Melissa Dittmann Tracey 8/3/2023These areas of the country are attracting the most new residents and seeing the fastest economic expansion in the U.S., according to a new analysis.
The city of Provo, Utah, is the biggest boomtown in America, gaining the most new residents and experiencing the sharpest economic expansion in the nation, according to a new analysis(link is external) by background check company Checkr. In fact, Utah claims four of the biggest boomtowns in the U.S.
Checkr’s analysis defines a “boomtown” as a city that has experienced rapid economic growth and development in a short period of time. Using data from the Census Bureau and the Bureau of Economic Analysis, Checkr factored in metrics like growth in population, workforce, housing units, personal income and businesses to compile its list of America’s biggest boomtowns in 2023.
Besides Provo, cities in Utah that made the list include St. George (number five), Logan (number eight) and Ogden (number nine). “Utah has fostered a business-friendly environment that has attracted companies from various industries, including technology, finance, health care and outdoor recreation,” researchers note. “This has led to job opportunities and a steady influx of professionals and skilled workers seeking employment in these thriving sectors.”
Whether you’re looking for a place to spend a long weekend or purchase a second home, we think that there is a great chance you will find something to like about Cabo San Lucas on the west coast of Mexico. Home to the Coldwell Banker Riveras office, Cabo San Lucas is a stunning coastal town with incredible beaches, extraordinary marine life, and of course, delicious Mexican cuisine with an emphasis on fresh, locally caught fish. There is plenty to do if you prefer adventure, from scuba diving, horseback riding, and sport fishing. For those of us who like to relax, I recommend long beach days, wine-tasting, and live music and dancing.
After reading broker-owner Leticia Diaz Rivera’s recommendations below, you should be ready to book your trip. She even has a full-day itinerary for you to get the full Cabo San Lucas so you can choose your own adventure. Between the incredible wildlife, fresh seafood cuisine and warm climate, I think this would make the perfect winter getaway, and I imagine you will agree!
Where do you live: Cabo San Lucas, Baja California Sur, México
What is the perfect weekend day like:
Breakfast with a View: Start your day with a delicious breakfast at a beachfront restaurant, savoring local delicacies like huevos rancheros or chilaquiles. The stunning ocean view and the sound of crashing waves will set the perfect tone for the day.
Beach Time: After breakfast, head to one of Cabo’s famous beaches like Medano Beach, Chileno, Santa María. Rent a beach chair, soak up the sun, and take a refreshing dip in the crystal-clear waters of the Sea of Cortez.
Mid-morning: Water Activities: Cabo San Lucas is renowned for its water activities. You can go snorkeling or take a boat tour to the famous El Arco, a natural rock arch at Land’s End, where the Sea of Cortez meets the Pacific Ocean. Keep an eye out for playful sea lions along the way! Also in the winter season you can watch humpback whales.
Lunchtime: Lunch at a Local Eatery: Enjoy a leisurely lunch at a traditional Mexican restaurant or a beachside palapa, where you can relish fresh seafood dishes and other regional specialties.
Afternoon: Explore the Marina: Stroll through the Cabo San Lucas Marina, where you’ll find a vibrant atmosphere, luxury yachts, and various shops. It’s a great place to pick up souvenirs or take a boat tour if you haven’t done so in the morning.
Evening: Sunset Cruise: Embark on a sunset cruise along the coast, offering spectacular views of the setting sun against the dramatic backdrop of the Arch. Many sunset cruises include a light dinner and open bar, creating a festive and romantic atmosphere.
Dinner at a Fine Restaurant: For dinner, treat yourself to a meal at one of Cabo’s upscale restaurants, many of which offer fantastic seafood dishes and international cuisine.
Nightlife and Entertainment: End your perfect day in Cabo by experiencing the vibrant nightlife. Head to downtown Cabo to explore the lively bars, nightclubs, and live music venues. Whether you prefer dancing the night away or enjoying a laid-back evening with friends, there’s something for everyone.
