Southern California Real Estate – All Cash Transactions Widespread

Southern California Real Estate – “RealtyTrac estimated that in California, the majority of all-cash buyers are investors, second-time homeowners, and buyers from overseas” …

Southern California Real Estate:
“All Cash” Transactions Widespread

Southern California Real EstateSome Areas See 60% All-Cash Purchases 

In recent reports we’re finding that “All Cash” sales of homes in Southern California are a much more significant part of the market than we’ve normally seen before.

Statewide we’re seeing one out of three homes being sold with no loan involved. In some areas … mostly more “high-end” areas and those preferred by foreign investors … we’re seeing up to 60%of all transactions being done on an “all cash” basis.

Here’s an explaining the details article by Bianca Barragan in Curbed L.A.:.

One in Three Home Buys in SoCal is Now Made All in Cash – Curbed LA

http://la.curbed.com/ Fri, 09 May 2014 19:41:02 GMT

One in three residences sold in California in the first quarter of 2014 was paid for all in cash, with some of the highest percentages of completely-cash sales in the wealthy communities of Beverly Hills, San Marino, and Arcadia. (In Arcadia, nearly 60 percent of sales last quarter were all-cash.) …

Read More At: http://la.curbed.com/archives/2014/05/one_in_three_home_buys_in_socal_are_now_made_all_in_cash.php

Investors Squeeze “Normal” Home Buyers Out Of The Market

It’s an interesting market we have lately here in the San Gabriel Valley. The most recent news shows that prices may have begun to level off a bit in our area. But, that’s at the end of what’s been a steep rise. Our prices in areas like Arcadia, for instance, are now higher than they were at the last peak of the “bubble” market … before the economic meltdown of the last decade. Additionally, the influx of “investor buyers” and “foreign money” into the market has brought with it this onslaught of “all cash” transactions. Most “normal”, individual buyers can’t compete with “all cash” offers, and many simply won’t complete with the current prices, preferring to wait for a “pullback”, if there is one.

What this means is simple, and it’s been reported here in other posts: our current market has basically pushed the “normal”, individual home buyer out of the market, and the market is now being driven by “investor” buyers and a glut of “foreign money” brought to the table by folks who simply have more faith in our Southern California real estate market than they do in the market in their native country.

San Gabriel Valley Economy: Jobs Added, But Unemployment Rate Steady

San Gabriel Valley Economic News – “Los Angeles County’s jobless rate for March remained unchanged at 8.7 percent. That still landed well below the year-ago rate of 10.1 percent, the state Employment Development Department reported..

San Gabriel Valley Economy:
Jobs Were Added, But Unemployment Rate Steady

San Gabriel Valley Economy | Brion CostaThe Good News Is That Every Sector Is Adding Jobs

Since economic conditions create the market conditions we see in our local real estate market, Costa Real Estate Digest will at times supply information that deals with the economy in a “raw” manner … not particularly focused on real estate, but looking at the Southern California economy in a more general way.

With this in mind, today we’ll take a look at some new figures that are indicative of what’s going on in our area economically. 

Several reports have been released recently … from the Bureau of Labor Statistics, Beacon Economics and other statistical outlets, and they are discussed here in a comprehensive article by Kevin Smith that just appeared in the San Gabriel Valley Tribune:

Unemployment rates hold steady; jobs added in Southern California, state – San Gabriel Valley Tribune

http://www.sgvtribune.com Sat, 19 Apr 2014 01:53:12 GMT

“The main thing to note for the L.A. County economy is that we’re generally seeing every sector adding jobs,” said Robert Kleinhenz, chief economist for the Los Angeles County Economic Development Corp. “We continue to see some problems with job counts in financial services, insurance and manufacturing, but the overall picture is one where we can say we’re closing that gap from where we need to be and where we are right now.” …

Read More Here: http://www.sgvtribune.com/social-affairs/20140418/unemployment-rates-hold-steady-jobs-added-in-southern-california-state

Overall Direction Is Basically Good News

As you can see in the article, there is good news and bad news as well. These things do work in tandem, though, to create an overall trend. The bottom line is that basically the economy is moving in the right direction, which bodes well for the Southern California real estate market and the San Gabriel Valley area in general.

