Emily Laura Blog's

Friday, 4 September 2020

Touch Down! Eli Manning’s Giant NJ Home Is the Week’s Most Popular Listing

most popular homes 9/4 eli manning — realtor.com

Retired New York Giants quarterback Eli Manning is saying goodbye to his Jersey home. The two-time Super Bowl MVP has listed his winning residence in Summit, NJ, an immaculately renovated Georgian Revival, which easily rocketed to the top of our rankings to become the week’s most popular listing.

This week’s listings were all about the aspirational—and the attainable. On one end of the spectrum, viewers clicked like crazy on a collection of high-end properties, including a jaw-dropping Beverly Hills, CA, property with a must-see tennis court and the former home of Wayne Newton in Las Vegas with a jet terminal, Arabian horse breeding facilities, a zoo for exotic animals, and car museum.

“Friends” star Matthew Perry listed a Malibu, CA, beach house that’s been featured in Architectural Digest, with envious ocean views.

Also making this week’s list are a couple of properties priced closer to the $100,000 range, including a really cool farmhouse in Pittsburgh with a gorgeous industrial makeover, as well as an affordable, vintage herb farm in Connecticut.

Take a look at this week’s list, filled with fame, farmhouses, and fun. Enjoy!

10. 6629 S. Pecos Rd., Las Vegas, NV

Price: $29,900,000
Why it’s here: This 36-acre ranch was dubbed Casa de Shenandoah by a former owner, Wayne Newton. Now the property is available in all its opulent glory. The main mansion was built in 1957, and has seven bedrooms, five bathrooms, and a roomy 57,000 square feet of living space. The spread also includes seven additional homes, an air-conditioned car museum with chandeliers, Arabian horse breeding facilities (complete with horse hospital), artesian wells and lakes, a jet and terminal, zoo, koi ponds, and a heliport—all in the heart of Las Vegas.

las vegas wayne newton house — Las Vegas, NV
realtor.com

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9. 1201 Tower Grove Dr., Beverly Hills, CA

Price: $59,500,000
Why it’s here: This gated English country estate was built in 1930. Featured in Architectural Digest, the interiors are cozy, despite the home’s cavernous size: 16,439 square feet, including five bedrooms and eight bathrooms. The 3-acre grounds, like the interiors, were professionally designed with outdoor “rooms” created from specimen trees. There’s also a tennis court building, two-story guesthouse, and more in an iconic part of Beverly Hills.

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8. 534 Silver St., Coventry, CT

Price: $450,000
Why it’s here: Originally built in 1760, this was the home of locally treasured Caprilands Herb Farm, which belonged to Adlema Simmons, the so-called first lady of herbs. The 63 acres include a 1790s Colonial farmhouse, barn, and greenhouse, which are in need of some TLC. The 3,096-square-foot main house has four bedrooms and one bath. The listing suggests this could be a wonderful winery, farm-to-table restaurant, horse farm, or even a gentleman’s farm—whatever the new owners can dream up.

Covernty CT herb farm — Coventry, CT
realtor.com

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7. 27 Roanoke St., Pittsburgh, PA

Price: $595,000
Why it’s here: A complete remodel of a 1900-built farmhouse created this spectacular three-bedroom, three-bath, 1,562-square-foot modern industrial home sitting beside Mount Washington. Skyline views, up-to-date amenities, and even a rooftop deck with turf make this an incredible find with the ideal mix of style, convenience, and character.

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6. 144 Second Ave., Galion, OH

Price: $109,900
Why it’s here: Built in 1920 and well-maintained, this cute blue farmhouse sits on more than an acre. The 1,500-square-foot, three-bed, one-bath home features many recent updates, and comes with a sun porch, fenced yard, and much more.

Galion, OH farm house — Galion, OH
realtor.com

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5. 35247 Reynolds St., Dade City, FL

Price: $350,000
Why it’s here: Accompanied by 6 acres along the Withlacoochee River, this residence dubbed Talisman was built in 1970. The 7,417-square-foot main house has five bedrooms and four bathrooms. The secluded property also has a guest studio and barn.

Dade City FL Talisman — Dade City, FL
realtor.com

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4. 25438 Malibu Rd., Malibu, CA

Price: $14,950,000
Why it’s here: Actor Matthew Perry has listed this jaw-dropping beach house he’s owned since 2011. Built with open walls of glass overlooking the beach below, the 5,500-square-foot home has four bedrooms and four bathrooms. Perks include a theater room, decks overlooking the Pacific, and even a private little outdoor space with a hot tub.