05Dec2019 | Baja
What are the common modes of transportation there: Walking: Depending on where you stay, some of the popular areas in Cabo can be explored on foot.
Rental Cars: Many visitors prefer to rent a car to explore the region independently. Several international car rental companies have offices in Cabo San Lucas. Having a rental car gives you the freedom to visit nearby towns, drive along the Cabo Corridor and beaches at your own pace.
Public Buses: There is a local bus service, known as the “Ruta del Desierto,” that operates between Cabo San Lucas and San Jose del Cabo. The buses are generally safe and inexpensive, making them a budget-friendly option for travel between the two cities.
Local Taxis & UBER : Taxis are a convenient and readily available mode of transportation in Cabo. You can find them at designated taxi stands, hotels, and popular tourist areas. Or you can use UBER as well.
Tell us about the foods your area is known for: Fresh Seafood: Being a coastal destination, Cabo is renowned for its fresh and flavorful seafood dishes. You can enjoy a wide range of options, including fish tacos, ceviche, oysters, clams, seafood cocktails, grilled fish, and lobster.
Look for dishes that feature locally caught fish, from the Sea of Cortez, regional cheeses, homemade tortillas. You can enjoy from the best “machaca” burritos to have a five-star fine dining experience.
What is your favorite meal? At home or at a restaurant: Fresh fish filets prepared any style, Guacamole, green enchiladas and Burritos de Machaca (shredded and seasoned dried meat, known as “machaca”. You can get beef or fish machaca) with a side of fried beans and local fresh cheese. You can add avocado and salsa. Delicious.
Where do you recommend someone vacation in your region, why: I will recommend to rent a car and drive to La Paz city, expend at least 2 days. it is a 2 hour drive and also you can stop in the half way in the magical town of Todos Santos and experience a wine tasting at Las Tinajas Winery, the local wine producer that has world class wines and fruit wines to refresh the palate. Continue to La Paz that is known for it’s beautiful beaches such as Balandra considered the most beautiful beach in all Mexico. They have a beautiful Malecon (the coastal boardwalk) with stunning sunsets.
What is your favorite recreational or leisure time activity: Personally, I like horseback riding. You can explore the mountains, beautiful areas close to “Sierra de La Laguna” rides to waterfalls, desert canyons, and secluded beaches.
Is there a specialty your area is known for: I think sport fishing and diving. Since we have a remarkable marine life. As Jacques Cousteau said “The Sea of Cortes is the aquarium of the World” and Cabo San Lucas is well known for the international fishing tournaments, that have a jackpot of up to 4 million dollars.
Share a little known but interesting fact about the area/region: In Cabo San Lucas, we have the annual sport fishing tournament the Bisbee’s Black & Blue Marlin, which is the biggest tournament around the world. The cash prize are several million dollars for the winning teams.
Another fact: We have Cabo Pulmo is known for its remarkable marine life and being home to the oldest and most successful marine reserve in Mexico. Established in 1995, it covers an area of about 27 square miles (70 square kilometers) and is one of the most successful marine reserves in the world. The reserve is famous for its diverse and pristine underwater ecosystem, including vibrant coral reefs, abundant marine life, and healthy fish populations.
If you were to live in any other region where we have a Coldwell Banker presence, where would it be and why: Vancouver, Canada. I love their city, green areas, they have the ocean and beautiful mountains.
Territory Summary: The state has shared much of its history with the rest of the peninsula, which remained in Spanish possession until 1822, the year after Mexico gained its independence. In 1830 La Paz was named the capital of Baja California. In 1887 the peninsula was divided into two federal districts. Baja California Peninsula is approximately 1,247 kilometers long from Mexicali in the North.
