Ken Slaught On California’s Market Trends in 2018

Many West Coast buyers are finding that they need to pay excessively high prices for older, less fashionable homes.

Santa Barbara, CA - February 14, 2018 /MarketersMedia/ —

Expert real estate agent Ken Slaught has found that the key to success in California’s real estate market is not solely in one’s ability to manage a large team or have a wide breadth of knowledge about the current market, but lies in the pure facts of what the state has to offer. As a key figure in the Southern California residential, commercial and industrial property scenes for more than thirty years, he has weathered unexpected variance and bested trends. With his wide-ranging experience and understanding of the acquisitions that shape the state he has called home since childhood, Slaught shares his insights about the unique nuances of the California market; these distinctions include the ability to recognize purchase opportunities and pitfalls, and astute knowledge of the myriad extraneous influences that affect the Golden State.

With a white-hot housing market, many West Coast buyers are finding that they need to pay excessively high prices for older, less fashionable homes. Ken Slaught notes that costs have been steadily climbing since 2008, and common reference, the Standard & Poor’s Case-Shiller home price index, reveals that Los Angeles home prices rose to their highest point during April of this year since October 2007. Having moved beyond mere recession recovery, Southern California’s larger metropolitan areas are closing in on their former peaks. Slaught says the turnaround can be attributed to a number of factors, which include interest rates, job growth and supply and demand. As current 30-year, fixed-rate mortgages are hovering around 3.5% or less, these enticing numbers nearing 3.31 percent (the record low hit in November 2012) are pushing many toward buying. These historically low rates, coupled with strong employment numbers, such as a 2.4% gain in Los Angeles County and a 3.5% rise in Orange County, makes it clear just why values have appreciated in an extraordinarily fast-paced manner. And although home prices vary considerably statewide, the inflated asking price of higher-end homes outpaces all other states with the exception of Hawaii. The feverish demand for housing cannot currently be met by the slim supply available, with many first-timers forced to opt for condominium-style units: obtainable and within a more modest price range.

Other factors influencing the current situation that are particularly Californian in nature can be traced back to a general scarcity of land in desirable locations. Undeveloped land costs are prohibitively high, especially within the Los Angeles and San Francisco areas. Ken Slaught points to regular delays in construction of new project, which result in many owners choosing to stay put and renovate, as Proposition 13, the 1978 amendment to the state’s constitution, has made relocating a daunting choice. Though the law states that future property tax increases are capped at 2% based on 1975 assessments, the exorbitant exception takes place when a sale is executed, and a property is reassessed based on its current sale price. Ultimately, yearly totals are framed by purchase figures that vary monthly, as demand in California shifts seasonally (with most homes moved in June and a small increase at year’s end). Also affecting yearly totals are asking prices, interest rates, consumer confidence, negative equity status, quantity and quality of homebuyer jobs, disposable income, saving rates, and elements like major foreign investments.

Since founding Investec Real Estate Companies in 1983, Ken Slaught has led the firm through the execution of more than $1 billion in property transactions. As president of the most successful real estate management enterprise in Santa Barbara, he has been primarily responsible for establishing the company’s strategies and policies, determining its asset class allocations and overseeing its investment decisions. Mr. Slaught is a member of the California Association of Realtors, the Building Industry Association of Southern California, and the Santa Barbara Rental Property Association; he is also affiliated with the Institute of Real Estate Management and the Urban Land Institute. The long-time resident of Santa Barbara is actively involved with a wide range of philanthropic organizations and remains devoted to strengthening all aspects of his community.

Ken Slaught - Founder & President of Investec Real Estate: http://kennyslaughtnews.com

Ken Slaught - Investec Founding Principal & President: http://www.investecrealestate.com/kenny-slaught-2

Investec Real Estate: Santa Barbara Commercial Real Estate: http://www.investecrealestate.com

Contact Info:
Name: KSN
Email: kenny@kennyslaughtnews.com
Organization: KennySlaughtNews.com

Source URL: https://marketersmedia.com/ken-slaught-on-californias-market-trends-in-2018/300892

For more information, please visit http://www.kennyslaughtnews.com

Source: MarketersMedia

Release ID: 300892

Latest News

And now for the weather on Mars, courtesy of new NASA lander

Feb 20, 2019

CAPE CANAVERAL, Fla. — And now for the weather on Mars: NASA's newest lander is offering daily reports on the red planet's frigid winter. Starting Tuesday, NASA's Jet Propulsion Laboratory is posting the highs and lows online , along with wind speed and atmospheric pressure from the InSight lander. On Sunday, InSight recorded a high of 2 degrees Fahrenheit (minus 17 Celsius) and a low of minus 138 degrees Fahrenheit (minus 95 Celsius). Compare that with Sunday's coldest U.S. temperature: minus 27 degrees (minus 3 Celsius) in Taylor Park, Colorado. Scientists need to know the local Mars weather to determine...

New legislation bans Russian soldiers from using smartphones

Feb 20, 2019

MOSCOW — Russian lawmakers have approved a bill prohibiting military personnel from using smartphones on duty, a move intended to stop sensitive information from appearing on social media. The bill approved by the lower house Tuesday also forbids servicemen to post photos, videos and information about themselves, other soldiers and their relatives on the internet. The new legislation formalizes restrictions on using smartphones and tablets earlier ordered by the Defense Ministry. The move follows the publication of open source stories about the fighting in eastern Ukraine between Russia-backed separatists and Ukrainian forces, and about the Russian military campaign in Syria....

Honda to shut plant in Brexit-shaken Britain

Feb 20, 2019

LONDON — Japanese carmaker Honda plans to close its car factory in western England in 2021, a fresh blow to the British economy as it struggles with the uncertainty associated with leaving the European Union next month. The company announced the decision, which will imperil 3,500 jobs and possibly many more, at a news conference in Tokyo. Honda's president and CEO, Takahiro Hachigo, said the decision was not related to Brexit, but was based on what made most sense for its global competitiveness in light of the need to accelerate its production of electric vehicles. Still, experts say the uncertainty...

Germany, France push to create European industrial policy

Feb 20, 2019

BERLIN — Germany and France on Tuesday launched a drive to overhaul the European Union's competition rules to facilitate the creation of world-leading companies. They pushed forward a project to create a car battery consortium aimed at catching up with Asian rivals. A German-French "manifesto for a European industrial policy fit for the 21st century" agreed on by the countries' economy ministers reflects worries that the continent risks falling far behind in the development of new technologies such as artificial intelligence and electric mobility. It also reflects anger in Berlin and Paris after EU antitrust authorities blocked the creation of...

Scientist who popularized term "global warming" dies at 87

Feb 20, 2019

NEW YORK — A scientist who raised early alarms about climate change and popularized the term "global warming" has died. Wallace Smith Broecker was 87. The longtime Columbia University professor and researcher died Monday at a New York City hospital, according to a spokesman for the university's Lamont-Doherty Earth Observatory. Kevin Krajick said Broecker had been ailing in recent months. Broecker brought "global warming" into common use with a 1975 article that correctly predicted rising carbon dioxide levels in the atmosphere would lead to pronounced warming. He later became the first person to recognize what he called the Ocean Conveyor...

About The Next Discovery

The Next Discovery is equipped with recent Science & Tech news to impart knowledge to individuals awaiting the future.

Contact us: sales@tndiscovery.com