California Home Sales: Foreclosed Home Sales Decline In California

California Home Sales:
Foreclosures Decline Again

California Home Sales | Costa Real Estate Digest

California Home Sales Numbers Show Foreclosures Down While Prices Climb Again

RealtyTrac shows more good numbers for the California home sales market. The first quarter of 2013 shows that foreclosed properties made up 30% of the market, down from 40% a year ago.

Here's an article from "The Westside Story" that will fill you in on the numbers:

Foreclosed Home Sales Decline in California

"The number of foreclosed home sales in the state of California went down while the median sales price increased. The news came from Realty Trac, a real estate tracking service. The firm said 30 percent of California sales in the first quarter of 2013 …The Westside Story"
http://www.thewestsidestory.net/2013/05/31/foreclosed-home-sales-decline-in-california/

Rising Prices In California Home Sales Market Help Some Avoid Foreclosure

Some homeowners who were looking at foreclosure have been assisted out of their situation by rising prices. They were either able to re-finance or sell their homes because they now had equity as the price floor rose beneath them. There are stiill a lot of foreclosures in the California home sales market. In fact, the state is still #3 of the states with the highest percentage, but the numbers are moving in the right direction.

California Home Sales.

Southern California Real Estate: High End Listings Defined By Two Homes At Present

Southern California Real Estate:
High End Listings Defined By Two Homes At Present

Southern California Real Estate | Costa Real Estate Digest

This $65-million Neoclassical palazzo sits in north Laguna Beach … (Courtesy of Rod Daley )

WOW! You Can Always Look To Southern California Real Estate To Provide Some Of the Most
Amazing Properties Available

Southern California real estate truly does run the gamut these days. From veritable "steals" in the low end market to a couple of available properties at $65 million and $150 million … there is everything available out there. And … even the very high end is probably a very good deal right now.

What's that you said? $150 million for a home? Here's an article from the Los Angeles Times about two homes available right now that virtually ARE the "high-end" residential market.

Enjoy!

Big listings land in Los Angeles and Orange counties

"At $150 million and $65 million, two houses — neither being marketed through multiple listing services — are quietly defining the top end of the for-sale market in Los Angeles and Orange counties. Priced at $150 million is the pocket-listed Owlwood …"
http://www.latimes.com/business/realestate/la-fi-hotprop-owlwood-20120810,0,4955605.story


Southern California Real Estate At The "Posh" End

These two listings are not necessarily "typical" of southern California real estate, but they are definitely part of our market. Southern California is a really attractive area and though it's different than 20 years ago … everyone still wants to live here. These high-end homes are fun to look at for most of us, but might actually be of interest to some of you reading this page today. If that's the case … call us. We'd be glad to get you the information and we have a lot of experience working with high-end purchasers and transactions.

Southern California Real Estate
 

Southern California Real Estate: Zillow Moves In To Orange County

Southern California Real Estate:
Zillow Moves In To Orange County

Southern California Real Estate | Costa Real Estate Digest

Zillow Orange County Offices (Photo OC METRO)

One Sign That Southern California Real Estate Is Not Dead Is The Fact That Zillow Has Now Moved Here

Southern California real estate certainly has its problems. In recent years the area has seen some of the darkest days ever recorded. But not all signs are bad at this juncture, and some of us believe the market has hit bottom and will rise like a phoenix in the not too distant future.

Another indication that this may be the case is the recent opening of Zillow's Orange County offices. By opening a major office here, Zillow is definitely showing that they have a belief in the coming future of Southern California real estate.

Here's the story from Mackenna Waterhouse in "OC Metro":

Zillow expands to Southern California with Irvine office

"Seattle-based online real estate market Zillow expanded this week to its first Southern California office in Irvine … “This really is the center of the U.S. real estate market,” Rascoff said. “We looked across the country and thought we could attract some extraordinary [employees].” … OC Metro
http://www.ocmetro.com/t-Zillow-expands-to-SoCal-opens-new-office-08-10-2012.aspx

Southern California Real Estate Can Use All The Good Indicators It Can Get At This Point

There are many reasons we here at the Costa Real Estate Digest believe we're looking at better days ahead for Southern California real estate. We believe that we've seen the bottom of the market, overall, and that this is a good time to buy as interest rates are low and they … along with prices … will probably be going upwards from here. The fact that a firm like Zillow wants to be located here is a good indication that we're not alone in our opinion.