Key Facts:
Population: 800,000
Language(s) Spoken: Spanish, English
Climate: Dry and Desert
Currency: MXN Pesos
Industry Facts:
Types of Architecture: Desert, modern, colonial, contemporary
A new scam – the latest embodiment of identity theft – has surfaced recently. Real estate title fraud, also known as title theft, occurs when someone changes the ownership of your property to themselves without your knowledge, forging your signature on a deed and recording it. The scammer is then free to sell the property right out from under you.
It comes as no news to real estate professionals that consumer real estate payments, especially wired cash-to-close payments, were the most frequent target of cybercriminals in 2022, according to a report from CertifD. The average loss to consumers amounted to more than $106,000 that year.
In keeping with this trend, Toronto police reported multiple cases of title fraud in the last months of 2022. In one case, a woman had fraudsters gain access to her condo while she was living abroad and sold it, while impersonating her, for $970,000.2
Title theft is becoming increasingly more widespread. While three people were arrested by Toronto Police in January of this year and charged with fraudulently selling property, Chicago Title Company said it is currently dealing with more than 30 claims from targeted consumers in the Metro Vancouver area.
Though the first cases of title theft took place in Canada, police in Detroit, Michigan are investigating more than one recent case in which renters have fallen victim to fraudsters falsely claiming to be the landlord.
As trusted advisors to buyers and sellers, real estate agents need to double down on warnings against cyber fraud, particularly as closings draw near. Buyers should be instructed, before wiring funds, to call the intended recipient at a number they know is valid in order to confirm their instructions, and to be wary of any last-minute request to change the wiring instructions.
Authorities also suggest advising clients to:
Make identity theft more difficult by shredding all bank documents, bills, or other paperwork that shows your bank accounts, Social Security number, or other personal information.
Make multifactor-identification processes a standard part of any real estate transaction, and/or request an alert on any title activity on your property.
This material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. This material is not intended to be construed as legal, tax or investment advice. You are encouraged to consult your legal, tax or investment professional for specific advice.
About Bobbi Pronin Bobbi Pronin is an award-winning writer based in Orange County, Calif. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade.
Bobbi is not an employee of Anywhere Integrated Services or affiliated with its title companies.
By Melissa Dittman Tracey 8/14/23Investment properties in beachside communities offer the highest ROI potential, a new analysis shows. Here are the most profitable hotspots this year.
Vacation homes have proven to be profitable for real estate investors, and owning a short-term rental near a beach may offer the best prospects. Vacasa, a vacation rental management platform, recently unveiled its annual list of the top places to buy a vacation home(link is external), based on capitalization rate or the rate of return on investment.
Lake Anna, Va., held on to the top spot on the 2023 rankings as the best place to buy a vacation home, according to Vacasa’s analysis, which looked at home sales and vacation rental performance data over the last 12 months. With a median sale price of $405,500, Lake Anna offers a cap rate of 10.32%—the highest of the vacation hotspots on the list.
Here are the markets that topped Vacasa’s list of the best places to buy a vacation home in 2023:
1. Lake Anna, Va.
Cap rate: 10.32%
Average gross rental revenue: $64,121
Median sale price: $405,500
2. Okaloosa Island, Fla.
Cap rate: 9.08%
Average gross rental revenue: $53,832
Median sale price: $360,000
3. Sandbridge, Va.
Cap rate: 6.47%
Average gross rental revenue: $88,702
Median sale price: $928,900
4. Rehoboth Beach, Del.
Cap rate: 6.46%
Average gross rental revenue: $58,992
Median sale price: $618,000
5. Navarre, Fla.
Cap rate: 6.42%
Average gross rental revenue: $47,531
Median sale price: $420,000
6. Gulf Shores, Ala.
Cap rate: 6.09%
Average gross rental revenue: $48,169
Median sale price: $475,000
7. Palm Coast, Fla.
Cap rate: 5.69%
Average gross rental revenue: $38,212
Median sale price: $360,000
8. Corolla, N.C.
Cap rate: 5.47%
Average gross rental revenue: $80,423
Median sale price: $927,500
9. Nags Head, N.C.
Cap rate: 5.45%
Average gross rental revenue: $53,939
Median sale price: $615,500
10. Rockaway Beach, Ore.
Cap rate: 5.23%
Average gross rental revenue: $37,030
Median sale price: $340,000
What pays off the most when it comes to curb appeal?
