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real estate

These California housing markets are the ‘most overpriced’ — Valley city commands 31% premium

in Community/Economy/News

California’s real estate market is one of the most expensive in the country and some markets in the state continue to be “extremely overpriced,” according to an analysis of housing market data.

Sacramento ranked as one of the state’s top 10 most overpriced markets with the listing price for a single-family home averaging at $580,804.

Continue reading on NewsBreak

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Home buying competition to ramp up as rates get cut, says local Realtor

in Community/Economy/News

Ready, set, buy a house? According to Michael Rocha of Atlantic Realty, the real estate market could look like a sprinting event at the Olympics in the coming months.

As 2024 gets underway, Rocha, who was voted Best Realtor by 209 Magazine readers in 2021 and 2022, is once again offering his yearly predictions for the local real estate market. And for the first time in over a year, he expects there to be some drastic change, predominantly coming by way of the Federal Reserve and their plans to lower interest rates at least three times this year in their efforts to help the national economy rebound from inflation and declines in the labor market. 

Continue reading on Turlock Journal

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Interactive map shows home values in Stanislaus, southern San Joaquin county ZIP codes

in Community/Housing/News

New data from national real estate firm Zillow shows how much homes are worth in nearly every community between Manteca and Merced.

The interactive map below has the average home value for most ZIP codes in the Modesto region, including Manteca, Turlock, Riverbank and Ceres. The map also has fresh data for Tracy, Los Banos and parts of Merced County.

Continue reading on Modesto Bee

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California’s commercial property shortage is making investors desperate

in business/Economy

Strong commercial property reports are still trickling in for the first part of 2022 — but can commercial’s rebound last in the face of rising interest rates and an unstable economy?

U.S. mortgage origination volume for commercial properties — including multi-family — increased a significant 72% over a year earlier as of the first quarter (Q1) of 2022. By property type, mortgage volume increased:

  • 359% for hotels;
  • 145% for industrial;
  • 88% for retail;
  • 81% for healthcare;
  • 57% for multi-family; and
  • 30% for office, according to the Mortgage Bankers Association (MBA).

Accordingly, outstanding commercial mortgage debt increased 1.8% from the prior quarter in Q1 2022. Multi-family mortgage debt rose 2.1%, according to the MBA.

For reference, commercial mortgage originations were recently at their lowest in 2020 at the outset of the pandemic and 2020 recession, but quickly rebounded alongside rising demand. Commercial lending rose to a decades’ peak in Q4 2021. In a typical seasonal adjustment, originations fell back in Q1 2022, while remaining significantly higher than a year earlier.

The rise in commercial mortgage originations is a direct result of available commercial property falling below tenant demand, plunging vacancy rates to historic lows and encouraging investors to purchase.

Continue Reading on firsttuesday Journal

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Turlock Red Steer arsonist accused of $1.3 million real estate scam

in crime/News

Tracy Smith, the former Turlock resident who was convicted of burning down the Red Steer and implicated in a multitude of shady business and investment dealings, has been indicted for allegedly running a fraudulent real estate investment scheme in various parts of the state.

Smith is accused of scamming more than $1.3 million from seven victims, according to the California Attorney General's Office.

A 13-month investigation into Smith's activities and his business, Downkicker Inc., resulted in a special statewide criminal grand jury indictment for Smith on 38 counts, including one count of operating a fraudulent securities scheme, 19 counts of securities fraud, 17 counts of grand theft and one count of elder abuse. He was arraigned Monday in San Diego County Superior Court. The alleged crimes took place in the counties of San Diego, Riverside, San Francisco and Santa Clara between August 2017 to September 2018.

Continue Reading on Turlock Journal

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More apartments proposed for North Olive Avenue

in News

As the rental market both locally and nationally continues to rebound from the coronavirus pandemic, yet another application to build apartments in town has been submitted to the City of Turlock.

Gilbert George of RBG Construction, a Modesto-based company, is hoping to build apartments on the bare plot of land located at 906, 908 and 930 N. Olive Ave., which he owns. According to documents posted online by the City, the apartments will consist of four two-story townhouse apartment buildings for a total of 20 units complete with garages, parking, fencing and landscaping. The units will be approximately 1,494 to 1,565 square feet in size,

The land had previously housed two homes and poultry structures, which have since been demolished, and construction on the rentals is set to begin in August, should the project be approved. The estimated completion date for the project is October 2022. 

Continue Reading on Turlock Journal

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Coronavirus: California home sales now ‘essential’ but health risks scare agents

in Around California/People

Real estate agents have serious concerns about what would seem to be good news: reclassifying their work as “essential” in this era of coronavirus fears.

Over the weekend, residential real estate sales were added to an updated list of essential services from the U.S. Department of Homeland Security Cybersecurity and Infrastructure Security Agency. That seemingly gave a green light to the resumption of sales since that same list was key to a previous no-selling interpretation of Gov. Gavin Newsom’s “stay at home” order.

But real estate professionals, in interviews with the Southern California News Group and numerous comments on social media, questioned the health risks from restarting the very personal sales process that includes bringing strangers into other people’s homes.

Continue Reading on OC Register

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