The A. Gary Anderson Center for Economic Research released an updated economic forecast for 2015 and 2016 forecast at the Segerstrom Center for the Arts in Costa Mesa, CA. Dr. Jim Doti and Dr. Esmael Adibi from Chapman University presented information on the nation, California, and Orange County.
- Orange County median home prices to increase by 4.8 percent in 2015 and 3.7 percent in 2016
- With a $89,000 median family income in 2016, a potential Orange County buyer needs to allocate 37.9 percent of that income to purchase a median-priced home
- Orange County is forecasted to generate about 47,000 payroll jobs in 2015, an increase of 3.1 percent
Read the June 2015 Update Press Release here
Many parts of Orange County including areas inland are amazing places to buy real estate. Excellent neighborhoods are scattered across OC from turnkey condos ideal for business travelers to homes perfect for raising a family. I was surprised to hear recently from Curt Pringle, former Mayor of Anaheim, that Orange County has 34 incorporated cities. I knew Orange County houses around 3 million+ people and about 1 million are Catholic, but 34 was such a large number. I did not want to Google the list, so I counted the cities to test my knowledge. Check out the list here. Which city is your favorite? If you need some more time to decide, just keep calm and go to the beach.
I typically discuss coastal real estate because luxury homes have been my focus over the years. Most of these homes are closer to the Pacific Ocean translating into a higher price point due to the limited supply of prime real estate or land near the beach. The temperature along the coast hovers between 60 to 70 degrees and most days showcase a view of Catalina Island. I’m also happiest at the beach, so real estate by the beach works well. One of my favorite questions to ask friends and clients is, “Do/would you prefer to live beachfront or up in the hills with a spectacular ocean view?” Still not sure which you would pick? Imagine you hit the Lotto and had an extra $15M to spend, then select your answer.