Yasser Chalid / Moment / Getty Images
Ninety-two percent of REALTORS® recommend that sellers improve their curb appeal before listing their home for sale, according to a survey from the National Association of REALTORS® and the National Association of Landscape Professionals. What pays off the most when it comes to curb appeal? Of course, every project and every market is different, but here’s the estimated cost recovery on the top outdoor remodeling projects identified in the 2023 Remodeling Impact Report. Cost estimates are from landscape pros; cost recovery estimates are from REALTORS®, members of NAR.
1. Standard lawn care service: 217% (percent of value recovered)
Project: Complete six standard seasonal applications of fertilizer or weed control on 5,000 square feet of lawn.
Cost estimate: $415
Estimated cost recovered: $900
2. Landscape maintenance: 104%
Project: Mulch, mow, prune shrubs and plant about 60 perennials or annuals.
Cost estimate: $4,800
Estimated cost recovered: $5,000
3. Outdoor kitchen: 100%
Project: Install an inset grill, stainless steel drawers, ice chest sink and concrete countertop with veneered masonry stone.
Cost estimate: $15,000
Estimated cost recovered: $15,000
4. Overall landscape upgrade: 100%
Project: Install a front walkway of natural flagstone; add two stone planters, five flowering shrubs and a 15-foot-tall tree.
Cost estimate: $9,000
Estimated cost recovered: $9,000
5. New patio: 95%
Project: Install a backyard 18-by-16-foot concrete paver patio.
Photo credit: Thermador at Ferguson Bath, Kitchen & Lighting Gallery
Homeowners are still warming up to smart-home technology in the kitchen. For now, they prefer mostly standard options when it comes to faucets and appliances, according to a new survey from Ferguson,(link is external) a supplier of home fixtures and appliances for kitchens and bathrooms. Ferguson recently surveyed about 1,000 consumers from across the country to learn what design styles and finishes they prefer when renovating their kitchen space. Here’s what they found.
Real estate investors have done well. Rents have risen and home price appreciation has been quite exceptional. In the past three years, the typical rental rate and typical home price have soared by 16.4% and 35.5%, respectively. Over the past five years, those figures are 24.9% and 50.8%. These returns were occurring at a time of low-cost financing.
Now it’s time for investors to sell. Home prices have already retreated in some markets—especially in the west, where the median price is 8% lower than a year ago.
There are 44 million renter households: Half live in midsized to large apartment buildings, while the other half rent single-family, duplex, triplex or quadplex units. Although apartments are not necessarily as competitive as single-family rental units, a 40-year high in multifamily construction means many units will be hitting the market in the upcoming months and into next year. Rent growth has already turned the corner from acceleration to deceleration, still rising in most markets but at a slower pace. Looking at single-family construction, builders are still underproducing compared to the historical average, but new-home sales are back to pre-COVID levels. Home builders are making profits, stock prices for publicly listed construction companies have risen by around 50% in the past year, and inventory of new homes is plentiful.
That’s not the case for existing homes. The latest inventory of 1 million is a historic low, and that’s hindering existing-home sales. Multiple offers are still happening on mid-priced homes. We need 50% growth in listings to reach pre-pandemic 2019 levels. We need 100% growth to reach an adequate supply. This is where investors come in—or rather, come out. The National Association of REALTORS® is calling for a federal incentive to help bring needed inventory to the market: temporary capital gains relief for investors who sell to a first-time buyer or first-generation buyer.
