The reputation of California’s prime real estate spots is a costly one. Popular urban enclaves such as San Diego and San Francisco have been on fire, experiencing skyrocketing housing costs – as much as 75% over the last five years alone.
Nick Vertucci, owner and operator of The Nick Vertucci companies, predicts that the California housing situation is so dire – that government will be forced to intervene.
Sacramento the capital of California has fallen short on new housing construction year after year. It is a repeated process, with cities unable to deliver new housing in time to meet demand. Red-tape and zoning have also hindered the process.
The most drastic side-effect is displaced workers of large companies, many who earn six figures and can be found living out of vans, in a desperate attempt to stay alive in the brutally expensive California real estate climate.
Nick Vertucci also points to a current piece of legislation, California Prop 13, as a factor in the volatile real estate market. Prop 13 allows property taxes to be capped. The result is that homeowners benefit greatly by holding on to property and real-estate investments. Without market turnover or home sale, there are less available existing properties for new tenants. Californians are the recipient of property tax rates that are far below national average.
Besides running The Nick Vertucci Companies out of Irvine, California – Vertucci is an avid full-time professional real estate investor. Vertucci also developed the Turn-Key system, a program designed to assist and educate investors, and educated investment series. This system was developed to help investors from everything from renting bank-owned properties, renovations and acquisition.
Before arriving at the front door of the real-estate world, Vertucci was the Founder and President of Coastline Micro. Vertucci also hosts an online seminar called “The Real Estate Investing Hour with Nick Vertucci. http://fortunesinflippingevent.com/