California ’ s Gold Rush for Valuable Land
By Rick Tobin
Image by David Mark from Pixabay
California ’ s nickname is the “ Golden State ” for many reasons as it relates to the gold discovered at Sutter ’ s Mill by James Marshall near the city of Coloma in 1848 , skyrocketing real estate prices , a Top 5 global economy ranking , and consistent warm sunshine . Of all of the assets ever discovered in California ’ s history since it joined the union as the 31st state in 1850 , land that is buildable has been proven to be the most valuable asset of them all .
By the end of December in 2020 during a global pandemic designation , the median price of a California home was published by the California Association of Realtors ( CAR ) as being a shocking $ 717,930 value . In January 2021 , CAR reported that statewide median home prices rose + 21.7 % yearoveryear .
Statewide home prices surpassed
$ 700,000 in August 2020 for the first time ever . For example , a 21.7 % price gain for a $ 700,000 home would be equivalent to a staggeringly high $ 151,900 equity gain in just 12 months .
For more expensive coastal homes that are valued near $ 2 to $ 5 million , a 21.7 % yearoveryear price gain would be be as follows :
● $ 2,000,000 home value = +$ 434,000 annual price gain
● $ 3,000,000 home value = +$ 651,000 annual price gain
● $ 4,000,000 home value = +$ 868,000 annual price gain
● $ 5,000,000 home value = +$ 1,085,000 annual price gain
“ Buy land . They ain ’ t making any more of the stuff .” Will Rogers
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