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The Weekly ™

By Jo-Ann Lapin On August 8 2023

Here's Your Roundup Of Recent Major News Affecting California Real Estate, Housing, And Mortgages

Costa Mesa City in Talks to Add 1,050 apartments to The Hive in Costa Mesa

CALIFORNIA - The Costa Mesa City Council members met last week and discussed the early-stage proposal for residential and retail development for The Hive campus.
 The project site is located at 333 Susan Street, known as – ‘The Hive’ in Costa Mesa. The campus currently holds businesses, restaurants, and the chargers’ performance facility.
 If the project gets approval, the office space and chargers' field will be replaced by the residential development. The proposed residential site is planned to have three five story residential buildings.

REAL ESTATE - Foreign investment in existing homes have fallen. International buyers purchased $53.3 billion worth of U.S. residential properties from April 2022 to March 2023, down 9.6% from the previous year. The 84,600 existing homes sold – the lowest since NAR began tracking in 2009 – retreated 14.2% from the prior year. There has been a drop in buyers because of the lack of available existing inventory.Chinese buyers had the highest average purchase price at $1.2 million, mostly because they purchased in pricey California. Canada followed at $6.6 billion. Mexico at $4.2 billion. India at $3.4 billion and Colombia at $0.9 billion.Florida has remained the biggest market for foreign buyers. California and Texas came in 2nd, followed by Arizona, Illinois, and North Carolina.

MORTGAGE - Cal HFA's grant for $40,000 for an ADU. As of December 9th, 2022, all funds for CalHFA’s $40,000 ADU Grant have been reserved. Applications are now closed.
 
Bill AB 157 Cal HFA is being required to work on developing recommendations to further assist homeowners in qualifying for loans to construct ADU’s and JADU’s on their property and to increase access to capital for homeowners interested in building them.  The deadline was July 1st of this year to prepare a working group for the recommendations. Stay tuned!
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