While residential and commercial could be down somewhat there's a probable silver lining in the market for real estate along Salt Lake City's Metro Wasatch Front. While the Wasatch Front isn't perfect it's still one of the most likely in-migration destinations for specific demographics. For example, costs of living along the West Coast are still much higher in the bigger cities like L.A., San Fran., and Seattle. Utah is reported to be one of a handful of markets where companies and a percentage of their workforce continue to expand and or relocate.
California will continue to provide a decent dose of working-class renters, upper middle class, singles with excellent skills, and wealthy empty nesters to the Wasatch market. These days many are not tethered to a specific job or company location, which defines many Californians who own their homes and or properties and are often still able to sell. There are always many multinational corporations or millions of wealthy international immigrants who still invest in real estate or relocation, thinking of California as the panacea to their problematic societies, turbulent regions, and governments.
One of the reasons housing is so expensive in California is its comparative attractiveness to wealthy foreign buyers. The more in turmoil the world, the more California will be one of the top destinations for the international wealthy who want to invest in real estate or simply relocate. For a few decades now California Natives/American citizens relocating have had to deal with wealthy international competition who pay ridiculous sums for property. This has made the California dream unaffordable for all but the most wealthy of native Californians. Long-time California transplants and natives can't afford California any longer. And even if they can, many homeowners for a multitude of negative reasons that continue to grow and pile up have soured quite a bit on the California Dream. If they can sell their homes and higher cost of living to a wealthy Asian, European, Latin American, etc they will sell for a perceived lower cost and higher quality of life at another location. Utah is one of the preferred locations for Cali residents to move to. Typically the types to move to Utah would among a list of reasons also depend on the desire for approximate beautiful scenery and a 4 season outdoor lifestyle, which Vegas or Texas are not going to provide in as much abundance.
Some of you will find this next rant either entertaining or alarming or perhaps both. For the first time in my life, I'm thinking of purchasing a firearm (purely of course in case of an emergency defensive move). As a kid, I was pretty good with a hunting rifle. My uncles were avid hunters. However, my Dad, who had been a seriously engaged vet wouldn't allow any type of firearm in the house. Take it from somebody who has stuck it out here in Los Angeles for the past 13 years since my last move to California, there are some pretty crazy things going on in Central L.A. right now apart from the outrageous costs. Keep in mind my area is a decent area full of families, graduate students, and seriously stable people for the most part. In the last 24 to 48 hours there have been the routine police helicopters hovering over the area, I-10 has been shut down due to a major fire caused by a homeless encampment, and at three a.m. a predictable crazy, (often more than one) has walked the street in front of my house screaming and ranting nonsense as loudly as possible. Though the screamers are probably not as dangerous as the roving gangs. Oh, and another fairly routine in the middle of the night occurrence, firefighters, paramedics, and police showed up at the neighbors down the street. Car alarms routinely sound daily and throughout the night. Crazy, but this is not an unusual day in the life of an Angeleno. Doesn't matter anymore whether it's Downtown, Korea Town, Hollywood, Hancock Park, Santa Monica, or Beverly Hills. Also, and as if that wasn't enough, now in the middle of the day we have to deal with the onslaught of the truly strange outlier percentage of the millions flooding through the open southern border. Yesterday morning someone had entered the next-door neighbor's property and was rummaging through their trash. I'm sure she was probably harmless, but realize that all of our properties are surrounded by rod-iron fencing and gates. Garbage rummaging and neighborhood cleanups at the street were a weekly occurrence in the past, but nowadays it has become a daily problem with strangers entering the properties by any means. Whether the gates are locked or not, they just jump the gate. I should also mention in the past week on two occasions in nice areas I've had to dodge a shoplifter as he bolted out the doors of a grocer. Another at a different grocer just smiled and waved at us as he exited the store. They knew exactly when exit security would be on their lunch break. Even if security was there there's not much they're willing to do these days.
This is what happened yesterday afternoon and where it went outside the routine for me, and kind of tipped the scale. In the middle of the afternoon, I discovered a stranger doing all kinds of bizarre digging and rearranging of potted plants in the front yard. He seemed nice enough but I couldn't politely get rid of him. It took a couple of hours to explain why it wasn't okay without my permission first. Of course, I felt obligated to compensate him for all of his nonsensical work, which I had to completely undo. Use to be we only had to contend with unsolicited window washers at the intersections. Now they expect you to just fork over cash for whatever no matter if you gave the okay or not. This kind of unsolicited help happens often. Anyway, sorry for my rant. You can expect Californians to continue to exit the State for the foreseeable future if they are even reasonably able to swing it.
It's a new day, it's 6:30 a.m. and guess what? Police helicopters are hovering.
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