Malibu, CA Matthew Perry beach house — Malibu, CA
realtor.com

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3. 4175 S. Arlington Rd., Green, OH

Price: $109,900
Why it’s here: Dating all the way to 1880, this brick Colonial has a main residence and guesthouse, for a total of five bedrooms, three bathrooms, and 3,400 square feet of living space. There’s also a three-car garage, walk-out basement, and attic for storage. The property is being offered for cash only, according to the listing. And that doesn’t seem to be a hindrance. The home is already in “pending sale” status.

Green, OH brick colonial exterior — Green, OH
realtor.com

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2. 15400 Timpaige Dr., Chesterfield, MO

Price: $1,999,900
Why it’s here: This eminently airy, atrium-style residence was built in 1991 and recently updated. The 8,204-square-foot home has five bedrooms and seven-plus bathrooms, and features high ceilings and walls of windows. The three-story foyer with a 50-foot atrium is a bona fide showstopper. The 3-acre estate also includes two heated, in-ground saltwater pools; screened gazebo; waterfall; pond; playground; and gym.

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1. 91 Prospect St., Summit, NJ

Price: $5,250,000
Why it’s here: Now that he’s retired, two-time Super Bowl champion Eli Manning is getting rid of this winning family estate. This Georgian Revival home was built in 1904, but got a makeover in 2015 across its six bedrooms, six-plus baths, and more than 9,000 square feet of living space. The property includes a home gym, golf simulator, pool and pool house, wine cellar, and even an outdoor playground for the kids.

Summit, NJ Eli Manning NJ house — Summit, NJ
realtor.com

The post Touch Down! Eli Manning’s Giant NJ Home Is the Week’s Most Popular Listing appeared first on Real Estate News & Insights | realtor.com®.

source https://www.realtor.com/news/trends/eli-mannings-giant-nj-home-is-the-weeks-most-popular-listing/

Thursday, 3 September 2020

The Priciest Place in Pasadena Isn’t Done—for $39.8M, You Can Finish It

Pasadena sits about 10 miles north of downtown Los Angeles and boasts its fair share of grand estates. Many date to the early 20th century, when moguls made their home in the area.

However, a more modern home rivals the old-money mansions—both in size and price. It’s on the market for $39.8 million, and you can now become the lord or lady of the priciest home in Pasadena.

Built in 1991 in the French Beaux-Arts style, the exterior is a regal sight. Richard Landry, architect to the stars, poured his imagination and a wealth of opulent flourishes into the mansion.

The stately facade features such classical details as Corinthian columns and numerous balustrades and balconies.

However, the interior will need a bit of work. The home is marketed as a “once-in-a-lifetime opportunity for new owners to complete the interior of Pasadena’s finest estate.”

Pasadena, CA, estate designed by Richard Landry
realtor.com

As offered, the living space measures a massive 31,415 square feet and can contain up to 16 bedrooms (14 in the main house and two in the guesthouse), as well as 19 bathrooms. The final configuration will be up to the deep-pocketed buyer.

The seller intends to let the buyers customize everything to their own specifications. If you’re going to invest in a property of this size and importance, you’ll want a say in the final product.

Currently, the mansion has four wings, all accessed via a two-story formal foyer with oversized windows and a dramatic staircase.

The lower west wing was designed to accommodate hundreds of guests, with a central gallery, lounge room, and a formal living room. A grand ballroom features a paneled ceiling and French doors that form a semicircle and open onto an enclosed balcony.

The lower east wing is meant for both guests and residents. It features a gallery, library, office, and a formal dining room. It’s also where you’ll find a massive kitchen with two breakfast areas, a walk-in pantry, and two butler’s pantries. The elevator is located in this wing.

The upper east wing contains a media room and more en suite bedrooms.

This is also where you’ll find the massive master suite, which includes a sitting room and dual closets and bathrooms. The suite opens to a terrace with a stone balcony and lovely views of the gardens.

The upper west wing is devoted to additional bedrooms and sitting rooms, many with French doors and balconies with wrought-iron and gold-leaf railings.

Then there’s the basement, where you’ll find the servants’ quarters with three en suite bedrooms, a security vault, an enormous laundry room, plus a gym and indoor spa.

The spa consists of an indoor resistance pool, spa, grotto, steam room, massage lounge, and sauna. Below is a subterranean eight-car garage.

