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Strategies & Market Trends : The New Economy and its Winners -- Ignore unavailable to you. Want to Upgrade?

To: techanalyst1 who wrote (13139)	7/28/2002 11:04:28 AM
From: Lizzie Tudor	Read Replies (2) \| Respond to of 57684

FYI... ca real estate - S Cal rents up while N ca down almost 30%! Rents are so high in the bay area that 30% down is probably between $4500 and $6000 month LESS than their previous rent payments! (since most renters are between 1500-2K/mo I think). L July 23, 2002 SAN FRANCISCO – Apartment rents remain in a holding pattern in most major Western markets except California, where the contrasting fortunes of the state's northern and southern regions continue to push rates in opposite directions, according to a real estate survey released yesterday. In Southern California rents continued to climb, reflecting the region's healthier economy, experts said. While unemployment has climbed higher throughout the state, the job losses haven't been as dramatic in Southern California as in the Bay Area. In San Diego, the average rent rose 5 percent to $1,112. Average rents went up 4 percent in Los Angeles to an average of $1,248, while Orange County's rents edged up 2 percent to $1,215. Riverside and San Bernardino counties emerged as the West's strongest rental market, with an average second-quarter rent of $857, a 6 percent increase from the same time last year. In Northern California, pressured by a long run of layoffs in high-tech industries, San Francisco Bay Area apartment rents during the three months ended June 30 fell for the sixth consecutive quarter, according to RealFacts, a Novato-based research firm. Although apartment rents in the San Francisco metropolitan area remain the West's highest, the average June 30 rate of $1,653 is 19 percent below its December 2000 peak of $2,036, RealFacts said. The June rent represents a 14 percent decrease from a year ago. Rents in Santa Clara County – the Silicon Valley's hub – have fallen to an average of $1,432 in June, down 27 percent from a high of $1,951 in early 2001. Santa Clara County rents are 21 percent lower than a year ago. Sacramento continues to attract more residents fleeing the Bay Area's high housing costs, keeping it as the only Northern California rental market on the upswing. Second-quarter rents in Sacramento averaged $853, a 5 percent increase from the same time last year. Although rents in most markets remain about the same as a year ago, RealFacts said signs of weakness are appearing in Seattle, Denver, Phoenix and Reno, Nev.