I'm in Fresno helping a friend execute an estate. Among the things necessary is vacating the current house and finding a rental after convincing him not to buy. We drove through just two small neighborhoods in the NW (Chance/Perrin) and there were 5 within 5 minutes. 3/2/gar $1200, $1450 w/gardener & water. That tells us the reversion to 120x rent is a 40% haircut. Nice Timeseries: http://www.consrv.ca.gov/DLRP/fmmp/time_series_img/fresno.htm
5 comments:
my mother-in-law lives in fresno. i had her convinced to sell her house this spring and rent, but she's a pack rat and still hasn't been able to clean it out enough to show it. i think she's going to have to end up staying there for a while...i told her to hurry up because it was going to get ugly, but she didn't really think it was as urgent as i was telling her.
It's amazing what houses are asking in these smaller markets. An extreme example I witnessed was Desert Hot Springs: miles of ugly developments, and prices in the high 300s.
LA seems to be lagging the crash. Over 8,000 sales in July. Dumpy little "Spanish Fixers" in the Hollywood flats for 700+. How do they find 8000 souls who can't read a newspaper? This is big news now.
Fresno city is like 38th largest in tthe nation. Fresno metro like 55th largest. Hardly asmall market. Their only saving grace AFAICT is a strong agricultural base. People still eat and farmers still buy tractors and their kids still go to scholl, etc.
Fresno city is like 38th largest in tthe nation. Fresno metro like 55th largest. Hardly asmall market. Their only saving grace AFAICT is a strong agricultural base. People still eat and farmers still buy tractors and their kids still go to scholl, etc.
Post a Comment