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Trendy to Lease Not Buy a Luxury Home in CaliforniaAll listings are the responsiblity of the posters; keep in mind, anyone can post anything! |
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Trendy to Lease Not Buy a Luxury Home in CaliforniaAll listings are the responsiblity of the posters; keep in mind, anyone can post anything! |
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Real Estate ArticlesTrendy to Lease Not Buy a Luxury Home in California
California has several things going for it. First, real estate, even after the collapse, is still expensive. Second, California is a trendsetter in many ways and real estate is no exception. Sales have been slow and one-time sellers are now leasing their luxury homes until the market improves.
Many owners of luxury properties in California have tried to sell their homes and have found few buyers. They may initially list their home only to have very little interest and no offers. The nexo obvious course of action is to lease the home for short or long term leases. A home in the Sunset Strip area of Los Angeles has been on the market for quite some time. The owner has reduced the price several times and it is currently listed for $3.5 million. Recently, the owner added a lease option to the listing for $10,000 per month. It was quickly snapped up on a short-term lease. There is no realty tracking service for leasing in California. Realtors and other professionals, however, say leasing activity in prestigious zip codes has experienced a significant increase throughout the state. Leases offered at more than $10,000 per month were up over 15 percent through April while leases in the $7,500-10,000 range increased about 7 percent. In Orange County, OCHouseRentals.com reports that leasing activity is up dramatically. What is causing the sudden increase in home leasing? The basic answer is consumer uncertainty about the real estate market. Another factor is the number of people that have significant income yet, due to financial setbacks the past few years, may not qualify for a mortgage on a high-end home. With California being so image conscious, homeowners that lost a multi-million dollar home to foreclosure still want to maintain appearances. They have access to enough disposable income to spend large sums each month leasing a home. If buying a home right now isn't for you, consider leasing instead.
You can talk about... Trendy to Lease Not Buy a Luxury Home in California Tags: • los angeles • lease option • orange county • million dollar • luxury properties • real estate market • home lease • california • luxury home • Related articles:
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