Stay informed about the latest news in the housing market with today’s top stories. Discover major housing and construction projects happening in Santa Cruz County, explore housing market predictions for 2024, learn about Greystar’s largest-ever project in Southern California, and find out how California is pushing schools to build their own affordable housing. These articles provide valuable insights into the current state of the housing market, innovative initiatives, and opportunities to shape the future of housing in California. Get ready to dive into the world of real estate and explore these captivating stories.
Housing and construction projects in Santa Cruz County – Santa Cruz Local
Stay up to date on major housing and construction projects across Santa Cruz County and find out how to make your voice heard. Explore the latest developments, upcoming initiatives, and opportunities to get involved in shaping the future of our community.
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor
The housing market may be entering a transitional phase, with signs of increased activity expected by the end of the summer. As mortgage rates decline and more resale inventory becomes available, buyers will have more options to choose from. The median price for new homes is also decreasing, making them more affordable compared to resale homes.
However, experts believe that the housing market will regain momentum once mortgage rates drop further, improving affordability and encouraging homeowners to sell and increase inventory. While home prices continue to rise, there are indications that the market is shifting in favor of buyers, with more price cuts and incentives being offered.
Although challenges such as affordability constraints and low inventory persist, there is optimism that the market will gradually balance out. Pending home sales have shown improvement, and experts anticipate a more favorable market when mortgage rates decrease significantly. To learn more about the housing market predictions for 2024, read the full article on Forbes Advisor.
Greystar’s largest-ever project opens its doors in SoCal | Multifamily Dive
The Row at Red Hill, a monumental mixed-use project developed by Greystar, has officially opened its doors in Santa Ana, California. With 1,100 units, four parking structures, and 40,000 square feet of commercial space, this $650 million development is Greystar’s largest-ever project.
Architects Orange, based in Orange, California, designed the 14.5-acre site, featuring four industrial-style buildings surrounding a central courtyard. Each section boasts its own unique aesthetic concept and rooftop amenity decks. The property is still undergoing construction, with completion expected in 2025.
The Row at Red Hill is owned and operated by Greystar, the top-ranked owner, manager, and developer according to the National Multifamily Housing Council. Located near Irvine and Tustin, the development offers a range of unit sizes from studios to three bedrooms, equipped with modern features like wood-style flooring, in-unit laundry, Samsung appliances, smart home technology, and keyless access control.
Residents can enjoy an array of amenities, including a two-story fitness and wellness club spanning 20,000 square feet, multiple pools and spas, a resident service hub, conference rooms, and various clubroom spaces. The site also includes pedestrian pathways and $1.2 million worth of public art installations.
Despite California’s housing shortage, Greystar remains committed to delivering exceptional living spaces. To learn more about this remarkable project, visit Multifamily Dive.
California YIMBY Statement on Legislative Passage of AB 3057 – California YIMBY
The California State Legislature has approved AB 3057, a bill that aims to make it faster, cheaper, and easier to build junior accessory dwelling units (ADUs) within existing homes. Authored by Asm. Lori Wilson and sponsored by California YIMBY, the bill received unanimous support with a 37-0 vote and will now proceed to the Governor’s desk for signature into law.
This legislation represents a significant step forward in addressing California’s housing shortage and affordability challenges. By simplifying the process for constructing junior ADUs, families will have more affordable and efficient housing options while staying closer together. The bill also strengthens existing incentives for ADU construction, contributing to the creation of thousands of affordable rental homes across the state.
California YIMBY commends the pro-housing leadership of Asm. Lori Wilson and looks forward to continuing collaboration to make California an affordable place for everyone. To learn more about this legislative passage, visit California YIMBY.
Affordable housing: CA pushes schools to build their own – CalMatters
California officials are urging school districts to convert surplus property into affordable housing for teachers, school staff, and even students and families. Recent legislation and initiatives have been introduced to encourage every district to become a landlord and address the housing shortage in the state.
The State Superintendent of Public Instruction, Tony Thurmond, believes that California’s schools have the resources and land to make this housing initiative a reality. However, some superintendents and education analysts express skepticism, suggesting that school districts should focus on education rather than real estate development.
To support the effort, Thurmond has pledged financial incentives for districts that pass bonds to build staff housing. The Department of Education is also hosting workshops to educate district officials on real estate development. A report from UC Berkeley and UCLA found that California school districts own enough developable land to construct 2.3 million housing units, potentially eliminating the state’s housing shortage.
While some districts have already embarked on housing projects, challenges remain for smaller, rural, and lower-income districts. Critics argue that housing development may not be the most efficient use of district resources and suggest that the state should adequately fund schools to increase teacher salaries instead.
Despite the concerns, many districts recognize the value of workforce housing for their staff, students, and communities. The California School Boards Association has been providing resources and hosting workshops to help districts navigate real estate development. The interest in education workforce housing continues to grow as districts see the potential benefits it offers.
To delve deeper into this topic, read the full article on CalMatters.