As is, the investment is in the exterior structure and the grounds, which are lush, lavish, and luxurious. While most homes in the area sit on half-acre lots, this one spans an impressive 4.5 acres, with every square inch exquisitely manicured.

Smaller lots surround the estate
realtor.com

The grounds feature a European garden with topiary structures and imported statuary. They include a pond with a bridge and waterfall, walkways, bamboo-covered arbors, a koi pond, water gardens, and a tennis court. You’ll find an elaborate outdoor pool with spa, as well as many full-grown fruit trees.

For a mogul in search of a home with great bones and plenty of options for customization, this Pasadena mansion presents an intriguing option. We recommending using the Euro-inspired bones of this huge home to turn this Landry-designed mansion into a luxurious SoCal showpiece.

Sabrina Wu of Compass and Bryce Lowe, Kirby Gillon, and Aaron Kirman of Aaron Kirman Group at Compass have the listing.

Domed pavilion with stained glass
realtor.com

The post The Priciest Place in Pasadena Isn’t Done—for $39.8M, You Can Finish It appeared first on Real Estate News & Insights | realtor.com®.

source https://www.realtor.com/news/unique-homes/priciest-place-in-pasadena-palatial-estate-unfinished/

Actor Chris O’Dowd Selling Spanish-Style Home in West Hollywood for $1.8M

The actor Chris O’Dowd is parting with a Spanish bungalow in West Hollywood. The home is now on the market for $1.79 million.

O’Dowd and his wife, the British writer and TV presenter Dawn O’Porter, purchased the charming abode in 2013 for $872,500.

The couple had decided to add a West Coast address to their property portfolio after O’Dowd began to land more work in Hollywood. A source told the Independent at the time of the purchase that the couple hadn’t relocated, but instead would split their time between Ireland, London, and Los Angeles.

Now, the couple are leaving behind these digs after acquiring a different (and bigger) Spanish-style home in SoCal last year.

Bar seating and dining space adjacent to kitchen
realtor.com

One bedroom opens out to a deck.
realtor.com

Built in 1928, the private and gated retreat features a patio leading to the entry of the petite, 1,815-square-foot home. Enter into a living room with an oversized arched window, vaulted ceilings, exposed wood beams, and original hardwood floors.

The updated kitchen has high-end appliances, including a Viking stove, as well as a black counter with bar seating.

The three bedrooms are all en suite and come with “larger closets than what is traditionally found in a 1920’s Spanish Style home,” the listing notes.

A deck is accessible from both the master and second bedroom. For extra space, a converted garage doubles as an office or bedroom space with storage.

Outside, a high fence surrounds the perimeter of the property, providing a secluded oasis that includes a front yard with mature landscaping. The backyard features a serene space with a large deck for entertaining, as well as a heated pool.

Two gated parking spots are also available on the property. Additionally, O’Dowd is throwing in plans for a potential expansion along with the purchase price, the listing states.

Set in the desirable locale of Melrose Village, the home is conveniently close to the farmers market, shopping, and dining.

O’Dowd, 40, starred in the hit comedy “Bridesmaids,” as well as “Thor: The Dark World,” and the TV series “Get Shorty.” The funny man also wrote, directed, and starred in the series “Moone Boy,” for which he received an International Emmy. His latest project is “The Starling,” a film with Melissa McCarthy.

His wife, who was born Dawn Porter and obviously has a sense of humor, too, changed her name to O’Porter when she married. She has several U.K. documentary shows to her credit, including “Extreme Wife,” about polyamory and mail-order brides, and “The Booby Trap,” about breast cancer.

Victoria Parks-Murphy with Berkshire Hathaway HomeServices holds the listing.

The post Actor Chris O’Dowd Selling Spanish-Style Home in West Hollywood for $1.8M appeared first on Real Estate News & Insights | realtor.com®.

source https://www.realtor.com/news/celebrity-real-estate/chris-odowd-selling-west-hollywood-retreat/

Mortgage Rates Remain Below 3%—but Rising Home Prices Are Threatening To Push Buyers Out of the Market

Mortgage rates are still hovering around record lows, but that isn’t making buying a home cheaper for many people any longer.

The 30-year fixed-rate mortgage averaged 2.93% for the week ending Sept. 3, rising two basis points from the week prior, Freddie Mac reported Thursday.

The 15-year fixed-rate mortgage fell four basis points to an average of 2.42%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage rose two basis points to 2.93% on average.

