Posts Tagged ‘California’

Foreign real estate experts have named California property as one of the most attractive investments in the US.

Los Angeles and San Francisco were ranked among the top five US cities in which to purchase real estate in a new poll from the Association of Foreign Investors in Real Estate.

Washington DC, Houston and New York were also named as property hotspots by the survey’s respondents.

The popularity of California property was part of a trend of increased interest in the US real estate market, James Fetgatter of the organisation said.

"Our investor members have expressed a growing confidence and interest in US real estate," he remarked.

The poll also revealed that the US now offers the best opportunity for investors to achieve capital appreciation from their portfolio.

Property Abroad also expressed this opinion recently, noting that the Orlando Foreclosures Expo could provide investors with the chance to scoop a number of bargains, as repossessed homes are sold off at this event.

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An economist has noted that the California property market is seeing a rise in the number of people buying.

Michelle Girard, an analyst at RBS Greenwich Capital, said that the state is among those that have bucked the recent trend for the number of house sales to drop in the US, Reuters reports.

She remarked: "Despite the overall softening in sales, there has been a solid trend of rising activity in California, Nevada, Arizona and Florida, in areas where bargain hunters are taking advantage of substantially discounted prices."

The news provider said economists across the US expect a rise in transactions as homes become more affordable, something that could see California property seekers being able to acquire more bargains.

Speaking at a recent business conference, entrepreneur Sam Zell said the recovery of the housing market across the US is coming, with "equilibrium" being approached in Spring 2009 and the situation looking "a whole lot better" a year on.

Visit Rightmove Overseas for the best selection of California property. Stop dreaming, start searching!

New figures have revealed that the population of California is still growing.

Demographic survey data from the California department of finance revealed that the overall population grew by 1.16 per cent in the year to July 1st 2008.

Three quarters of the growth was due to the higher number of people being born than dying, with migration accounting for the rest.

California property investors may find that a continuation of the trend that has seen the state’s population rise by 4.3 million (12.6 per cent of the population) since 2000 will help increase demand for homes, meaning that those who invest in California property now could benefit when the market starts to pick up again.

Britons who choose to invest in California property may not be alone, according to a report in China Daily.

The paper noted that Chinese real estate and furnishings website SouFun is arranging trips to the US for prospective buyers, with chairman of the firm Vincent Mo telling the news provider that the itinerary includes San Francisco and Los Angeles, which have large Chinese populations.

Visit Rightmove Overseas for the best selection of California property. Stop dreaming, start searching!

A list of top places to invest in US property has placed two Californian cities in the top five.

Compare Shares, an Australian investor portal, has noted that the US overall saw house prices tumble 11.3 per cent in the year to October.

It said that for this reason it is a good time to purchase real estate in the country and identified California property as an ideal investment, with San Francisco rated the second best place to buy and Los Angeles the fifth best.

The site advised that this may be a long-term venture, as recession may mean that prices do not start rising in the near future.

Such sentiments may encourage UK buyers thinking of investing in California property with the long-term prospect in mind.

Many good bargains can be had at auction, with Hudson & Marshall of Texas carrying out one sale last month of foreclosed properties available from $35,000 (£23,000).

Visit Rightmove Overseas for the best selection of California property. Stop dreaming, start searching!

Those interested in investing in California property may find that they are attracted to the state by a number of events that take place during the year, not least those along its lengthy pacific coastline.

At Marina del Rey in Los Angeles this may especially be the case in December, when the Holiday Boat Parade takes place.

Held on December 13th, the event features a large parade of boats, fireworks after dark and of course an appearance by a certain Mr S Claus, ensuring fun for all the family.

Boats in the parade are decorated in festive gear, with snowmen, tree lights and various other adornments providing more festive magic on the water.

California property seekers may also find a number of other great attractions in Los Angeles.

Apart from being famous for Hollywood, the city is home to new places of interest like the Grammy Museum, offering lots for music fans, as well as the traditional fun that is to be had on the city’s many surf beaches.

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Those thinking of buying California property may be keen to enjoy some of the interesting and varied cultural events happening around the sate, as well as being able to rent out their properties to tourists hoping to do likewise.

One such event is the Pasadena Rose Parade, an event that highlights the mild winter weather of the state as New Year 2009 kicks off in al fresco style, with a huge ensemble of marching bands, horses and riders, dancers and of course numerous floats filling the streets of Los Angeles.

Things literally kick off a bit later when the parade reaches the Pasadena Rose Bowl, featuring an American football game between two top college teams.

Such an event may give those seeking to invest in California a keen insight into the sort of entertainment and party atmosphere that can be enjoyed during such events.

The Pasadena Rose Bowl has had a wider sporting history than just the gridiron game, hosting the 1994 World Cup final when Brazil beat Italy on penalties.

Visit Rightmove Overseas for the best selection of California property. Stop dreaming, start searching!

An upcoming auction may act as a reminder about the possibilities that investors in California property may be able to make the most of in the state.

Hudson & Marshall of Texas has said that it is to carry out an auction of 300 properties in the north of the state between November 12th - 16th.

These properties are located in the towns and cities of Fresno, Merced, Modesto, Salinas, Stockton, Bay Area and Sacramento.

Principal of the firm Dave Webb said: "Bank-owned foreclosure auctions offer buyers many choices of property at discounted prices."

The company said that the value of the properties ranges from $35,000 to $500,000 (£22,400 to £320,000).

In further news that may interest California property investors, it has been stated that foreclosures can also help to lower house prices in general.

This observation was made last month in the San Fernando Valley Economic Research Centre’s economic report 2008, which concluded that the general increase in availability has lowered prices.

Visit Rightmove Overseas for the best selection of California property. Stop dreaming, start searching!

New research has indicated that those buying in the California property market can enjoy lower prices in the San Fernando Valley, which is partly made up by a portion of Los Angeles.

The San Fernando Valley Economic Research Centre’s economic report 2008 has found that there has been a 203 per cent year-on-year rise in the number of foreclosures in the period between July and September this year.

However, the report noted, this has led to an increase in the availability of homes, along with lower prices, which could mean that those who want to buy a California property can find attractive bargains.

This trend for a levelling of prices but an increase of sales as California property becomes more affordable will continue into 2009, it has been predicted.

Such a forecast was made in a report by the California Association of Realtors earlier this month.

However, in news that may interest longer-term investors, the body’s president William Brown forecast that the financial system will be displaying signs of stabilisation by the end of 2008, something that could alter the state of the market in the year ahead.

Visit Rightmove Overseas for the best selection of California property. Stop dreaming, start searching!

In news that may interest those thinking of investing in the California property market, a new bill has been passed intended to improve urban development in the state.

Governor Arnold Schwarzenegger has signed into law legislation which restricts urban sprawl by encouraging compact planning.

It will do this by enabling local government to implement housing schemes that will link the creation of new residential property with other developments, such as the provision of new public transport links.

It will do this by ensuring that funding for transport and other developments is only provided where new urban developments are carried out according to the principles of compact development.

Such property may be more valuable than it could otherwise have been because of the better transport links provided to connect such homes to places of work such as downtown areas of cities.

In another development that may boost property in California and the whole USA property market, the Senate last night voted 74-25 to back a revised version of the $700 billion (£380 million) rescue package for the US banking system.

The bill, which now includes tax breaks for businesses and middle earners, will now go back to Congress, which voted against the original plan partly because some members were concerned about the burden it imposed on taxpayers.

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