Friday, September 30, 2005
California Dreaming
As I mentioned in my previous post, I have been doing more research on out-of-state (OOS) owners in my farm area. What I have been finding is that the overwhelming majority of OOS owners have a California address. In the 11 subdivisions I've managed to research so far, I've found a total of 49 properties with OOS owners - not institutional owners like banks or HUD or whatever, but personal owners. Of those 49, a total of 31 have addresses in California. I didn't have time to track down exact dates of ownership, but a good portion of those neighborhoods are new (i.e., <5 yrs), so it leads me to believe that Californians are starting to make inroads into investment properties in my area. In one case, an owner from California bought THREE houses on the same street. These weren't cheap by this area's standards, either - something like $140k/each.
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2 comments:
I heard recently that in my neighborhood, 3 miles south of your House #1, the builder (Ryland) sold a CA investor 10 houses in one shot. I haven't confirmed that, but I believe it.
Wow, that's incredible Martin. A few months ago, my wife and I went to Star Ranch to look at their models and the guy there said an investor bought the model we were in and they were now being leased. I can't remember, but I think he said the investor was from California, too.
Here they come. :-/
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