Pasadena Home Sales Show No Winter Break In Activity
Both Pasadena Home Sales and La Canada-Flintridge Are Active Through The Holidays
In a time that is usually a seasonal "slow down" period, Pasadena home sales are not slowing down. Buyers and skipping the break period and continuing to participate in an active market in Pasadena, La Canada-Flintridge and surrounding areas.
Here's an article from Bill Kisliuk that has just appeared in the La Canada Valley Sun:
"In Pasadena, the average price of a home rose from $726,000 in November 2011 to $894,000 last month. In La Crescenta, the average sales price was $672,000 compared with $550,000 a year ago. …"
Pasadena Home Sales – We Are Seeing A Seller's Market
It seems that, with inventory down and interest rates low, there is a lot of Buyer interest in the market. Pasadena home sales, as well as surrounding areas, show that Sellers are in the drivers seat right now. As long as a home is priced at or just below market, there will be a lot of interest.
Pasadena Home Sales.
Real Estate Values:
Sacramento Home Prices Rising Above Water
Sacramento Real Estate Values Expected To Continue Upwards
Real estate values continue to rise statewide, and Sacramento is no exception. In fact, the capital region is one of the brighter stars in the market … at least in the rate of increase. There is a lot of talk as to just why real estate values are rising as they are, but the fact is that this market action is consistent across the state, and does not appear to be fizzling out.
Here is a report from Sanford Nax in the Sacramento Business Journal:
"Underwater homeowners are quickly rising to the surface in the Sacramento area. Zillow reports the cumulative increase of Sacramento-area home values at year-end 2012 is expected to be $14.8 billion…"
Real Estate Values Driven By Lack Of Inventory
The very quick rise in real estate values reported here is simple to explain, really. When investors realized the falling market had actually bottomed out, smart money jumped in and bought up the inventory. Now … with less supply of available homes … Sellers can demand more for their properties.
It's not likely that this rate of increase in real estate values will be sustainable. Probably not. But there is no indication that we are approaching a market reversal. Certainly a slow-down in the rise of values is probably happening right now, but it appears that will be a simple adjustment in a market that is on the rise overall.
Real Estate Values.
California Real Estate: Industrial Market Recovering
California Real Estate Industrial Market Currently Has 15,000,000 Square Feet Under Development
One section of the California real estate market that we can definitely say is "recovering" is the industrial real estate sector. It has been under recovery for almost 18 months now. As the headline says, the California real estate Industrial Market now has about 15 million square feet under development. Nine million of those are in the Inland Empire.
Here's a report from Hortense Leon in the World Property channel:
"The Southern California industrial real estate market has been recovering for the last 18 months and a number of major developments have been built in Los Angeles, Orange County and the Inland Empire …"
Industrial Development Is Good Sign for California Real Estate Market … But Not Everything Is Rosy
Although we are seeing a good number of California Real Estate transactions with large companies looking for square footage over 500,000 square feet, not everything is rosy. Corporations and large companies are doing well. However, smaller companies … the regional fellows … are not joining in the market as much. We'll have to wait and see, as with the rest of the California real estate market, how long it will take for the good news to spread to all sectors.
California real estate.
5 Ways To Keep Your Home Sale On Track
How appraisals are derailing sales
Seller Tips From Amy Hoak Of MarketWatch
Here are 5 things you, as a Seller, can do to keep your home sale on track. This is a difficult time to get things closed, as any Realtor will tell you. Resistance and "Super-Caution" by lenders, banks, and appraisers are welcomed in some respects, but can cause serious difficulties when it comes time to close. A "pro-active" seller can do a lot to avoid and remedy escrow problems.
"Real-estate agents will tell you that low appraisals have killed many transactions in recent years. Many agents say appraisers — who are hired by lenders to assess the value of the home — are overly conservative in their valuations these days …"
Seller Tips: Don't Just Sit By And Watch
This is the mistake that most Sellers make. Sure, you are working with a well qualified Realtor, a good lender and well-respected service providers, but the simple act of being involved can help keep all these professionals focussed and alert … and can be of huge benefit in the long run.
Home Seller Tips.
Real Estate Values:
Will 'Fiscal Cliff' Talks Jeopardize
Some Say Real Estate Values Will Take a Hit …
As the Obama Administration and Congress debate what to do about the coming 'Fiscal Cliff" debacle that Congress has set up for itself, many question the effect on real estate values of any agreement … or a failure to come to an agreement.
On one hand we have obvious alarmists saying that real estate values will themselves go "off the cliff". On the other we have those saying there will be little effect no matter what happens here.
Here is a report from the Washington Post by Kenneth R. Harney:
"Yes, cutting back on real estate write-offs could make homes less attractive financially, but other potential features of a final tax compromise could counteract the loss of deductions, softening the net impact on values. …"
Real Estate Values And The 'Fiscal Cliff'
It should be remembered in all this that NO ONE is talking about complete elimination of the mortgage interest tax credit. No one. There IS talk about capping it so that interest deductions are reduced or eliminated for very high-end purchases, but no one is talking about eliminating it for the vast majority of the market.
What effect this will all have on real estate values remains to be seen.
Real Estate Values.
California Home Sales:
Sales Rise As Do Prices
California Home Sales Are Up Over The Year While Prices Rise As Well
Here's a report from the LA Times that details the rise in California Home Sales numbers over the last year. The number of sales has increased 15% and prices are up 19%.
The report goes into much greater detail. It's by E. Scott Reckard.
"The California housing recovery boomed forward in November, with home prices reaching levels high enough to trigger questions about whether speculators are overdoing a spending spree….Los Angeles Times"
Is Speculation Driving The California Home Sales Market?
