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

More News From Sports - Asia Logue

Indonesia makes 2032 Olympics bid official

Feb 21, 2019

JAKARTA, Indonesia — Indonesia has officially joined bidding to host the 2032 Olympics following its success staging the Asian Games last year, the deputy chairman of its national Olympic committee said Tuesday, highlighting the rising ambitions of the giant but perennially underperforming Southeast Asian nation. Muddai Madang said letters from President Joko Widodo and the national Olympic committee were delivered to the International Olympic Committee's president in Lausanne last week by Indonesia's ambassador to Switzerland. "Indonesia is ready to host the Olympics," Madang told The Associated Press. "What we need now is support from all the Indonesian people and the...

Thai party fields transgender candidate for prime minister

Feb 21, 2019

BANGKOK — As Pinit Ngarmpring, he was a CEO and sports promoter, well known in the world of Thai soccer. Now, under her preferred new name of Pauline Ngarmpring, she's pursuing a bid to become the country's first transgender prime minister. The 52-year-old is one of three candidates put forward by a political party for the post in next month's general election. She says she wants her nomination to bring hope to the marginalized and to open up political space for future generations of LGBT people. With over a month to go before the March 24 polling day, she campaigned...

Bahrain refugee soccer player freed by Thailand, heads home

Feb 21, 2019

BANGKOK — A refugee soccer player was freed by Thailand and left on a flight to Australia early Tuesday after prosecutors said they were no longer seeking his extradition to Bahrain in a case that has drawn worldwide attention. Thailand had come under great pressure from Australia's government, sporting bodies and human rights groups to send Hakeem al-Araibi back to Australia, where he has refugee status and plays semi-professional soccer. Aal-Araibi's lawyer Nadthasiri Bergman and Thai Immigration Police chief Lt. Gen. Surachate Hakparn both said he left Thailand shortly after midnight, on a scheduled flight taking him directly to his...

The Latest: Bahrain says it could still pursue refugee

Feb 21, 2019

BANGKOK — The Latest on the release of Bahraini soccer player with refugee status in Australia who was released from Thai detention after extradition request was withdrawn (all times local): 5:55 p.m. Bahrain says that it "reaffirms its right to pursue all necessary legal actions against" a soccer player who has been granted refugee status in Australia. The statement from Bahrain's Foreign Ministry comes after Thai prosecutors on Monday dropped a case against Hakeem al-Araibi, who then left jail and was on his way to the airport to return to Australia. Bahrain's Foreign Ministry said in a statement that the...

Thai princess finds tumult in politics, like life

Feb 21, 2019

BANGKOK — Princess Ubolratana Mahidol, the first child of Thailand's beloved late king, has always been a bit of a rebel, and on Friday she shook Thai society by becoming the first member of the royal family to say she would enter party politics. But hours later, her younger brother, King Maha Vajiralongkorn, commanded her to halt her bid to become prime minister, saying in an order read on television that no member of the royal family should be involved in politics. It wasn't the first unexpected turn in a somewhat turbulent life. Ubolratana, 67, was born into royalty but...

Sign up now!

Advertisement