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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: MulhollandDrive who wrote (12910)8/21/2003 11:28:41 PM
From: Lizzie TudorRead Replies (1) of 306849
 
AmyJ has a link to the number of properties in Palo Alto owned by "investors". Your link doesn't show this number, it talks about all the idiocy of the period and we all agree there was that. Palo alto has about half of the available properties owned by investors. This is a direct result of prop 13. What facts like that don't tell you are the levels of property taxes those investors are paying (quite low I can assure you).

I looked for AmyJs link but couldn't find it right now, and I want to do some other things tonight but I will look again tomorrow. I will steal a quote from her and ask if you would be interested in an investing deal where you give me 100K and I return 2% interest on less than 2% of your investment for the next 100 years. If I could get a sucker to give me 100K on a deal like that I'd sure take it, and many california residents did. Now those are landlords on the take adding no value. 50% single family homes owned by investors is pretty phenomenal in a bedroom community like Palo Alto. Hard to believe this law didn't contribute to it.

from your link
In 1999, average apartment rental rates increased by 4% compared
to a 7% increase in median income. The average monthly rent
was $1,357. Occupancy rates are at 97%, up from 96% in 1998.
I don't know how they came up with this, apts increased 20-30% in 99 for the folks I know.
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