Andrew Skotdal

San Diego holds the title for being the most unaffordable city in the US, yet it remains a magnet for military personnel. Its strategic military presence, diverse career opportunities, and coveted lifestyle draw many to call it home. In this video we'll discuss why that's true, follow for more California Real Estate tips!  #americandream #theamericandream #entrepreneurs #entrepreneurmindset #entreprenuermind #larealestate #sandiegorealestate #military #militaryvet #sandiegorealty

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https://ow.ly/US0B50REmNr In the Sacramento region, several office properties in submarkets like Downtown, South Natomas, and Highway 50 have—or will be—sold for a steep discount. These properties can dramatically cut rents and induce other landlords to drop rents.

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In 2424, the Northwest leads in the space sector, with key hubs stretching from Redmond to Arlington, WA. New aerospace firms are flocking to Snohomish and King County, taking advantage of prime industrial spaces. Cities like Marysville and Arlington, supported by Amazon’s fulfillment centers, Everett’s Paine Field, and BNSF Railway, provide strong logistical benefits. Washington State’s innovative space industry now includes companies like Boeing, Gravitics, Tesla, and Amazon, all active in Snohomish County. Space firms require extensive facilities for R&D, manufacturing, testing, and storage, with high demands for logistics, security, and scalability. A seasoned commercial real estate brokerage, like Victory Lane Brokerage, knows how to meet these needs by finding properties that offer both immediate functionality and future expansion potential. Victory Lane tailors search and negotiation strategies to accommodate the unique demands of the aerospace sector. #SpaceSector #CRE #AerospaceWA #VictoryLaneBrokerage #WashingtonRealEstate

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How low did the Irvine Company go on San Diego office sale? Imagine the internal analysis to acquiesce to 35 cents recoup from a twenty year ago cost basis. From an owner who rarely, rarely sells, this sale is another example of the great reset in Commercial Real Estate. Office sales pick up momentum regardless of the price discovery. https://lnkd.in/d3z72Fnx

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Has been rough speaking with friends in the Los Angeles entertainment business lately: Productions have dried up (combo of interest rate hikes, strikes, filming being much cheaper elsewhere, consolidation / downsizing at studios, etc.). Very few people are working. Many are vacating their apartments or selling their homes and leaving LA. Many are leaving the business entirely. Has driven home to me the following: If you require someone else's infrastructure to do your job (for example, the financing, distribution, etc. they provide): the deeper you go into your career, the more senior and expensive you are, and the more obligations you take on (family, mortgage, etc.), the more vulnerable you are. (If the above describes your situation, you need to save like crazy when times are good.)

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Santa Clara County's median #home price recently eclipsed the $2 million mark. #SanJose has traditionally built the most homes in Santa Clara County so I took a look at the number of building permits issued by each mayor in #SanJose since 1983. Clearly policy matters and anti-housing policies have come at the expense of #housing production and #affordability for San Jose residents based on the data. Each elected Mayor has served 8 years starting with Mayor McEnery. Matt Mahan started his term in 2023 and was just reelected so the jury is still out on his effectiveness. With the exception of Mayor Gonzales, housing production has steadily declined from a peak of 29,083 permits or 3,635 annually under Mayor McEnery to a low under Sam Liccardo with 16,399 or 2,050 annually. How did we get here? Although building permits were higher during Chuck Reed's tenure despite enduring the great recession of 2008 and his push to thwart conversions of "employment" lands to residential zoning, his policies would significantly impede housing production in the future. - Adopted in November 2011, the Envision San Jose 2040 General Plan guided land use decisions and emphasized the importance of preserving and enhancing employment lands, particularly those that support industrial and manufacturing activities. This general plan also developed the concept of focusing #residential development within 58 Urban Villages and downtown. - Adopted in 2010 under Mayor Reed and amended in 2021 under Mayor Liccardo, the Inclusionary Housing Ordinance (IHO) significantly raised the cost for new homeowners by requiring all new residential developments to designate units as affordable to households with restricted incomes. The in-lieu fee for for-sale residential product now exceeds $29 PSF and $49 PSF for rental projects in some submarkets. San Jose is a mature city with limited vacant land suitable for new housing development especially with Coyote Valley now off-limits. Much of the available land is already zoned for industrial or commercial use. Without a new approach to #landuse, housing production will continue to decline. The City's land inventory contains hundreds of obsolete commercial and industrial properties as well as religious properties that make sense for conversion. Efforts to permanently reduce #fees could also help change the calculus in producing more housing, but the City Council has historically opted to make these changes temporary linking them to some arbitrary timeline instead of production goals. A universal fee that was capped at 3% of the gross sales price of a new home would be progressive, lower the cost of construction and go a long way towards improving transparency for homebuilders.

