California home prices called ‘rational’ when climate is factored in (real estate, rent)

[jm1982]

Rational ? Hmmm

—
Chapman’s “amenities factor” revealed significant variations in housing’s “overvaluation” or “undervaluation” throughout the state. However, the statewide median valuation for the 39 large counties studied was 0.5 percent — a sign statewide housing is fairly priced.

“Prices may be high but they are rational,” Doti concluded.

https://www.dailynews.com/2018/06/24...s-factored-in/

[PhoenixSomeday]

Yes, the sunshine tax everyone wants to pretend is not a thing, because "things to do" (because no where else has that....) and "tech industry" (because there's no such thing as other industries) and diversity and yadda yadda. It's the weather. Go to just about any other board for other states and regions of significant posting activity and there's always a weather thread, or there's always a moving thread complaining about the weather. It's HUGE deal to most people.

[expatCA]

Originally Posted by PhoenixSomeday

Yes, the sunshine tax everyone wants to pretend is not a thing, because "things to do" (because no where else has that....) and "tech industry" (because there's no such thing as other industries) and diversity and yadda yadda. It's the weather. Go to just about any other board for other states and regions of significant posting activity and there's always a weather thread, or there's always a moving thread complaining about the weather. It's HUGE deal to most people.

And the State Gov't takes advantage of that by raising taxes and fees because as painful as it is people will pay and pay and ... well pay; even if minimal return on the cost is experienced in important area like roads, etc..

[KerrTown]

Originally Posted by PhoenixSomeday

Yes, the sunshine tax everyone wants to pretend is not a thing, because "things to do" (because no where else has that....) and "tech industry" (because there's no such thing as other industries) and diversity and yadda yadda. It's the weather. Go to just about any other board for other states and regions of significant posting activity and there's always a weather thread, or there's always a moving thread complaining about the weather. It's HUGE deal to most people.

You forgot about Hollywood, which drives demand in L.A., O.C. and to a lesser extent, the I.E.

But the weather is a definite plus. Last night, I was watching the national weather segment of the forecast and noted that today's L.A. and S.F. highs were expected to be around 73, while Las Vegas was expected to reach 103 today. (Of course the 73 only applies to the Five Mile Zone in Coastal California.)

Meanwhile, right now it's 90 degrees and a little muggy here in Houston. There is supposed to be a 10% chance of rain today, but I heard thunder from a little shower that drizzled slightly about an hour ago. The seabreeze showers are starting to flare up across town now that it's noon-time.

The rain storms are hard to predict here in coastal Texas, as evidenced by last week's tropical wave that did not bring much rain to Houston and was a little late compared to the earlier (erroneous) forecasts.

[nightlysparrow]

Seems to make sense for Hawai'i real estate prices and taxes, too.

[sas318]

Aren't New York homes also expensive, similar to California? They have extreme temperatures, so why are their houses so expensive?

[expatCA]

Originally Posted by sas318

Aren't New York homes also expensive, similar to California? They have extreme temperatures, so why are their houses so expensive?

Hi Paying jobs.

[KerrTown]

Originally Posted by expatCA

Hi Paying jobs.

Finance, namely Wall Street. My economics professor worked on Wall Street and decided to leave the male-dominated industry when she enrolled in the U. Houston's PhD program. She accumulated enough money working on Wall Street to live a comfortable life as an assistant professor (like those haute couture shoes she likes to wear on campus) and pursue her passion of teaching at the university level.

[jm1982]

Originally Posted by KerrTown

Finance, namely Wall Street. My economics professor worked on Wall Street and decided to leave the male-dominated industry when she enrolled in the U. Houston's PhD program. She accumulated enough money working on Wall Street to live a comfortable life as an assistant professor (like those haute couture shoes she likes to wear on campus) and pursue her passion of teaching at the university level.

Yeah I’m sure there are quite a few that make a lot on Wall Street .. but average income in NYC is low .

It seems a ton of people are living under rent control or subsidized housing there .

[Huckleberry3911948]

Prices are high because the banks hold huge inventories of repo houses which they won’t put on market and causing a real estate bubble
The reason for the repos were massive bad loans forced upon them by the government
The government said not loaning money to people with bad credit was racist