How Newport Beach Realty Is Affected By Stabilization Projects
Amid a slow real estate market, Newport Beach continues to work towards a more sustainable lifestyle in 2010
. Part of its work is directed towards stabilizing the economy and encouraging Newport Beach real estate activity. The impact it could make may be good for the ailing market, but some believe it could present problems for both buyers and sellers. How do you know whether its a good or bad time?
The answer depends on many factors, but the most important things to consider are your own goals and budget. That said, it always helps to stay informed and know how the current situation can work for you. If youre thinking of buying or selling Newport Beach realty this year, here are some things worth keeping in mind.
Tourism Activity
Tourism has always played a big role in the Newport Beach economy, and as tourist season starts this year, local businesses are expected to work twice as hard. The city is currently working towards developing smaller areas alongside more popular ones to create a more diverse tourism industry. As smaller neighborhoods get developed, median prices for Newport Beach real estate will go up, along with buyer and investor interest.
Tax Credits
The government is currently offering an $8,000 tax incentive for people buying their first homes, and a $6,500 credit for repeat buyers. This has led many people to consider a home purchase where they normally wouldnt. In Newport Beach real estate, the number of distressed homes also played an important role, as it allowed people to meet the price maximum of $800,000 required to avail of the credit.
Foreign Investment
The tax credit is meant to encourage buyers, particularly first-timers, to buy their homes today. However, the government is also trying to bring foreign investors into the picture. Foreign investment has always played an important role in real estate, particularly in upscale cities like Newport Beach. In the next few years, experts believe more non-U.S. investors will buy Newport Beach realty as second homes or investment properties.
Neighborhood Improvements
Finally, one should also take note of the changes implemented in local neighborhoods. Areas like West Newport have undergone, and are still undergoing, several changes intended to make them more livable. Not only will this improve real estate Newport Beach values, it will also attract more buyers. So while it may cost more to buy today, theres good reason to expect increased values in the coming years.
by: Writomania W
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