California hotel sales plummeted last year, according to Atlas Hospitality Group, which recently released its 2023 end-of-year hotel sales survey.
“The big jump-out is the dramatic or steep decline in number of transactions and dollar volume,” said Alan Reay, president of Atlas Hospitality Group, who’s been tracking California hotel sales for more than 20 years. “This is the steepest decline we’ve seen in the last 20-plus years, except for one year, and that was 2009.”
Rents in Los Angeles have dropped 3% over the past year, marking the sharpest decline of any major city in California, according to a new report from the nonprofit news outlet Crosstown L.A.
CBRE’s latest survey reveals that cap rates in the commercial real estate market are nearing their peak levels, signaling stabilizing conditions on the horizon, despite challenges posed by tighter lending standards and potential market distress.
LOS ANGELES – Prospective homebuyers looking for a good deal – we’ve got some good news for you!
Although home prices rose nationally 0.3% year over year in February to a median of $415,000, according to Realtor.com data, there are some markets out there where home prices are falling.
Homeowners in parts of California are slashing the price of their properties by as much as 40 percent as they leave behind the explosive home appreciation that characterized the pandemic years.
A five-bedroom home in Oakland, California, that was listed for sale for $4.1 million in March 2022 is now once again available on real-estate marketplace Redfin for $2,550,000 after experiencing a price cut of more than 40 percent.
“Oof,” wrote San Francisco Bay Area realtor Matt Castillo, who first spotted the listing, on X, formerly known as Twitter. “This house was sold in Oakland in March 2022 for 4.1M. Now it has been on the market [for] over 60 days and just had a price cut from 3M to 2.55M.”