UCLA Real Estate Wire

Fox News: "California residents fleeing to Nevada and Arizona as high taxes, home prices force them out"

"While out-migration is a concern for California, Stuart Gabriel, the director of the Richard S. Ziman Center for real estate at the University of California Los Angeles said the state will remain a powerhouse in the U.S and abroad.

"'Will California continue to see out-migration? Yes. Will California continue to be threatened by this out-migration? Yes. Will the high cost of housing in California be cured overnight? No. Are we building a lot of affordable housing in California? Yes. Are we building enough of that affordable housing? No,' Gabriel said, adding that 'California in some respects is a victim of its own success.'"

[Fox: 7/24/2019]

Los Angeles Times: "Must Reads | Big home, big deal: The Manor in Holmby Hills sets an L.A. County price record at $119.75 million

UCLA real estate professor Paul Habibi said the Manor sale is a good sign for developers seeking massive sums for their estates because of the precedent it sets.

“If $120 million is the new benchmark, that makes it more plausible to sell a home for $75 million or $100 million,” he said.

Habibi emphasized caution, however, noting that while market conditions are ripe for such a transaction, buyers willing to drop nine figures on a house aren’t exactly dependent on the whims of the market.

[LAT: 7/1/2019]