California Real Estate Blog
San Diego council votes to limit Airbnb rentals
In a move that will dramatically alter San Diego’s home sharing landscape, the City Council Monday voted to outlaw vacation rentals in secondary homes, limiting short-term stays to one’s primary residence only. The effect of the action will be to curtail investor activity in the short-term rental market while also barring residents and out-of-towners from hosting short-term [...]
What Does the Fed’s Rate Hike mean for Mortgage Rates
The Federal Reserve lifted the federal funds rate by a quarter percentage point to a range of 1.75 percent to 2 percent. Two more rate hikes are expected this year. If you’re a homeowner with a fixed-rate mortgage, rest easy. If you’re a homebuyer and are shopping for a fixed-rate loan, don’t panic. But if you have [...]
San Diego Home Prices up 7.7 percent in a Year
San Diego County home prices in March increased 7.7 percent from a year ago, outpacing most of the nation, a closely-watched housing index reported. Riding a wave of rising prices across the nation, the S&P CoreLogic Case-Shiller Indices showed that nationally, home prices had increased 6.5 percent over 12 months. Seattle had the biggest increase of 13 percent [...]
San Diego Unemployment Hits Lowest Level in 18 years
San Diego County unemployment in March hit its lowest level since December 1999, said state labor officials and local analysis. The upside: San Diego’s seasonally adjusted unemployment rate was 3.1 percent in March, said Lynn Reaser, chief economist for the Fermanian Business & Economic Institute at Point Loma Nazarene University. That is the lowest in 18 years. [...]
Over 2,000 New San Diego Apartments to Open this Year
More than 2,000 new apartments are opening this year in San Diego County, most of which are high-end and downtown. The trend towards greater amenities with these projects follows past years, as luxury complexes cater to pets, install high-tech gyms and zero-edge pools typically found at resorts in an effort to outdo each other. Experts say developers [...]
San Diego Home Price Hits New Record High
San Diego County median home price soared to its highest point ever, $550,000, in March, said real estate tracker CoreLogic. Home prices increased 6.8 percent in a year, which experts attribute to a lack of homes for sale and a strong economy. The previous home peak was $545,000 in June. The big picture: San Diego County’s median [...]
San Diego Economy doing Well, Report says
San Diego County’s economy reached new heights in February led by increased help wanted advertising and low unemployment, said a monthly study from the University of San Diego. The report from the Burnham-Moores Center for Real Estate looks at different parts of the local economy to see how it’s doing. In the report for February, all but [...]
Fed continues to raise rates in Powell’s debut
Interest rates are going up. The Fed raised rates in its first meeting under Chairman Jerome Powell. The central bank's decision was a response to a sunnier economic outlook, very low unemployment and rising wages. "The economic outlook has strengthened in recent months," the Fed said in a statement following its two-day Federal Open Market Committee meeting. [...]
San Diego sees First Home Sale over $20 million in 10 Years
A Del Mar estate built for activist investor David Batchelder has sold for $21.5 million, making it the most paid for a home in San Diego County in more than a decade. Set on a bluff overlooking the ocean, the Mediterranean-style estate originally came to market last year at $29 million and more recently was listed for $24.5 [...]
Amazon Expands in San Diego, Moving into University City
E-commerce giant Amazon is boosting its footprint in San Diego - leasing office space in University City with room for more than 500 employees. The Seattle-based online retailer confirmed that it has signed a lease in the Campus Pointe office park. Amazon is taking nearly 107,000 square feet at 10300 Campus Point Drive. While Amazon has a small [...]
City Selling $1 lots – The Future of Affordable Housing?
The cities of San Diego and Lemon Grove are poised to sell lots for $1 each to a nonprofit land trust that will build houses reserved for middle-class families. Maximum prices, for new 3-4 bedroom houses, will be $350,000. One project is 16 lots on vacant land in Nestor, near a trolley line and the Mexican border. [...]
Yellen Ends Tenure – Paving the Way for Next Rate Hike
Federal Reserve officials, meeting for the last time with Janet Yellen as their chief, left borrowing costs unchanged while adding emphasis to their plan for more rate hikes, setting the stage for an increase in March under her successor Jerome Powell. "The committee expects that economic conditions will evolve in a manner that will warrant further gradual [...]