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Inside Real Estate News
Real Estate Innovatech Service
Southern California & Bay Area Investments
Are Changing Central Valley�s Face
Just a few months ago, a few female acquaintances realized their share of the American dream. With pride, they have become homeowners. They have joined those of us who have monthly mortgage dues. While many residents of the San Joaquin Valley are taking advantage of the relatively low interest rate, many outside buyers come to the Central Valley to be able to buy more for their money. At the same time, Bay Area and Southern California investors have decided to chill out on the stock market a bit and decide to put their money in the stable real Estate market. Up and down the Central Valley, historically known as the �Fruit Basket� of the country, you can see huge sites of construction of family homes and commercial properties. Take a look at the Junction between Freeway 41 and 99, on your right, you�ll the football-field-like warehouses that belong to some of the most important Fortune 500 companies. A lot of them have realized the strategic positions of the Valley. Any of these warehouses have merchandise that can quickly be sent to Los Angeles and San Francisco. As the words of mouth reach many business owners in areas where the operation costs weigh heavily in the books, you�ll see many relocations of headquarters.
What happens to local agents and real estate companies such as Century 21, Guarantee Real Estate, Help-U-Sell, builders such as McCaffrey Group, Commercial West Associates, NAI Commercial Pacific, Fortune Associates, CB Richard Ellis, Colliers Tingey International, Grubb & Ellis/Pearson Commercial and many others?
A simple answer which comes from most of them is that they have never been busier. Besides the long waiting list and the lottery tactic they resorted to, a lot of builders can�t seem to keep up with the demand for housing from both local residents and outside buyers. When you talk to any agents, you�ll realize that they get frustrated by the lack of available homes and commercial properties for sale. It won�t be a surprise for you to arrive home from work and many pieces advertising and cards posted to your front door. Each one of them is offering to do something for you. At least, they are trying to create their clientele. A few years down the line, if you decide to sell, you�ll be able to remember them and have their info handy. Many real estate agents resort to soliciting business directly from property owners. When that happens, 90% of the time, they have received some inquiries from potential buyers or developers. In the Reedley area, I have known a nectarine farmer who has received many such phone calls. Each time, he politely decline the request for sale. For the past few years, something exciting has been happening in North Fresno and along the Blackstone road. The River Park Shopping Center has long become a competitor to the Fig Garden Village, long known as the luxury spot shopping island of Fresno. Now, with the brand name companies such as Best Buy, CompUSA, Sports Authority, Linen and Things, Costco, Target, Michael�s, Ross, Sam�s Super Store, Mervyn�s, Khol�s, movie theaters and national bookstore chains located in that corridor, the attraction is on that side of the town. None of this would be possible without the push and pull of local developers. The Zinkin group and many others had the vision of bringing high-end shopping to Fresno and Clovis, CA.. Once the outside investors realize what�s going on around here, they decide to let their money follow them.
There is no doubt that North Fresno and Clovis have seen their share of the investors� money. Little by little, the new developments start trickling down to less attractive areas of the county. For a long time, Southeast Fresno was not a developer�s piece of pie. After the closures and departures of stores such as Super K, K-Mart from Kings Canyon Road, Home Depot and FoodsCo are now reaching out to throngs of customers. At the same time, developers such as McMillin has building sites in the Jensen/Clovis avenue areas.
If anything, Real Estate has been the rock of the economy. Supply and demand remain the arbiters of the housing market. As more people want a certain product, the price is sure to rise. Buyers and investors want single family homes, commercial/retail properties, apartments, condos, fixer-uppers, foreclosures, duplex, triplex, mansions. The bust of the New Economy has long been behind them. They have seen the stability of the housing market, they are willing to go where they can maximize their purchase. Why settle for one home in the Bay Area when the same money can buy up to three homes in the Valley?
If you have some leads on the sale of some key properties, let us know. The requests have not been more frequent these days.
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Inside Real Estate News Service
by Real Estate Innovatech
Developers of Affordable Housing
Needed in Central California
Affordable housing may be a thing of the past in Fresno County
Where are thou, developers and builders? The residents of the central San Joaquin Valley need you now, more than ever before. With the relatively low interest rates, many first-time buyers want to buy an entry-level home, but can't seem to find what their hard-earned dollars can buy. For a long time, housing affordability was synonymous with the Central Valley. According to a recent survey published by the California Association of Realtors, the Fresno County's affordability level has sunk to its lowest point. Housing prices have been steadily going up around here. Does this mean that there's going to be a stop in the migration of well-heeled, cash-infused Southern California and Bay Area equity refugees?
The answer is no. They want bargains. Central Valley's homes are still cheap and affordable by their standards.
The group that is going to be hit the most by this lack of median homes is the local resident who does not hold high-paying jobs. Affordability is not an option for them. For them, it's the end of the dream. Homeownership is a major component of the American Dream. It's slipping away.
The misfortune of one group is the fortune of the sellers, developers, builders and property investors. It's now a seller's market. No wonder that many investors have moved their money from the stock market and mutual funds to the housing market. Real Estate analysts observe that the market is flush with money right now. In fact, it's been the most stable sector of the economy for a while now.
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