“Low mortgage rates remain a potent fuel, driving demand and keeping purchasing activity rolling,” said George Ratiu, senior economist at Realtor.com. “However, fast-shrinking inventory and aggressive price gains are combining to outrun buyers’ ability to afford a home as we head into the cooler season.”

As mortgage rates fell to record lows, that provided incentives to would-be buyers, prompting home sales to hit volumes last seen prior to the Great Recession. But today’s home buyers aren’t necessarily scoring a deal anymore when compared with last year’s cohort of buyers.

This time last year, the 30-year fixed-rate mortgage averaged 3.58%. But someone who buys the typical listing today will be paying $14 higher monthly mortgage payments than someone who purchased a property last summer, according to recent data from Realtor.com.

“Lower mortgage rates can’t completely offset higher costs,” said Danielle Hale, chief economist at Realtor.com.

(Realtor.com is operated by News Corp subsidiary Move Inc., and MarketWatch is a unit of Dow Jones, which is also a subsidiary of News Corp.)

When rates drop, affordability improves for a period of time. But as history has shown, low rates eventually coax more people into the housing market. That creates competition for homes, which drives prices upward.

Currently, median listing prices are 10.6% higher than a year ago, according to Realtor.com. Meanwhile, the low supply of homes for sale has meant that properties are coming off the market in record time. That increases the likelihood that a given buyer will face a bidding war, which can increase how much they must spend to get the keys to their dream home.

Making matters worse, rates are unlikely to fall much in the coming weeks. Mortgage rates historically have roughly tracked the direction of long-term bond yields, including the yield on the 10-year Treasury note. Over the past month, the 10-year Treasury yield has risen. Until now that’s simply meant that the spread between bond and mortgage rates has narrowed, but that may not always be the case.

“The rise in Treasury rates will make it difficult for mortgage rates to fall much more over the next few weeks,” said Sam Khater, chief economist at Freddie Mac.

One piece of good news for buyers though: While rates remain incredibly low, refinancing is becoming less attractive to existing homeowners, Hale said. “This may paradoxically help buyers as they won’t have to compete with as many refinance applicants for lender attention,” she said.

The post Mortgage Rates Remain Below 3%—but Rising Home Prices Are Threatening To Push Buyers Out of the Market appeared first on Real Estate News & Insights | realtor.com®.

source https://www.realtor.com/news/real-estate-news/mortgage-rates-remain-below-3-but-rising-home-prices-are-threatening-to-push-buyers-out-of-the-market/

Jay Cutler and Kristin Cavallari Sacked for Big Loss on Nashville Home

Jay Cutler Kristin Cavallari — Jake Giles Netter/NBCUniversal via Getty Images

After two years and several price cuts, former NFL quarterback Jay Cutler and his estranged wife, Kristin Cavallari, have sold their mansion in Nashville, TN, for a loss.

The couple, who are now in the midst of divorce proceedings, bought the home in 2012 for $5.3 million. After purchasing a different Nashville home in 2018, the reality stars placed this mansion on the market that same year, at an optimistic price of $7.9 million.

After spending a couple of years on the market, the mansion sold for just $3.7 million. For those keeping score, that’s 30% less than what they paid for it eight years ago, and 53% less than the original asking price.

Fans of “Very Cavallari” will recognize the plush interiors from the first season of Cavallari’s reality TV show.

Over their years of ownership, the duo added a sizable number of amenities and square footage to the mansion. But buyers didn’t bite in 2018, and the couple dropped the price down to $5.75 million the following year.

When that price slice failed do the trick, the pair relisted the estate for $4.95 million early in 2020, acknowledging a desire to move on and take a loss.

That reduction appeared to be in the right ballpark for a buyer, who picked up the place at the beginning of July for an even steeper discount.

Meanwhile, the exes are making more home changes. Since they’ve split, Cavallari has vacated the couple’s newer home, reportedly picking up another place nearby for $5 million, People magazine reported.

As for the home that finally sold, although gorgeous, vast, and luxurious, it faced a unique set of challenges.

The reality stars had upgraded the home, introducing some major interior updates. The improvements, however, expanded the space to an intimidating 20,000 square feet. The price point, the humongous size, and the lack of a pool conspired against a sale.

The listing agent, Tim Thompson, acknowledged these challenges when we spoke with him back in February.

When the price finally dropped below $5 million, the stage seemed to be set for a real estate happy ending.

