Category: California

Rents Already Dropping Like a Rock, Home Values to Follow

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According to an article posted the other day on the Los Angeles Fox 11 newsite at FoxLA.com, rents are already dropping in the Los Angeles region due to the effects of the Corona Virus or Covid-19. Over two weeks ago, shortly after the first stay at home order, I predicted that both rents and property values would be dropping very quickly.

The last line in their article is extremely telling:

“But for now, if your rent is not going down, you may want to talk to your landlord or look around for a better deal, because you may get it.”

Over 10 days ago, I wrote my first email asking a landlord for either a suspension of rent or a reduced rate. They came back with a “COVID-19 Hardship Consideration” form, which was obviously drawn up by the attorneys for the Southern California Rental Housing Association (and revised or drawn up, the same day 3/31/20).

This Covid-19 Hardship Consideration form, makes zero concessions except for considering to provide ‘accommodations’ for reduced rent until the eviction moratorium is lifted at which time the full amount of the rent would be due or the tenant would face eviction. They fail to recognize that due to the Stay at Home Order, many people have lost their entire incomes and in many cases, their jobs.

What landlords need to realize is that their properties are not worth the rental income they were getting even one month ago …

They are going to be finding very quickly that they will not be able to continue to charge rents like they were in 2019 and beyond. Rents will be dropping FAST and landlords should be contacting their lending institutions to get their payments deferred or contracts renegotiated. Some may choose to walk away. Many will be hearing from their tenants who will be choosing to do the same.

If you are a tenant or a landlord who needs help negotiating and coming up with creative, mutually beneficial ways to get through this crisis and stay in your home, please give me a call. I can – and want to, help.

Trumark’s Wallis Ranch Named “Master Planned Community Of The Year” At PCBC 2017 Gold Nugget Awards

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Wallis Ranch Trumark CommunitiesTrumark Communities recently announced that Wallis Ranch, the 184-acre master planned community in Dublin, CA, was named “Master Planned Community of the Year” at the 54th Annual Gold Nugget Awards¬†presented by PCBC, the largest annual homebuilding trade show in the Western United States.¬† The awards gala, held on Thursday, June 29, 2017, marks Trumark’s trifecta of wins for the prestigious title at the building industry’s three most esteemed annual awards ceremonies. In addition to the Gold Nugget Awards, Wallis Ranch was named “Master Planned Community of the Year” by the 2017 National Association of Home Builders’ (NAHB) Nationals Awards and the 2017 Building Industry Association (BIA) Excellence Awards.

Recognizing the best in community improvement through exceptional concepts in design, planning and development, the Gold Nugget Awards are a highlight of the annual two-day PCBC Conference held at the San Diego Convention Center, which draws more than 10,000 respected industry professionals across North America and beyond. Read More

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