A recent article posted by Andrew Khouri of the Los Angeles Times, reports that the median price for new and resale condos and homes in Orange County have jumped 5.9% from a year earlier to $651,500 in May. Indeed, there continues to be an intense demand for property in Orange County and not many homes from which to choose from. Further, the current job growth in the area has certainly contributed to this, as more people are moving into the area with not enough housing. In fact, it was estimated by John Burns of John Burns Real Estate Consulting that approximately 30,000 units would need to be built in Orange County at this time in order to satisfy the demand for housing.
Chief Economist at Zillow, Svenja Gudell, predicts that the increasingly unaffordable level of housing will, at some point, lead more buyers to hesitate and cause home appreciation to calm down. However, the overall market remains strong and “there are no declines on the horizon.”
When prices rise all sorts of new litigation grows. Our real estate attorneys in Los Angeles have handled many types of real estate litigation disputes in Orange County, including landlord tenant disputes, commercial leasing disputes, anti-slapp motions concerning interference with contractual relationships and other matters.