After all, a buyer who appreciated all the home’s luxe perks could score a sweet deal. The pandemic, too, had increased the appeal of properties with more space, and perhaps the huge home offered a perfect respite.

Kristin Cavallari and Jay Cutler’s home in Nashville, TN
realtor.com

Living room with beamed ceiling and fireplace
realtor.com

Library with built-in shelves
realtor.com

The buyer wound up with a 25-room estate that includes seven bedrooms, seven full bathrooms, and three half-bathrooms. The spacious spread includes a formal living room, dining room, family room, library, and gym. Luxe amenities include a finished basement, a rec room with a bar, and home theater.

The huge kitchen features two islands and a butler’s pantry, perfect for catering parties or hosting large-scale events—someday in the future.

The home is set on 8.5 acres, and the outdoor area includes a covered dining area and a poolhouse, with lots of grassy lawn and multiple patios, plus areas for lounging and dining.

Meanwhile, although the couple clearly didn’t snag their price, they now have one less task to complete as they move on with their separate lives.

The post Jay Cutler and Kristin Cavallari Sacked for Big Loss on Nashville Home appeared first on Real Estate News & Insights | realtor.com®.

source https://www.realtor.com/news/celebrity-real-estate/jay-cutler-and-kristin-cavallari-sacked-for-big-loss-on-nashville-home/

The Future of California Real Estate: Can the Golden State Survive?

California has long captured the nation’s imagination with its promises of the rich life, from the days of the gold rush to the rise of Hollywood and its star-making machine, to today’s booming tech sector. With its breathtaking shoreline and strong economy, the state has become indelibly known as a place abounding in opportunities—for those eager to seize them.

Lately, however, California’s luster seems to be dimming.

A severe housing shortage, exacerbated by the coronavirus pandemic, had led to the most expensive home prices in the nation. Wildfires this summer have devastated the northern part of the state. In the midst of a deep recession, many Californians are being priced out of their communities. Others are questioning why they’re shelling out so much money each month to live there—especially with companies in places like Silicon Valley allowing employees to work from home, wherever in the world that home may be.

It’s all converging at once to test the state’s true appeal. Despite the odds, can the Golden State’s real estate market remain, well, golden?

“Nobody in their right mind would bet against California,” says real estate professor Christopher Leinberger of George Washington University, in Washington, DC. However, “the Golden State can’t be golden forever with the ridiculousness of the home prices.”

California’s home list prices reached a record high in August—and have experienced the second-loftiest increases in the nation, according to the latest data from realtor.com®. (Only Utah saw bigger price gains.) Nine of the 10 most expensive metropolitan areas in the nation are in the state. (We included only the 300 largest metros, which encompass the main city and surrounding suburbs, towns, and smaller urban areas.) The state’s median price tag was $720,050 in August—up a jaw-dropping 23.7% from a year earlier.

That’s more than 10 times California’s median household income of $70,489 in 2018, according to the latest U.S. Census Bureau data.

The price hikes are due to the dearth of homes for sale. The shortage has been going on for years, but it’s been compounded by the COVID-19 crisis. Shut in their abodes for months on end, Americans are seeking larger homes for working and schooling their children. But there simply aren’t enough properties to satisfy demand, with the number of new listings down nearly 11.1% from August of last year on realtor.com.

Leslie Appleton Young, chief economist of the California Association of Realtors®, attributes some of that rapid run-up in prices to rich, white-collar workers who can now telecommute buying up luxury properties in more remote locations. In July, sales of homes priced at $3 million and up increased by about 76.6% year over year, she says. Homes priced at $1 million and up now make up about 20% of the state’s sales.

“The challenge is, you have the next generation of home buyers, [but] it’s very difficult to buy in California,” she says. “We’re losing people who simply can’t afford to be here.”

Many Californians were already being priced out

The lack of affordable housing is partly responsible for the nearly 3.25 million Californians who left the state from 2014 through 2018, according to the latest U.S. Census data. It’s also led giant tech companies like Google and Facebook, whose well-paid employees are partly responsible for the acceleration of prices in the San Francisco Bay Area, to pledge to build affordable housing in the area.

Looking at migration patterns in the U.S., “people have been leaving California and the Bay Area in higher numbers than they have been arriving,” says Patrick Carlisle, chief market analyst in the Bay Area for real estate brokerage Compass. “That outflow was being balanced by foreign immigration for years.”

More recently, however, that inflow of foreigners has declined.

