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The Weekly ™

By Jo-Ann Lapin On August 29 2023

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

The 7 Most Expensive Zip Codes In California
 
CALIFORNIA - Atherton California, zip code 94027 was valued at $7.5 million at the end of June 2023-about 20 times the national median. That zip code is actually the most expensive zip code in the nation.Beverly Hills, 90210 comes in at #2. Los Altos Hills, 94022 is 3rd, Montecito, 93108 is 4th, Newport Beach, 92657 is 5th, Santa Monica 90402 is 6th, Rancho Sant Fe, 92067 is 7th. An average California home was valued at close to $750,000 at the end of June of 2023.
 
REAL ESTATE - Converted apartments are set for some large growth. 122,000 units are currently being rehabbed and converted into rental units, 45,000 of these are coming via repurposing of current office space.29.3% of converted apartments in 2022 were former hotel spaces.Hotels seem like an obvious easier conversion, but will this all give relief to the affordable housing sector in most states?
 
MORTGAGE - Starter homes are becoming harder to purchases for first time home buyers. With Mortgage rates increasing renters in 46 out of 50 larger cities in the US are not able to afford to buy the "American Starter Home." Detroit, Tulsa, Memphis, Oklahoma city have so called starter homes are affordable for renters.Those cheaper homes that are available are appealing to renters, young families, baby boomers that are downsizing, second home buyers and real estate investors. Note” i buyers” are competing with real estate investors for this asset class too!!!!The First Time Home Buyer is feeling the big squeeze!
 
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2522 Chambers Road, Tustin, CA 92780
California Department of Real Estate, real estate broker license #01410448.
NMLS I.D. number: 337458
 
 
 
 
 
 
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