Days on Market Trend Down
Properties remained on the market for a median of 18 days in May, down from 22 days in April but up from 16 days in May 2022. Seventy-four percent of homes sold in May were on the market for less than a month.
Affordability and Supply
A new NAR and realtor.com® study estimates how many homes are “missing” from the market by income level. The largest shortage of homes is in the price range that middle-income buyers can afford.
Find out what home styles—both interior and exterior—are seeing dramatic increases in online searches.
Homeowners are trying to maximize their space by taking on remodeling projects geared toward creating new living areas while overhauling their property’s style, according to the 2023 Houzz U.S. Emerging Summer Trends Report. Houzz, a home improvement site, analyzed the latest search insights from homeowners, designers and contractors to identify the following top trends.
Online searches for “finishing a basement” have increased significantly over the past year as more homeowners look to turn their large, open spaces into a family or recreation room. Basements are being refinished to create a spot for watching movies, playing games and exercising, according to the report. The search term “basement golf simulator” posted one of the biggest upticks among home improvement-related searches, the report shows.
More homeowners are looking up to expand their spaces. Houzz found that “rooftop deck” and “rooftop patio” searches increased by 90% and 40%, respectively. The trend is mostly occurring in metro areas where outdoor space is a hot commodity, the report notes.
More homeowners are showing an interest in renovating their bathrooms to include accessible features that enable them to live in their homes longer as they age. Houzz found that searches for “age-in-place bathrooms” and “handicap-accessible bathrooms” more than doubled compared to a year ago. Popular add-on features include handheld shower heads, ADA-compliant bathroom vanities and curbless showers.
A greater number of homeowners are showing a desire to swap out their pristine, all-white kitchens for something a little more rugged. “Industrial kitchens” are generating greater interest, particularly for features like “kitchen track lighting,” “pull-down kitchen faucets,” “stainless steel countertops” and a “brick kitchen wall.” Houzz researchers also noticed a growing interest for “concrete countertops” and “copper kitchen backsplashes” that fit within this style.
More than half of renovating homeowners surveyed say they’re designing their kitchens for entertaining. Searches over the past year have grown for “open-concept kitchen to family room” and “island cooktop and ranges,” the survey says. These features allow hosts to prepare a meal as they engage their guests. Searches also have doubled for a “walk-in kitchen pantry,” with a space to not only tuck away kitchen goods but also hide toasters, coffee makers and other smaller appliances.
Open-concept design is popular in the kitchen, but homeowners still desire some privacy. Houzz researchers saw an uptick in interest in design elements that create temporary separation like a “living room divider,” “Shoji screen” or “partition wall.”
The fifth wall is becoming the new place for an accent wall. Paint and texture are dressing up more ceilings. The trends report shows searches have spiked over the past year for “high-gloss ceilings,” “painted ceilings” and “black ceilings.” “Tongue-and-groove ceilings”—which are wooden planks that fit side to side across a ceiling—are also up significantly, with searches growing by 73% over the past year, Houzz reports.
Classic architectural elements are being mixed in with contemporary ones. Notably, search trends are up for features commonly associated with Colonial and Spanish Colonial styles. For example, homeowners are searching for Colonial design elements like “front porches” and “formal living rooms” as well as “Spanish Colonial exteriors.” “Homeowners are hiring architects and designers to help them honor the roots of their homes, while updating them with a cohesive, intentional look,” the report says.
Homeowners are making the most of their outdoor space and aren’t letting limited size shrink their plans. Searches for “small swimming pool,” “small plunge pool,” “small pool house” and “small screened-in porch ideas” grew over the past year, the report notes. Also, researchers report that searches for “small outdoor kitchens” have more than doubled over the past year.
Find out what home styles—both interior and exterior—are seeing dramatic increases in online searches.
Homeowners are trying to maximize their space by taking on remodeling projects geared toward creating new living areas while overhauling their property’s style, according to the 2023 Houzz U.S. Emerging Summer Trends Report. Houzz, a home improvement site, analyzed the latest search insights from homeowners, designers and contractors to identify the following top trends.
