All Forum Posts by: Karen Margrave

CANCELLED MEETUP FOR THIS MONTH. i'M SORRY, JUST NOT ENO0UGH INTEREST YET. 

Totally unrelated to your post, but I'm in Redding too. I'm going to be doing a meetup soon, so if you're interested, set your keyword alerts to Redding Meetup. 

Like it or not, no place is like CA. We have coastal areas, mountains, lakes rivers, cities and beautiful country properties. Plus the weather is to die for! Those things alone keep CA a high demand area to live and invest in. Personally I HATE the politics of CA, but let's not go there. 

@Cara Murray, @Jack Vu, @Chelsie Runnings, @Eric Yu, @Ryan Havens @Mike Fish, @Punarvashu Tyagi, @Bridget Huebner  PLEASE TAG any investors you know that are in the Redding, Shasta County areas. 

If you can, sign up on the Meetup site too. Link is in post. I don't have the location set, waiting to see how many will be coming. 

Things are beginning to open up a tiny bit on pricing. I've seen some great deals come on MLS that would be good for rehabbers, etc. Curious for those of you that own STR in the area how they're doing? I know in southern CA some areas are seeing STR investors bailing out and selling properties. Not sure why, maybe because some of those areas have a large number of Chinese investors?

Should that happen in our area, it could open up more opportunities for buyers, both for owner/users and LTR investors. 

THOUGHTS on the market?? 

You said she's been paying the taxes every year, therefore; the tax bill must be in her name is that correct? You can go to a title company and explain the situation, and ask if they can look up who the owner of record is, then go from there. If it's not her or her husband, she needs to contact a real estate attorney. If it's her and her husband, depending on the state, she may need to file a certified death certificate and have title transferred to her. Again, talk to the title company or an attorney. 

In case you haven't seen this video on our little city yet, I thought you might like to. https://fb.watch/f47IXMakkm/

I'd like to answer as a Realtor and General Contractor. For many years we built spec new construction (bought property, built a new homes, office buildings, etc. and then sold to investors or owner/users) 

I live in Redding, CA. (IWe've also developed property in Orange County, CA and Bend, OR) We have a very unique set of circumstances here that is driving housing demand. We have had huge wild fires in northern CA (the real northern CA, not the bay area) Due to those fires destroying hundreds of homes it put a huge strain on our local housing inventory. Many of those burned out decided not to rebuild, having already raised their kids and are now empty nesters. Many are reinvesting the insurance money into rentals for income. Some are continuing to rent, others are traveling and enjoying life. 

Our rental market is driven by the normal need for housing, by the wildfire victims, a local ministry school that doesn't have any housing, traveling medical professionals, Covid refugees (those fleeing larger cities for a smaller one), tourism, and retirees moving here. HUGE demands. Unfortunately in CA the environmental regulations have driven the cost of EVERYTHING used in construction up. High fuel affects the cost of every item in a house.  In addition, the timeframe for getting land shovel ready is ridiculous, once again, regulations. Then there are the astronomical costs of permitting, putting in infrastructure, time it takes, etc. 

Though we have huge demand, the number of lots on which to build has been depleted, except for a few subdivisions that a large developer has going. With such high demand, most sellers don't want to sell, because they can't find another home they want to move into, and the costs are too high if they do. We're in a Catch 22 situation. Prices have started to come down every so slightly, due to the increased interest rates and a few less buyers. 

ALL of these things combine to make investing in our area, Redding, CA popular. We are a small city, surrounded by rivers, huge lakes, 2 volcanos (though no danger) hundreds of miles of walking/biking trails, etc. so for STR it's very popular.

I'm working as a Realtor at this time, though still a licensed GC. My son does remodels, etc. until costs of materials and availability stabilize some. 

When looking at markets, too many people think of the entire country. 

There's a saying that's been around a long time. All real estate is local. As you read my post, you will see what local issues affect our market. Every town in America has a story. That's what investors need to look at.  

Karen Margrave (Realtor, General Contractor, Moderator on BP)

Phone/text: 530-782-1800  Email: [email protected] 

www.Realtor530.com and www.1stamericanconstruction.co... 

That sounds like a good mix. I think the markets going to remain strong here. So will you be at the meetup, or do you live out of area?  

@Eric Yu I'm aware of what they're doing. A lot of it is politics, and ignorance. Unfortunately, people are over reacting and lumping all the shared housing situations in together and thinking they're all STR related. They're not. I have written to the City Council myself on this. I understand the problems posed by shared housing set ups, as it changes the make up of neighborhoods, and creates a lot more traffic, noise, etc. At the same time. many of the shared housing is for other types of residents, (seniors, sober living, BSSM students, and just people sharing homes due to the lack of housing in Redding) The city putting all the blame on STR owners, is short sighted. We do however; need to find solutions to housing in Redding.

What types of rentals do you have? How many? Do you live here in Redding? 

@Eric Yu Yes, it's specific to Redding. If you have any questions, I am a licensed GC and a Realtor, with years experience in Redding, developing projects of all types. What types of regulations are you referring to, the STR?

Our market is very unique. We have a lot of driving factors that will continue to keep demand up. We had the fires, which put a lot of strain on housing, then Covid refugees relocating from larger cities, investors buying to rent STR, LTR, room space to students at BSSM, plus the normal growth.