I am hearing rumors that things are swinging in Modesto and around, could you be so kind as to comment on what is going on. Otherwise I am coming up next week. Re: Land for cheap housing.
Hmmm....where do I begin? There are more and more bay area people moving over here. Add this to all the TV reporters looking to relocate for the Peterson trial and this is causing property values to soar and rents as well (although not as quickly...yet) Property values have consistently risen in the double digits at least the last five years. We bought our house in April 1998. It has more than doubled. Rents are rising between 7-14% every year. The low-end rentals (the only thing we buy and hold) are going crazy. I had one unit that had a market rent of $600 in March....I rented an identical unit for $700 in October. Every time I have a vacancy, I get about 75 phone calls the first two days the ad is in the paper.
Modesto has the most expensive rent and homes....basically. The small town of Ripon where I live has much more expensive houses but less expensive rent. I blame it on "uneducated" landlords. There is a nice 80+ unit apartment complex here in Ripon that has less expensive rent than lesser units in Modesto. If I were the owner, I would be putting nice, big ads in the Modesto Bee advertising quiet Ripon with outstanding schools with cheaper rent! I would steer clear of developing in Ripon. The city is not much fun to deal with at all (my dad is on the planning commission) and the fees are excessively high.
The next up-and-coming towns around here are the smaller neighboring towns like Turlock, Escalon, Oakdale, and Merced. Turlock has a University and is about 15 minutes south of Modesto.....not a bad commute at all. The utilities are also much less expensive (not only your monthly bill, but developer fees as well) and they are MUCH nicer to work with than PG&E. In Merced the junior college is almost complete and a University is under construction. These two towns are your best bet, but I would act quick! People are starting to get wise to it! Be careful in Merced, though....you can go from a pretty nice area to scuzville (with drive-by shootings) in a matter of a couple of blocks. If you have a question about a particular area, please call me and I would be more than happy to fill you in.
Turlock is a nice, quiet town that has historically had less-expensive houses than Modesto. The city has just approved a 350+ housing development not far from where I own a 6plex. (By the way, I bought that 6plex for less than $400k in March and it just appraised for a bit over $700k and we haven't done a thing except replace one section of fence!)
The Modesto Bee is the newspaper of choice for all these areas and you can dig much information off their website at www.modbee.com
Thats about all I can think of. If you have other questions I haven't answered, don't hesitate to yell.
Dear Shirley,
I am hearing rumors that things are swinging in Modesto and around, could you be so kind as to comment on what is going on. Otherwise I am coming up next week. Re: Land for cheap housing.
Da Container Houses. Lucius
Hmmm....where do I begin? There are more and more bay area people moving over here. Add this to all the TV reporters looking to relocate for the Peterson trial and this is causing property values to soar and rents as well (although not as quickly...yet) Property values have consistently risen in the double digits at least the last five years. We bought our house in April 1998. It has more than doubled. Rents are rising between 7-14% every year. The low-end rentals (the only thing we buy and hold) are going crazy. I had one unit that had a market rent of $600 in March....I rented an identical unit for $700 in October. Every time I have a vacancy, I get about 75 phone calls the first two days the ad is in the paper.
Modesto has the most expensive rent and homes....basically. The small town of Ripon where I live has much more expensive houses but less expensive rent. I blame it on "uneducated" landlords. There is a nice 80+ unit apartment complex here in Ripon that has less expensive rent than lesser units in Modesto. If I were the owner, I would be putting nice, big ads in the Modesto Bee advertising quiet Ripon with outstanding schools with cheaper rent! I would steer clear of developing in Ripon. The city is not much fun to deal with at all (my dad is on the planning commission) and the fees are excessively high.
The next up-and-coming towns around here are the smaller neighboring towns like Turlock, Escalon, Oakdale, and Merced. Turlock has a University and is about 15 minutes south of Modesto.....not a bad commute at all. The utilities are also much less expensive (not only your monthly bill, but developer fees as well) and they are MUCH nicer to work with than PG&E. In Merced the junior college is almost complete and a University is under construction. These two towns are your best bet, but I would act quick! People are starting to get wise to it! Be careful in Merced, though....you can go from a pretty nice area to scuzville (with drive-by shootings) in a matter of a couple of blocks. If you have a question about a particular area, please call me and I would be more than happy to fill you in.
Turlock is a nice, quiet town that has historically had less-expensive houses than Modesto. The city has just approved a 350+ housing development not far from where I own a 6plex. (By the way, I bought that 6plex for less than $400k in March and it just appraised for a bit over $700k and we haven't done a thing except replace one section of fence!)
The Modesto Bee is the newspaper of choice for all these areas and you can dig much information off their website at www.modbee.com
Thats about all I can think of. If you have other questions I haven't answered, don't hesitate to yell.