Supply of homes on market tightens. The number of existing houses listed for sale retreated 32.6 percent year over year in February, the largest annual drop ever recorded, pushing inventory to an all-time low.
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High-paying job growth supports leasing. Following a strong second half of last year, San Diego ranks as one of the nation’s tightest rental markets. From July to December, more than 4,300 units were absorbed in the metro, placing year-end unit availability at its lowest point since 2003.
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Pandemic transforms commercial real estate. COVID-19 changed the world in early 2020 as efforts to curb the spread of the pandemic had a dramatic impact. Stay-at-home orders, the need to physically distance, and having to abide by health and safety protocols had harsh effects on many real estate sectors.
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The National Multifamily Housing Council (NMHC) found that 84 percent of apartment households made a full or partial rent payment by April 12 in its second survey of 11.5 million units of professionally managed apartment units across the country, up 15 percentage points from April 5.
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While this is a global pandemic, the effects to the real estate markets will be local and regional.
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CARES Act Helps Small Businesses Stay Open and Keep Employees With the Paycheck Protection Program (PPP)
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The San Diego City Council voted unanimously Wednesday to place a temporary moratorium on evictions of residents and small businesses that cannot make rent payments amid the coronavirus pandemic.
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Interest Rates Hit All-Time Low as Spread of Coronavirus Sparks Flight to Safety; Stability and Yield of Real Estate Reiterated by Stock Market Volatility
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A Fallbrook apartment complex has been sold for $4.8 million. The complex at 302-338 E. Fallbrook St., has 28 one-bathroom, one bedroom apartments and one single family home.
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A downtown San Diego single room occupancy (SRO) hotel has been sold for $7.1 million.
Jasmine Inn Apartments, 1323-1335 J St., in East Village was acquired by M&M Opp Z.
The sellers were Workman Hotel Ltd, J14 Trade LLC, and J Street Trade, LLC.
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Higher mortgage interest rates will push more people into the San Diego County rental market and likely increase rents, said a new report from Marcus & Millichap.
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Kuhio Partnership of Temecula has purchased a 17-unit apartment property in Carlsbad for $4.1 million, according to brokerage firm Marcus & Millichap.