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📈 Orange County Real Estate Update – April 17, 2024 This week, the median list price in Orange County, CA, stands at $1,999,263, marking a robust market condition. The Market Action Index (MAI) has risen to 63 from last month's 58, indicating increased buyer interest and competitive market dynamics. Inventory levels remain steady with approximately 1,356 properties available. Stay informed and ahead in your real estate decisions! #OrangeCounty #RealEstate #MarketUpdate #CaliforniaHomes #PropertyMarket #InvestmentOpportunities #WFGTitle #KellyMcConnell

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California has a massive housing problem, and that is driving homelessness well beyond what other states are experiencing. Despite having an economy that rivals that of Russia or France, the state hasn’t come to grips with homelessness. Studies have shown that high housing costs combined with low incomes leave people vulnerable to homelessness. The recent ‘California Statewide Study of People Experiencing Homelessness’ by the UC San Francisco UCSF Benioff Homelessness & Housing Initiative found that for most of the participants, the cost of housing had simply become unaffordable. This study is a must-read if you are looking for greater insights into root causes and consequences of homelessness: https://lnkd.in/ghzUUNbN California needs to build 180,000 new homes annually to close a shortfall of 2.5 million units by the end of the decade, while it has averaged less than 80,000 homes per year over the last decade. The housing crisis didn’t just emerge all of a sudden. Decades of policy failures, including zoning and land use regulations, pushed down housing construction. The consequences are unsavory; the majority of renters pay more than 30% of their income towards rent, while homelessness grows to near uncontrollable proportions in the background. There is a social cost as well; the unhoused population is viewed as the problem, not the lack of housing. Labels like “violent,” “criminals,” “mentally ill,” only serve to push the problem past its containment point. There is an urgent need to resolve the underlying problem, one that requires pulling all levers to increase the housing supply. Recent densification laws are a step in the right direction. However, stakeholders from both the public and private sector need to play their part. While the government needs to build more affordable housing, the private sector should focus on making housing accessible to those who are neither wealthy nor are eligible for affordable housing: the middle-income workforce. Increased supply will have a trickle-down effect - lower housing prices and, therefore, lower rents. At Riaz Capital, we are working towards providing high-quality, affordable housing for California’s urban workforce.

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Discover the essentials of California’s Section 8 housing program, including eligibility, income limits, and application steps. Learn how this program supports low-income families and individuals in finding affordable housing.

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Ponder varied homebuying patterns in SoCal in April: Existing home sales up 9% in a year and prices up 11%. But more “affordable” niches: Sales of new homes up 18%; prices down 8%. Existing condo sales up 14%; median up 9%.

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Hey Portland peeps, is an ADU right for you? Many people are curious about accessory dwelling units (ADUs). And it’s no wonder! Portland has THE largest ADU precedence in the nation. Last week, Melissa Appleton, with Deberry Funding, did an awesome job sharing high-level ADU basics, as well as her firsthand experience investing in ADUs. Topics included: - What technically qualifies as an ADU? - How much do they generally cost to build? - What are some of the specific permitting requirements and nuances you need to be aware of when considering an AUD? - What is meant by System Development Charge (SDC)? - When does it make sense to spend the money on an ADU? Watch the replay here: https://lnkd.in/gzd46__4 #ADU #accessorydwellingunits #PortalndADU #ADUinvestment #buildanadu #windermere

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🗓️Circa August 2010 during the middle of the GFC. We represented the Buyers in the purchase of this Bank-Owned (REO) 22 unit apartment complex in downtown Sacramento on P St. This was a classic REO with half of the complex vacant and the existing occupants not paying their rent or squatting while dealing drugs. This was a high liability asset for the bank to hold onto. 🔨🔩 Apartments required a full renovation. ⚖️ Eviction of all the squatters and non-paying tenants. 🔐 Protecting the renovations and appliances from vagrants. Renting out and stabilizing the property once renovations were completed. The Buyers were not afraid of the scenario and wrote an all cash non-contingent offer with a 5 day closing! 💰Purchased it for $1,232,000 or $56K / unit. This asset would trade for close to $250K per unit today and they still own it. The Buyers beat out multiple offers because they were willing to take on problems, acted quickly, and took the liability away off the seller in 5 days. They’ve since renovated, stabilized it, and are enjoying high market rents. #sacmultifamily #multifamily #sacramentorealestate

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