safest, Most Reliable Investment

Commercial Real Estate:
USA Is Still The Safest, Most Reliable Investment

Commercial Real Estate | Multi-Unit Development

Commercial Real Estate Investors Say They're More Confident With their Money In The USA

Here in the USA we tend to be preoccupied with our long struggle to right the economy, and those involved in commercial real estate are not immune. Eventually, we can develop blinders on our vision that can prevent us from seeing the Big Picture. The fact is, commercial real estate investors, who can choose to invest here, in Europe, the Middle East, or in Asia, still say their preference is in the USA for various reasons.

In this article in the Atlanta Business Chronicle, Steve Berman describes his experience at a recent conference of commercial real estate investors and professionals held in Israel.

Investors confident in US real estate, especially multifamily

Atlanta Business Chronicle – Steve Berman – "The investment profile of the United States is still viewed as the safest risk in the international market place and that the multifamily market, in particular, is viewed as the most favored asset class. …"
http://www.bizjournals.com/atlanta/real_talk/2012/08/is-the-multifamily-boom-sustainable.html

Multi-Family Units Drive Investors Interest In Commercial Real Estate

It's no surprise that commercial real estate investors are looking at the recent performance of multi-unit residential housing and feeling their confidence grow in this type of investment. With the huge rash of foreclosures we've been experiencing over the last few years, this type of housing has become more and more in demand. People are looking for apartments nationwide, and new units are being constructed daily.

This sector of the commercial real estate market has always been one of the "market leaders", and is fulfilling that role again now. As the market "shakes out", the other sectors will eventually follow. Here's hoping that's sooner rather than later.

Commercial Real Estate