Archive for June 17th, 2008
Continue Reading June 17th, 2008
A new breed of animal has entered the real estate market the Property Shark. The latest results for Southern California from DataQuick Information Services show what’s going on. The media price in May fell a staggering 27% from $505,000 to $370,000, the largest drop since the firm began recording prices back in 1988. We’re now back to March 2004 prices.
Who’s buying? Plenty of first time buyers who got shut out of market by the stratospheric rise in years past. But there’s also anecdotal evidence investors are buying property. Smelling blood, they’re swimming in to take advantage of other people’s distress.
Hardest hit markets are those far off ex-urbs where residents are double-whammied by falling home prices and rising gasoline costs. An astonishing 37% of all homes resold in the Southern California market in May were foreclosures. In far flung counties such as Riverside, foreclosures were more than half of the market.
DataQuick reports that about 42% of homes sold for less than their prior sale price. Most of the prior sales occurred between 2004 and mid-2006. Sales were much slower at the high-end, $417,000 and up, which have held up better to date than entry level homes. “What horsepower this market can generate right now is mainly fueled by bargain shopping, especially by first-time buyers and investors in inland areas,” explained Andrew LePage, an analyst for DataQuick.
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Continue Reading June 17th, 2008
Initial construction of U.S. homes was slightly lower than expected in May, with the number of single family homes hitting a 17-year low, according to a government report released Friday.
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Continue Reading June 17th, 2008
The Contemporary Jewish Museum has opened the doors of its new home in the redeveloped century-old building at 736 Mission Street in San Francisco, Calif.’s downtown’s South of Market. Read more »
Continue Reading June 17th, 2008
Accounting for a total of 211 units, three apartment complexes in San Diego, Calif., have been snapped up in a deal valued at a sum of nearly $31.5 million. Read more »
Continue Reading June 17th, 2008
Redflex Traffic Systems Inc. has settled on Pinnacle Peak Commerce Center in Phoenix, Ariz., for its new home. Read more »
Continue Reading June 17th, 2008
Variety will make its own headlines by the end of the year now that the entertainment publication has signed a lease to occupy 55,000 square feet of office space at 5900 Wilshire Boulevard across the street from the Los Angeles County Museum of Art in the Miracle Mile district. Read more »
Continue Reading June 17th, 2008
The 106,000-square-foot office building carrying the address of 6415-6455 Business Center Drive in Littleton–about 20 miles from Denver, Co., has sold. Read more »
Continue Reading June 17th, 2008
Phase II of the redevelopment of Boston’s Franklin Hill has received a boost via a $45 million capital infusion from Enterprise Community Investment Inc. The first phase of the Dorchester-area project (pictured) was completed in the spring. Development partners are Trinity Financial Inc. and the Boston Housing Authority (BHA). Read more »