Happiness For Landlords – Rents Increase 7% in 2013

The rental market showed significant strength in 2013. Rents for Single Family Homes and Condos increased 7% from 2012. The average price a tenant paid was $2538 compared up from $2392 in 2012. The number of properties leased remained fairly stable (supply), only 42 more units were leased in 2013. A new and significant development was the entry of Institutional Investors to the rental housing market. These investors, who have plenty of cash on hand are able to purchase properties in bulk, often at a steep discount. The homes are then converted to rental units and held for cash flow and appreciation. In our opinion this helped the overall market from a property owners perspective. Typically, units that employ professionall property managers demand  higher rental rates. This is one reason property owners should consider hiring a professional property management company. The higher rents and better quality tenants will more than offset the fee paid to the property manager. 

 Renting a Home – How Much Will it Cost You? 

Westlake Village was the most expensive place to rent  in 2013 with rents averaging $3408 per month. However when you compare price per square foot (PPSQFT), Oak Park and Thousand Oaks were just as expensive at 1.72 on avg. In the East County area, Moorpark was the most affordable based on the size of the home at $1.39 psqft and Simi Valley had the lowest avg rents, $2374. Oxnard was the most affordable place to live in the West County at $1.32, but Ventura had the lower avg rents at $2010 per month. 

2014 Outlook- We expect rents to increase a modest 2-3%. Our annual rental outlook report will be published in Feb 2014. 

You can download our 2013 Ventura County Rental Market Report and other reports on our Market Reports page. 

If you are considering selling or renting out your home, Presidio Real Estate Services can help you analyze the best path to take. We will crunch the numbers and make sure you have the information needed to make the decision that best fits your needs. We are Ventura County’s #1 Property Management and Real Estate company. 

Rental Market Chart

Thousand Oaks Home For Rent 4+2 Available Feb 1st

Gorgeous Thousand Oaks Home. 4 Bedroom 2 Baths, located near CLU and Thousand Oaks High School. New flooring, paint, appliances, and more. Large kitchen with attached dining area. Upgraded master bathroom and newer windows throughout. 2 car attached garage, A/C, landscaped front and year yards. Fabulous place to call home. Rent includes landscaping services. Please submit on pets,no cats. Available for move-in by Feb 1 2014.

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Property Management In Camarillo

Camarillo 

Camarillo is an attractive and highly sought-after community to live in, I know as I spent most of my formative years living there.  It was and still is, a great place to grow up in.  On top of that, the real estate market for Camarillo has been a little more stable through recent economic conditions and the rental market is commanding excellent rents.  As an owner of investment property, you understand how critical it is to procure and retain a quality tenant at the highest market rate. It takes on average over 30 hours of time to lease a property.  Getting the property into show condition, showing, screening, selecting and then maintaining the relationship and the property…it’s a lot of work!  Being the landlord isn’t for sissies.

 

Our name, Presidio Rental Solutions, is indicative of what we provide, a solution.  And by solution we mean relieving your work burden and instilling peace of mind.  It is our priority to lease your property with the most suitable and stable tenant.  We attract that pool of tenant prospects through our marketing efforts which includes listing the property on the multiple listing service(MLS), thus attracting all members to submit qualified applicants and we pay outside agents if they bring the accepted tenant.  We also place the listing on our own website and that site, along with the MLS pushes out the listing to approximately 40 other sites.  This creates a healthy stream of potential tenants for screening.

 

 To obtain the most qualified and longest term tenant for all of our clients, we do a very thorough vetting of the applicant’s credit history, criminal and background check, eviction history, verification of assets, income, employment and references; all this and judgment of character by personal meeting during showings of the property.  This gives a level of confidence to recommend the applicant for owners approval.  Our knowledge of the marketplace and current trends in the market allows us to determine the highest market rate rent.

 

We are confident you will find no other firm with the overall knowledge and expertise in regards to investment property management. Use our resources and expertise to quickly lease your property.  You will have peace of mind knowing you have a well-qualified tenant as well as our advice and guidance. Our programs are easy to implement and can be structured to fit any owner’s needs. 

 

Winterizing Maintenance Guide for Ventura County Property

 

 Winterizing Maintenance Guide for Ventura County Property 

 We all know how severe our winter conditions are here in Ventura County!  Fortunately, my A-frame at Channel Islands Harbor has that steep pitched roof for the snow and ice to slide right off…wink, wink. But with the season change, it is a good time to address some home maintenance tasks to prevent future costly repairs.  Attention to these things will also save energy and keep all your home’s systems running smoothly.  So where do you begin?  The following should be on your radar for attention. 

