More exciting developments are in the works for Downtown Long Beach. According to a recent article in the Los Angeles Business Journal, a joint venture between Santa Monica's Ocean West Capital Partners and Chicago's Singerman Real Estate has purchased a 210,281-square-foot office and retail center in the heart of Downtown at the intersection of Broadway and Pine Ave. The buyers plan to convert the property into "The preeminent creative office campus within Long Beach".
Great news for apartment owners, according to a recent study done by USC. They are projecting that rents in LA County will be up by 8.3% in 2018 over last year. There are permits for more than 38,000 units on the books, but according to the LA Times story, most of that new supply is on the pricey end.
The Orange County Register April 3, 2016
According to this recent story many of the large builders are starting to cater to renters of single family homes. Not only are they building homes to rent they are also building larger apartment complexes. Lennar the No. 2 U.S. builder has just completed a 200 unit in Fullerton and has 26 more projects in the pipeline in other places in the US. Tim Kane the president of of MBK Homes said, "Apartments are very stable."
The L.A. Times reported in the story Tuesday March 1st, 2016 that “Fewer Starter Homes Being Built.” In their story they point out that more developers than ever are building for affluent baby boomers which makes it much tougher for millennials to buy their first home. This seems to be the first time in history that this event is taking place. In the past 40% of new homes were entry level and now it is less than 20%.
In an article in the Los Angeles Times January 23, 2016 the story stated that the state has posted huge job gains. It went on to say that 60,400 jobs were added in December which was the largest single months gain in the last 3 years.