It might just be that cnbc.com took their foot off the neck of real estate for the holiday….but did you see this?
(The video transcript) As we close out 2011, some investors have started putting money back in real estate, second home real estate, and specifically in California. Jane Wells has the story.
Reporter: The second home market in California may be ending its downhill run. Buyers: Every time we come up here, we look at each other, and we’re like, oh — we’re so happy we bought this place. we’re so happy we’re here. Reporter: David and Kate bought a ski in-ski out house near Lake Tahoe. Real estate is making a comeback thanks to the tech boom. Sales guy: We’ve sold over 70 properties here including two at home run since we started construction.
Reporter: Meanwhile down south in L.A., the development sales office at its oceanfront Terranea resort in Palos Verdes is finally busy. Sales guy: Closing million-dollar villas and casitas at the bottom of the market is a challenge. Reporter: After a rocky restructuring, Matt Walker says of the 85 units for sale here, 50 are under contract, and ten have closed. Sales guy: We see a pent-up demand for second homes. Reporter: Many of the buyers are locals like former investment banker Monica Masuda who bought a casita here for $1.7 million — 25% below its original asking price. Her primary residence is only five miles away. Buyer: It’s easy to get away for a day or two or after school.
Reporter: Like the Kaufmans up north, buying a second home has been both an investment decision, and a personal one. Buyers: Let’s take our money out and invest in something that we can use — and enjoy. and enjoy, and not just look on a monthly statement. it’s been great. Reporter: a potential sign this in a place where real estate fell so hard, it may be starting to get back up again. Jane Wells, cnbc business news, Palos Verdes.
If you started seeing more positive signs, would it change anything about your real estate plans?