HVAC – Make sure your furnace is ready for cold weather. Check the filters and replace if dirty.  Schedule an annual maintenance appointment; the technician will check all fuel connections, burner combustion and the heat exchanger.  You should inspect floor registers and return ducts; clean and vacuum them.

Roof and Gutters – Clear all debris and note any structural issues that might interfere with drainage. Inspect the shingles and flashing. Seal cracks and holes in the flashing with roofing cement.  If you have damaged or missing shingles and flashing, call a roofing contractor to obtain estimate for repair.

Drainage Systems – Remove debris and inspect for blockages; test drains with hose and watch for signs of pooling water. If there are issues contact a landscape contractor to restore good drainage.

Landscaping – Trees and shrubs can be destructive to your home, they trap moisture near the house, scrape surfaces when wind blows and drop branches that can severely damage.  Prune them so that they are separated from the home’s exterior and overhanging branches are away from the roof structure.  You should keep all plantings 3 feet away from stucco sidings that go to ground level as the watering of those plants will wick in to the stucco.

Inside and Out – Do a visual of all doors and windows; check for gaps and caulk them.  Open doors and check the condition of the weatherstripping.  If old or crumbling, remove and replace the weatherstripping to assure no drafty doors.  Drafty electrical outlets can be remedied with thin foam pads from hardware stores placed behind the cover-plate.  And remember to change the batteries in your smoke and carbon monoxide alarms!

Routinely performing these tasks will extend the life of your home, prevent water damage, save energy and insure a comfy, cozy winter.  Get started on them now and when you’re done, grab a cup of cocoa, get your spot on the couch, turn on the weather channel and watch that Wyoming blizzard in HD.  Let it snow, let it snow, let it snow. 

 

To Sell Or Lease, That’s The Question

 

Rotstein Arkitekter Office interior

Recent market conditions have yielded rents that are skyrocketing and homes that are still at great prices. This is causing some sellers to consider renting their home instead of selling it. After all, a homeowner can get great rental income now and perhaps wait until house values increase even further before selling.

Presido believes strongly that residential real estate is a great investment right now. However, if you have no experience as a landlord or investor in this sector, you may be headed for more trouble than you were looking for.  Before renting your home make sure this is the right course of action for you and your family.  Here are a few things to consider in making your decision.

  • What happens if your tenant says they can’t afford to pay the rent this month because of more pressing obligations?
  • How do you select a quality, long term, stable tenant for your property? How will you show the property? How do you write a lease?
  • Have you interviewed a few experienced eviction attorneys in case a challenge does arise?
  • Have you talked to your insurance company about a possible increase in premiums as liability is greater in a non-owner occupied home?
  • What is your position on tenant having a pet?  Dog or many dogs? Cats, salt water fish tank,6 ft  boa constrictor?
  • How will you actually collect the rent? By mail? In person?
  • Who will take tenant calls when necessary repairs arise?  Do you have a list of craftspeople readily available to handle these repairs?
  • How often will you do a physical inspection of the property?
  • Will you alert your current neighbors that you are renting the house?

As you can see, there are many issues(this is only a PARTIAL list) you must be prepared to address once you choose to rent your property.  With careful planning and diligent effort, leasing your property can be rewarding.  Again, renting out residential real estate historically is a great investment. Make sure you have decided to rent the house because you want to be an investor, not because you are hoping to get a few extra dollars by postponing a sale.  And remember, Presidio Real Estate Services is always here to help you with these challenges, whether you’re looking to lease or sell.

California Real Estate, a Long Term Investment

Hello everyone; I thought you might find this research from the California Association Of Realtors of interest:

 

More Investors Purchasing California  Real Estate as a Long Term Investment

By: Bipandeep Ahdi, Research Analyst

 

Investors have  played a key role in the California housing market  recovery for the past  four years. Low mortgage rates, attractive home  prices, and  low yields on alternative assets have  fueled demand for investment properties, particularly in markets where  distressed homes have  dominated sales. As the California real estate market  has become more  affordable in recent years, most investors purchased a property  as a long-term investment.

