#california-real-estate

#california-real-estate

California real estate giant Irvine Co. is in the midst of a building push in one hotspot for future development statewide: apartments in less-than-traditional spaces. The Newport Beach-based company, which owns 125 complexes with 65,000 apartments across California, has 3,000 units under construction at three sites in Orange County. There are another9,000 units in various stages of planning in Orange, San Diego and Santa Clara counties.

California desert communities like Thousand Palms, Indian Wells, and Del Mar have transformed into year-round luxury destinations attracting affluent buyers from major cities like Los Angeles and Santa Barbara. The surge in demand is driven by a desire for resort-style living combined with modern conveniences, leading to a significant increase in property prices and incomes in these areas. Lifestyle amenities such as golf, tennis, and wellness facilities, along with advanced smart home technology, are major drivers of demand for luxury properties in California desert communities.

"Stepping through the doors of the Sherman Oaks abode feels like entering a time capsule dedicated to the 'King of Cowboys,' Roy Rogers, who passed away in 1998."

In the latest analysis, California home sales fell drastically since the Federal Reserve initiated its inflation-fighting measures, showing a significant decline in market activity.

In February, 22,002 California residences were bought, marking the third-slowest February on record and significantly below the 20-year average.