German property design, construction, & management company Medici Living is looking to be a leader in the growing field of co-living. In order to achieve that, they’ve partnered with another German company, Corestate, to raise $1.1B of capital for housing for up to 6000 people throughout Europe. Medici also has plans to expand their business […]
According to the California Association of Realtors (CAR), in the third quarter of 2018 just 27% households in California would be able to afford a median priced home at $588,530, requiring an annual income of at least $125,540. While this is up 1% from second quarter, it’s down 1% from the same time last year. The percent […]
The California Association of Realtors (C.A.R.) is predicting a slowdown in the 2019 housing market. Interest rates will continue to go up, straining already weak affordability and reducing demand. The senior Vice President and Chief Economist of C.A.R., Leslie Appleton-Young, says that high prices despite our recovery from the housing shortage are fueling a period […]
This is for all those who have asked my professional opinion regarding Proposition 10, which makes rent control possible in California, basically by voiding the 1995 Costa-Hawkins Rental Housing Act. In the process of evaluating this ballot item, I researched a number of relatively contemporary studies and reports. Doing so was an interesting study in […]
After a long period of builders being reluctant to construct new homes, construction is now on the rise again. In the second quarter of 2018, the number of new constructions was 3336 among four Southern California counties, comprising Los Angeles, Orange, Riverside, and San Bernardino counties. This amounts to a 19% increase from the prior […]
The market had been a seller’s market for quite some time, but now the scales are tipping more towards buyers, leading to what is now a flat market. As of June of 2018, home prices were still on the rise, albeit more slowly. But sellers noticed something — they weren’t selling without a price cut. […]
Across the nation, the share of high-tier homes has risen dramatically in the past two years. That doesn’t mean there are more homes, though — there are much fewer, and most of them aren’t the more affordable low- and mid-tier homes. There’s a lack of affordable housing, and a lack of housing in general. In […]
Nationwide, July saw the sale of existing homes decrease for the fourth straight month. Some Wall Street Journal economists had predicted an increase of 0.6% from June to July due to what looked like a recovering market after the recession. It actually fell 0.7%. Rising house prices are pricing people out of affordable housing rather […]
On Tuesday, July 24, the Hermosa Beach City Council approved an ordinance allowing accessory dwelling units (ADUs), also called granny flats or in-law units, on residential lots meeting specific requirements. The lot must already have a single-family residence on it and must also be at least 4000 square feet. The ordinance was initially drafted with […]
In the last decade since the economic crisis, the economy has been improving steadily. Unemployment is at 3.8%, the lowest since 2000. Prospective buyers have been able to save money and are feeling confident. More people have enough money to buy now. There’s just one problem: There aren’t enough homes, so the market is stalling. There […]