In California, areas near wineries appear to be hot for real estate. Luxury residential real estate in the state’s Wine Country particularly is drawing attention for high home values. The values of these homes have increased by double digits since 2015.
The median home value in the United States has increased by 5.5 percent since last September, now resting at $189,400. In Wine Country, however, the median home value can be as high as $1.45 million. The whole state of California actually has some of the priciest luxury properties in the United States.
According to Realtor.com, seven out of the 10 costliest counties for luxury residents are located in California. In addition to Wine Country seeing gains in real estate, gains also occurred in California’s wealthy and small coastal towns as well as bedroom communities. Some of these communities are close to big cities, which are attracting individuals who have high incomes and want nice housing. The coast also remains popular despite having limited supply of homes and being more expensive than other areas of the state.
California continues to hold promise for both buyers and sellers. However, sale/purchase disputes sometimes are inevitable. A deal may end up falling through if not approached in the proper way, considering the constantly changing market conditions and the myriad of laws that impact real estate transactions. An applied understanding of the law may help individuals to complete residential real estate transactions in a way that will protect their interests and help them to achieve their unique purchasing or selling goals in the Golden State.
Source: mansionglobal.com, “California Wine Country’s Priciest Homes See Value Soar“, Beckie Strum, Oct. 21, 2016