 

Investors are  attractive clients for REALTORS® because they are  affluent and  pay cash when purchasing properties. According to results from the 2013  California Investor Surveys from the California Association of REALTORS®,  more  than  two-thirds of investors (67 percent) paid cash for their properties. Their primary motivation for purchasing real estate is based on the property’s profit potential and  they are  well-informed on the real estate business. Sixty-six percent of investors indicated they are going to keep  the property  for more than  a year  with the intent of renting, while about  one-quarter (26 percent) of investors flipped or had  the intention of flipping the property.  Low interest rates and  good  rates of return  have  encouraged investors to hold onto properties and  gain cash flows from renting.

 

 Cargraph

New Commercial Property For Sale

New Listing: Commercial Medical/Office Condo For Sale

Fully improved medical office condo situated in a Class A Office Building 64,000 sgft. Excellent owner user opportunity. Unit is 1716 sqft. Four large exam rooms each with its own private restroom and closet/storage area. Each restroom has a toilet and sink. All exam/patient rooms have neutral color laminate flooring and all network infrastructure (Cat5e and Coax) is installed. Large central work station with ample counter and cabinet space for filing and/or storage. Additional lunch/break room with sink. This could be an additional exam room. Central wash/work area with sink and counter space adjacent to employee work station. One additional employee restroom for five restrooms in all. Waiting room/reception area. Small storage/network room for office network infrastructure. Ground floor unit, located adjacent to the building west entry for easy access. 120/240 power with 277/480 transformer. Regency Medical Plaza is comprised of 39 units medical/dental/professional mix. Ample parking. HOA documents available upon request. Excellent owner/user opportunity or great set up for a professional partnership

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Newbury Rd Hall33

 

 

 

 

 

 

 

 

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Thousand Oaks Home Prices Skyrocket 14% June 12-June13

Presidio Real Estate Services help our clients better understand the local housing market by monitoring monthly housing data. We continue to be amazed at what has happened in the local market. Home prices (Single Family Properties-we did not include condos and town-homes) in Thousand Oaks and Newbury Park have soared since Dec 2012. The median price has increased 14% since June of last year, but more importantly it is up 26.7 % since January. The median sold price in January was $521,000 it ballooned to $660,00 in June. This pace in unsustainable in our opinion. Either, homes were way undervalued or the local economy just got a lot stronger.   Just when you thought it was a good time to buy a home, prices shoot upward leaving you scrambling to get in the game. In our opinion the reasons why prices have increased,

  1.  Interest rates fell to new lows (3.375% 30 year fixed conforming loan) about nov/dec of last year.  They have since moved up about 3/4% over the last 4 weeks. This should help bring prices back in line. A 1% int rate increase on a $400,000 loan requires a $40,000 price reduction to have the same payment. 
  2.  With minimal inventory buyers are starting to panic and are bidding up properties.
  3. The number of bank owned property sales drop off and since they sold for about 100K less on avg, that will help the median price increase.  

Informed buyers and sellers make smart decisions. Please contact us if you would like a full copy of the local housing report. 805-499-7300 or via email at info@presidiorealestategroup.com

Thousand Oaks Home Sales

Home Sales Thousand Oaks

Ventura County Foreclosure Properties

Ventura County is a great place for investors seeking to purchase investment homes. The news media continues to tell us how much better the housing market is doing. They are correct in some respects, however we still have a slew of properties in some state of foreclosure. It is a great time for investors to start picking up deals as we suspect the competition for distressed homes will diminish as investors look to other markets.  The Ventura County Foreclosure market has been a tougher market than some other areas in Southern California. There just aren’t as many distressed properties available here compared to say the inland empire. 

Investors need to have a solid game plan and a solid team on their side. Presidio Real Estate Services can help you locate and purchase Foreclosure properties in Thousand Oaks, Newbury Park, Simi Valley, Moorpark and other sellect Ventura County cities.

Give us a call at 805-499-7300 and see what we can do to help you. Download a copy of the local market report below. Additional market reports available upon request. 

Ventura County Foreclosures 04-13

Thousand Oaks Foreclosure Report April 2013

Thousand Oaks Property Management

Presidio Real Estate Services provides Property Management Services in Thousand Oaks, Ca. If you are a property owner and need help renting your property call Presidio Real Estate Services. If your properties are already rented and you are looking for a property management company we are here to help. Presidio provides property management services throughout Ventura County.