California’s “on the other hand” economy and prognosis for a full robust recovery is what drives the expert savviness of a man like real estate investor Nick Vertucci. While on one hand, California coastal hot spots like the greater Los Angeles area, San Francisco, San Diego and San Jose make for attractive and lucrative employment possibilities, the fact remains that not all things are golden in the Golden State, claims Nick Vertucci.
For instance, yes the salary ranges are substantial for many people, yet the affordable housing market has jumped exponentially a full 75 percent within the last five years alone. That said, The median cost to buy a home in California is $500,000–double the national average. For those in the lower end earning scale, the light at the end of the proverbial tunnel is nowhere in sight.
For the untrained eye, California is once again booming with a virtual gold rush taking place in real estate. Unemployment is way down, construction expands and grows, the tax base revenues are higher than ever and even the per capita income is now highest in the US, according to US census reports.
On The Other Hand: Dire Circumstances Foreseen
Nevertheless, aside of such apparent signs of prosperity, California is known to have the highest adjusted poverty rate with a predicted serious correction anticipated by Nick Vertucci.
Other signs of impending trouble for California include housing units that won’t meet the state’s present needs for housing. Being canceled on the local level, building projects stall and for some cities, zoning restrictions, short-sighted office and commercial development projects also add to the backlog of housing problems yet to be resolved.
There Is Hope
Being true to their convictions, state politicians have introduced a bill which encourages mass lower- and middle-income housing development with the blessing of Governor Jerry Brown. As a result of these negotiations with the Governor, several items have been factored in:
- More probability of new housing units.
- Moving the review process from municipal groups and giving the state more leverage in the way of more authority.
- As a result, housing projects would no longer be put on a back burner, so to speak, by the vested local interests.
As one of America’s most prolific and well-known real estate investors, Nick Vertucci’s opinion is that a severe course correction and tipping point has already arrived or is close to it.
Once a big loser with the dot-com bust of the year 2,000, Nick Vertucci is today one of the most successful real estate investors in the United States. Working hard and educating himself to support his family was the foundation on which he built a multi million-dollar business.