OSCG BLOG POST

Did You Know?

- 10/19/20

Did You Know?

Demand for luxury homes (the most expensive 5% of homes in a given market) is soaring, underscoring how the pandemic has intensified wealth disparities in the U.S. High-end sales jumped 42% in the third quarter from a year earlier, the largest jump dating back to 2013. Sales of mid-priced homes climbed just 3%, while affordable purchases declined 4%. This is NOT for all areas of the USA. It is averages, that are not always that great. (Bloomberg).

Businesses are seeking places to expand that are pro-growth, low-tax, politically stable, and with an educated workforce in advanced degrees like engineering, math, technology, business, and law. Austin, Salt Lake City, Raleigh, Charlotte, Nashville, and San Jose all top the list in 2020 in this respect according to CoStar, with occupied office growth expected to exceed 10% over the next 5 years. Dallas, Miami, Phoenix, Atlanta, San Antonio, and Boston are all expected to grow by 8%+ as of Q3 2020. (Forbes).

Newport Beach leaders support more rules clamping down on short-term rentals, requiring renters to be at least 25 years old and making owners of the properties responsible for parking violations issued to renters. The latest regulations, approved by the City Council in a 4-to-3 vote on Tuesday, Oct. 13, aim at striking a balance between visitors and residents who mix in the popular coastal tourist town, as the demand for short-term lodging has surged in recent years. A second vote will need to be taken Oct. 27 to finalize the changes. (OCRegister).

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