Southern California office rents will continue to rise next year as steady gains in the economy encourage employers to expand, further pushing down vacancy rates, according to a forecast released Thursday. Stable job growth has helped to reduce office vacancy rates and raise rents throughout the region. The Inland Empire will continue to be California's fastest growing urban area over the next 10 years, gaining 10,000 residents a year through 2010, the report said. The office vacancy rate in the Ontario Airport area fell to a tight 4.5% last quarter from 8% a year earlier as high-tech firms and businesses that want to be near the airport absorbed space. Many companies in the past few years have opened new offices or moved to the Inland Empire from Los Angeles, Orange and San Diego counties to accommodate shorter commutes and more affordable housing for employees. Click here to read more.
From the moment President Bush's tax restructuring panel announced its proposals for simplifying the federal tax code, one thing was clear: If this passes, Californians will pay more. Fully $17 billion more in federal taxes than they do now, according to state Treasurer Phil Angelides, about $2,200 per taxpayer per year, or $500 per year for every man, woman and child in California, citizen or immigrant, legal or illegal. Also hard hit would be states like New York, Massachusetts, Maryland, New Jersey and Illinois - all so-called “blue” states that voted Democratic in the last presidential election. On the other hand, taxpayers in states like Texas, Tennessee, Wyoming and Nebraska would pay less - and all those are “red” states that voted for Bush in 2000 and 2004. Click here to read more.
O.C. housing market cools. Sales volume slips, but 15.7% price gains for quarter reflect continuing health. Orange County's white-hot housing market cooled off during this year's warm summer months, new figures released Thursday showed. Orange County slipped from last year's Top 10 list of regions with the fastest-rising prices. It's now No. 65 in a national home-price index, with price gains of 15.7 percent in the third quarter of 2005. Orange County's median home price (the point at which half the homes sold for more and half sold for less) shot back up to $617,000 in the four weeks ending Nov. 17, tying August's monthly record, according to house-tracker DataQuick. Sales volume continued the typical autumn slump, dropping to 3,718, down 3 percent from a year ago. Affordability dropped as home prices rose, a new survey by the National Association of Home Builders indicates: The median-income household could afford just 3.2 percent of O.C. homes sold during the third quarter, making O.C. the fourth least-affordable metro area in the nation. That's down from 4.4 percent a quarter earlier. Click here to read more.And for those of you Californians interested in moving out of state here's some news about Idaho's housing outlook. Idaho's housing appreciation rate outpaced the national average in the third quarter of 2005, making it harder to buy a home and increasing the property tax burden on existing homeowners. Idaho housing prices were up 15.01 percent year-over-year, according to an Office of Federal Housing Enterprise Oversight report issued Thursday. That was well ahead of the 12.02 percent average national rate, which declined by 2 percentage points from the third quarter of last year. Reaction to the Idaho figures was split, with federal officials insisting it was good news for homeowners, while Treasure Valley experts worried that it signals tough times ahead for area consumers. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
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