At this point, it seems to be the "common wisdom" that speculators and investors have driven market prices up above where they'd normally be in certain markets. But then again … who knows more about the California home sales markets themselves than investors?
California Home Sales.
Orange County Home Sales:
The So Called "Fiscal Cliff" Should Be No Hurdle To The Market
What Could Cool The Market For Orange County Home Sales? Maybe The Market Itself …
The so called "Fiscal Cliff" certainly has some features we all want to avoid. The universal tax increases and the draconian cuts involved aren't things anyone wants to see. However, unless they eliminate the home mortgage deduction (which is unlikely … look for an income cap instead), the "cliff" is likely to be simply a bit of minor turbulence in the bay.
At any rate, that's the view of Jonathan Lansner in this article from the Orange County Register …
"Certainly, the cliff's looming tax hikes and federal spending cuts might slow the overall economy. That might take a dash off the growing demand for housing. But I don't think it'll be enough of a dent to chill the expanding interest in Orange County homebuying." … Jonathan Lansner
DeptofNumbers.com Has Interesting Numbers That Show Orange County Home Sales Might Cool As Part Of Normal Market Action
According to Lansner's article … and DeptofNumbers.com … the Orange County Home Sales numbers show that many Sellers are in a waiting mode … pricing at the "what I want" level, and believing prices will continue to rise at these rates, and will end up giving them what they want.
However, that presupposes that there are Orange County home sales buyers out there prepared, comfortable, and qualified to be buying at these price levels. That might not be the case. The numbers of such buyers might just be being outstripped by the rate at which prices have risen. This means a "normal market adjustment" would consist of … guess what … prices adjusting lower, or at least slowing the rate at which they're rising, leaving those sellers sitting on the market with no one willing or qualified to pay their price.
Orange County Home Sales.
Los Angeles Commercial Real Estate:
Grand Avenue Development Project
Los Angeles Commercial Real Estate Sees A Simple Start To A Bold Redevelopment Vision
Rather than sending shockwaves through the world of Los Angeles Commercial Real Estate and beginning the project with a huge commercial building, the new Grand Avenue Development Project just got off the ground with the opening of "Grand Park", a twelve acre area that replaces the old "Civic Center" with new and very attractive open space. BUT … the project has begun, and there is much more to come, if they can get it right
Here's an article from the New York Times by Peter Slatin that describes the entire thing …
"LOS ANGELES — Community leaders, real estate magnates and urban planners hope the Grand Avenue Development Project, which would add several million square feet of commercial and cultural space, will provide a center of gravity and excitement to an area of the city that has lacked both." … NY Times
Los Angeles Commercial Real Estate Market Dictates What Comes Next
The original plans that the Grand Avenue Development Project put forth call for innovative use (for the area) combining multi-use commercial in a grand scale (pardon the pun). However, realities of the Los Angeles Commercial Real Estate market … such as the almost non-existant condo market … will force accommodations and compromises to be made. Here's hoping the developers will get it right … and that the market supports them.
Los Angeles Commercial Real Estate.
Real Estate Values:
What Does A "Median-Priced" Home
Real Estate Values Change from Area To Area …
What Can You Get In Your Region?
Now here's an interesting question, and a great article, concerning real estate values in different markets across the U.S.: What does a "Median-Priced" home look like where you live? Or … where you want or need to move? Things are different in Los Angeles than they are in Minneapolis. What are they like where you are?
Well, nationally, real estate values now show us that the "median home price" nationally, has risen to about $155,400. So … what will $155K get you in Los Angeles? What can you buy with it in Seattle?
Here at the Costa Real Estate digest, we love these kinds of real estate values questions … and we love a good report that clears these things up! Here's a report from Meg Handley of U.S. News and World Reports that's really interesting … and fun!
"With news that home prices are going up across the nation, house hunters might be getting a little more anxious when it comes to signing a contract to buy their dream home… Nationally, median home prices have increased almost 5 percent year-over-year to about $155,400… So what can kind of house can you buy for around $155,400?" … Meg Handley
Do Real Estate Values Dictate Where You Buy …
Or Do You Buy Where You Want Or Need To Be?
There's another interesting question: Do market conditions dictate where you buy? Or is that a question informed by a lot of other things that may have more influence? If you're an investor, for instance, the question of real estate values may carry more importance to you than to a couple of young parents trying to buy in a certain school district.
Whatever the case, that's another interesting real estate values question we'd like to discuss around here. If you have suggestions for topics you might like to see covered in these pages … please leave your comments, or use the "Contact Me" page to get the information to us. We'd love to hear from you!
Real Estate Values.
California Home Sales:
High-End Homes Selling Briskly
California Home Sales – High-End Homes One Of The More Active Contributors To Market
Even though inventory is down in the California Home Sales market, high-end homes … with prices falling between the $1 million to $2 million range … are selling at a quicker pace than most of the rest of the market.
Here's a report by Mike Perrault of The Desert Sun, as reprinted in USA Today:
"2012 – PALM SPRINGS, Calif. — Though housing inventory is down across the country, high-end homes are seeing a resurgence in many markets. Part of the reason: Owners have decided to accept less than they originally wanted for their properties …"
Sellers Come To Grips With Reality Of The
California Home Sales Market
One of the most difficult things for a Seller to do is to actually come to grips with the reality of the California Home Sales market. It can be a strenuous exercise for the owner of a property to bridge that mental gap between what he believes his property is "worth", and what an informed buyer will pay. It seems, from this report, that high-end sellers are currently becoming more mentally "in line" with the actualities of the California Home Sales market.
California Home Sales.