Before the pandemic, Gov. Gavin Newsom boasted California had the fifth-largest economy—in the world. But COVID-19 has dealt the state’s economy a blow. California had a 13.3% unemployment rate in July, the sixth-worst in the nation, according to the U.S. Bureau of Labor Statistics.

“The housing supply in California is the No. 1 priority,” says Dowell Myers, a housing demographer at the University of Southern California, in Los Angeles. If the situation doesn’t improve, the lack of housing “will stifle employment growth and undercut the economy,” he says.

The quality of life could deteriorate enough to spur more folks to leave and deter others from moving in, he says.

Wealthier tech workers can still afford to drop nearly $1.2 million on a median-priced home in Silicon Valley’s San Jose metropolitan area, according to realtor.com’s August list prices.

But many others realize they can pay a fraction of that to live in other hip cities with growing tech hubs, like Austin, TX, with a median list price of roughly $400,000; Salt Lake City, at $490,000; and Nashville, TN, at $396,000. Even other West Coast tech hubs like Seattle and Denver are significantly cheaper, with median prices of $625,000 and almost $540,000, respectively.

Departing residents are “much more of a threat than a fire or an earthquake” to the state, says Myers. Although it attracts well-educated, high-earning millennials from other states as well as foreigners, California might see these higher-earning transplants leaving after a few years.

“They feel like they can’t possibly live where they want to live and buy a house,” says Myers. “California could hold more of the recruits if it had cheaper housing.”

George Washington University’s Leinberger blames NIMBY (“not in my backyard”) attitudes, which have stymied the creation of new housing throughout the state. While many residents support new construction, they don’t want it in their own communities. They worry that creating more dense housing, such as apartment, condo, and townhome complexes as well as smaller homes, could lower their own property values. They also say it would tax the existing infrastructure, like schools and local services, and exacerbate traffic issues.

Even well-meaning local regulations can drive up building costs and lead to long delays that can stretch over a decade between an application being submitted and a shovel going into the dirt.

“This is a self-inflicted wound,” says Leinberger of the housing shortage.

Could the pandemic prompt more people to leave California?

Although there has been a steady stream of Californians leaving their home state for years, the pandemic could accelerate that trend.

With more white-collar workers able to work remotely, some are heeding the siren song of more affordable homes, lower taxes, and a cheaper cost of living outside California’s borders. Others are remaining in state, but forsaking the expensive cities and moving into less-expensive areas.

“In the short term, California is going to see more people leaving due to the high cost of living combined with the ability to work remotely,” predicts realtor.com Senior Economist George Ratiu.

“People are willing to pay a premium to live there,” says Ratiu. “Perhaps that premium is being reevaluated by a lot of younger people.”

California could see winning and losing real estate markets

While some of California’s housing markets may be forced to slow down, others will likely keep accelerating.

“California’s a big place. You’re going to have winners and losers within the state,” says Mark Zandi, chief economist of Moody’s Analytics. “The housing markets in those urban cores are struggling. That will continue throughout the pandemic.”

In the Bay Area, sales for single-family homes in San Francisco and larger residences in the more suburban counties have been brisk while condo sales within the city limits have dropped off as a result of the pandemic, says Bay Area analyst Carlisle. That’s driven by wealthy, white-collar workers who are able to work remotely.

In addition to the surge in interest in expensive, sprawling homes north of San Francisco, in Marin County and Napa and Sonoma, buyers with means are trading their rentals and smaller homes in high-priced, urban areas for larger homes in more affordable, inland communities in California. Some are leaving the state altogether for hip cities with strong job markets.

However, many more are staying put. Southern California, including Los Angeles and San Diego, could fare better than Northern California’s Bay Area as it’s a little less expensive, says Matthew Gardner, chief economist of Windermere Real Estate. Residents who work in the entertainment and other Southern California industries may be less able to work from home as the Bay Area tech workers.

“We’re not talking about cities being abandoned,” says Carlisle. “Shifts in markets are shifts in degrees. Except for something like the housing bust of 2008, [markets] slow down.”

And no matter what trials it’s currently going through, California is still, well, California.

“It’s hard to envision a large exodus,” says Appleton Young. “We are [still] the tech hub, we’re the entertainment hub, we’re rich in natural resources and natural beauty.”

The post The Future of California Real Estate: Can the Golden State Survive? appeared first on Real Estate News & Insights | realtor.com®.

source https://www.realtor.com/news/trends/future-of-california-real-estate-can-the-golden-state-survive/