Investors are turning away from Southern California and looking to other "hot" areas for the next boom.
One "former technology worker [Jay McKee] from Manhattan Beach, Calif., was among thousands who caught the real estate investment bug during the housing boom. He bought an ocean-view condominium in Hermosa Beach two years ago, spent $30,000 to spruce it up and swiftly resold it for a $250,000 profit.
But instead of pouring his profits back into local properties, McKee took his spoils to Phoenix. He invested in 10 properties there and started a real estate development and home-building business.
'To do it in Southern California would be much more costly,' said McKee, who has already sold some of his Arizona investments. 'You definitely get more for your money in Phoenix.'"
"Proportionately fewer homes in Southern California are bought by investors than in Phoenix, Las Vegas, coastal Florida and parts of Central and Northern California. In Los Angeles and Orange counties, investor activity peaked during the first half of 2004, when the absentee-ownership rate reached 14 percent of sales."
Read the full story: To speculators, Los Angeles is so yesterday
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
California plans to bury El Niño’s downpour
If the state plays its cards right, it may be able to store a billion acre-feet of El Niño’s water in aquifers.
Desperate measures: Advocates weigh draining Lake Powell to fill Colorado River
Draining the reservoir could reduce evaporation losses by a couple hundred thousand acre-feet.
Chicago Avenue bridge construction delays enrages city leaders
The bridge has been closed since 2025. The city originally aimed to re-open it in December, and now expects to finish construction in 2027.
NYC bus network redesign speeds up Queens buses
Rush routes have seen a 4.6% speed increase after the redesign.
California High-Speed Rail Authority picks trainset manufacturer
The California High-Speed Rail Authority aims to start servicing passengers by 2033.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
City of Rosemead
Rutgers University, Edward J. Bloustein School of Planning and Public Policy
One Hundred Miles
Hunter College, City University of New York (CUNY)
The Architects Foundation
University of Cincinnati Online
City of Cambridge
Montrose County
The Pocatello Development Authority