Online searches for “finishing a basement” have increased significantly over the past year as more homeowners look to turn their large, open spaces into a family or recreation room. Basements are being refinished to create a spot for watching movies, playing games and exercising, according to the report. The search term “basement golf simulator” posted one of the biggest upticks among home improvement-related searches, the report shows.
More homeowners are looking up to expand their spaces. Houzz found that “rooftop deck” and “rooftop patio” searches increased by 90% and 40%, respectively. The trend is mostly occurring in metro areas where outdoor space is a hot commodity, the report notes.
More homeowners are showing an interest in renovating their bathrooms to include accessible features that enable them to live in their homes longer as they age. Houzz found that searches for “age-in-place bathrooms” and “handicap-accessible bathrooms” more than doubled compared to a year ago. Popular add-on features include handheld shower heads, ADA-compliant bathroom vanities and curbless showers.
A greater number of homeowners are showing a desire to swap out their pristine, all-white kitchens for something a little more rugged. “Industrial kitchens” are generating greater interest, particularly for features like “kitchen track lighting,” “pull-down kitchen faucets,” “stainless steel countertops” and a “brick kitchen wall.” Houzz researchers also noticed a growing interest for “concrete countertops” and “copper kitchen backsplashes” that fit within this style.
More than half of renovating homeowners surveyed say they’re designing their kitchens for entertaining. Searches over the past year have grown for “open-concept kitchen to family room” and “island cooktop and ranges,” the survey says. These features allow hosts to prepare a meal as they engage their guests. Searches also have doubled for a “walk-in kitchen pantry,” with a space to not only tuck away kitchen goods but also hide toasters, coffee makers and other smaller appliances.
Open-concept design is popular in the kitchen, but homeowners still desire some privacy. Houzz researchers saw an uptick in interest in design elements that create temporary separation like a “living room divider,” “Shoji screen” or “partition wall.”
The fifth wall is becoming the new place for an accent wall. Paint and texture are dressing up more ceilings. The trends report shows searches have spiked over the past year for “high-gloss ceilings,” “painted ceilings” and “black ceilings.” “Tongue-and-groove ceilings”—which are wooden planks that fit side to side across a ceiling—are also up significantly, with searches growing by 73% over the past year, Houzz reports.
Classic architectural elements are being mixed in with contemporary ones. Notably, search trends are up for features commonly associated with Colonial and Spanish Colonial styles. For example, homeowners are searching for Colonial design elements like “front porches” and “formal living rooms” as well as “Spanish Colonial exteriors.” “Homeowners are hiring architects and designers to help them honor the roots of their homes, while updating them with a cohesive, intentional look,” the report says.
Homeowners are making the most of their outdoor space and aren’t letting limited size shrink their plans. Searches for “small swimming pool,” “small plunge pool,” “small pool house” and “small screened-in porch ideas” grew over the past year, the report notes. Also, researchers report that searches for “small outdoor kitchens” have more than doubled over the past year.
Melissa Dittmann Tracey is a contributing editor for REALTOR® Magazine, editor of the Styled, Staged & Sold blog, and produces a segment called “Hot or Not?(link is external)” in home design that airs on NAR’s Real Estate Today radio show. Follow Melissa on Instagram and Twitter at @housingmuse.
Coldwell Banker is proud to have a powerhouse network of agents and teams whose dedication to guiding consumers home is unparalleled! Cheers to all who have been recognized in the RealTrends “America’s Best Real Estate Professionals” rankings. Now in its 11th year, the RealTrends America’s Best rankings honor the top real estate agents and teams across the United States.
Your outstanding achievements are a true testament to your dedication and commitment to the real estate industry. We look forward to your continued success and seeing you serve as a shining light to those in your community.
Linked below are the agents and teams recognized in the “America’s Best” rankings by category.
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