Southern California real estate.
 

Southern California Real Estate: Southland Home Prices Rise

Southern California Real Estate:
Southland Home Prices Rise

Southern California Real Estate | Costa Real Estate Digest | Brion Costa

A single family home is offered for sale in the Southern California real estate market. (AP Photo/Damian Dovarganes)

Rise In Home Prices First Seen In Southern California Real Estate Market In 6 Years

Zillow has reported that the residential sector of the Southern California real estate market has seen some appreciation for the first time in 6 years. They also state they are expecting more appreciation in the near future … small, but appreciation none the less.

Here's a report from Tiffany Hsu of the Los Angeles Times:

Home prices rise in Los Angeles after 6 years of depreciation

Tiffany Hsu – "Los Angeles homes are headed for a price spike – albeit a small one – according to new data from real estate website Zillow. After six years of depreciation, values in the metropolitan area rose 0.2% this quarter, and are expected to increase 0.5% over the next 12 months. Zillow forecasts that nationwide prices will tick up 1.1%." … Los Angeles Times
http://www.latimes.com/business/money/la-fi-mo-home-prices-los-angeles-zillow-20120724,0,5231348.story

Has The Southern California Real Estate Market Bottomed Out?

This is the question everyone is asking these days. There is no doubt that the Southern California real estate market is seeing some positive signals recently, and we've been reporting on them in these pages. These reports are coming from a wide variety of sources, and cannot be ignored. However, can they be interpreted in a completely positive way, or is there a darker lining to the silver cloud?

We'll need to keep a sharp eye on things until they become clearer.

Southern California Real Estate.
 

Southern California Real Estate: Inland Empire Home Prices Rose In June

Southern California Real Estate:
Inland Empire Home Prices Rose In June

Southern California Real Estate | Costa Real Estate Digest | Brion Costa
Southern California Real Estate Numbers Are A Mixed Bag

Some cautious good news for the Southern California real estate market … mixed with some not so good. The Inland Empire is experiencing some rising prices, but slow activity. It seems that average home prices in San Bernardino and Riverside counties climbed a bit in June. This continues a six month trend with the six-county area hitting a 2 year high.

Southern California Real Estate Market
Sees Fewer Foreclosure Properties

The rise is partly attributed to lack of inventory. Elsewhere in these pages we've reported on the fact that there are less foreclosure properties out there … and this has shrunk inventory allowing prices to rise.

Here's an article from the Press-Enterprise:
 

REAL ESTATE: June home sales price on the rise; as two-county Inland region …

Debra Gruszecki – "The number of homes sold in Southern California rose for the sixth month in a row in June, and the median price paid for a home in the six-county area hit the two-year high of $300000, a real estate information service reported. …Press-Enterprise"
http://www.pe.com/business/business-headlines/20120717-real-estate-june-home-sales-price-on-the-rise-as-two-county-inland-region-posts-sales-decline.ece

 

Sales are still slow. Buyers are still finding it hard to qualify and the rising prices don't mean much if no one buys your well-priced home. Still, southern California real estate buyers and sellers are receiving some good and some not so good news. The southern California real estate market is a mixed bag these days with a generally improving outlook … but things are still slow. At least we're not crashing through the floor anymore.

Southern California Real Estate.

Southern California Real Estate Development: New Housing Investment In The Inland Empire

Southern California
Real Estate Development:

Inland Empire Receives $42 Million For Workforce Housing Development

Southern California real estate development | Costa Real Estate Digest | Brion Costa

If you're willing to invest in "workforce housing", you know there is serious expectation of ongoing devlopment in the near future.

In another report from the Inland Empire today by Debra Gruszecki of the Press-Enterprise, we learn some very encouraging news.

REAL ESTATE: $42 million invested in area development

DEBRA GRUSZECKI – "Canyon Capital Realty Advisors, in the past four months, has announced $42 million worth of financing initiatives on workforce housing development in Inland Empire commuter transit zones."
http://www.pe.com/business/business-headlines/20120718-real-estate-42-million-invested-in-area-development.ece


Canyon Capital Realty Advisors is a coumpany out of Los Angeles and is currently active in real estate development … now investing in the Inland Empire housing market. that's good news for all concerned.

Southern California Real Estate development