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."
FULL STORY: To speculators, Los Angeles is so yesterday
Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
In Urban Planning, AI Prompting Could be the New Design Thinking
Creativity has long been key to great urban design. What if we see AI as our new creative partner?
Making Shared Micromobility More Inclusive
Cities and shared mobility system operators can do more to include people with disabilities in planning and operations, per a new report.
Car Designs Make it Harder to See Pedestrians
Blind spots created by thicker pillars built to withstand rollover crashes are creating dangerous conditions for people outside vehicles.
Cal Fire Chatbot Fails to Answer Basic Questions
An AI chatbot designed to provide information about wildfires can’t answer questions about evacuation orders, among other problems.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Appalachian Highlands Housing Partners
Gallatin County Department of Planning & Community Development
Heyer Gruel & Associates PA
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie