Published on Friday, November 13, 2015 by Land Century
And, the city has attracted investors due to:
* A resort in the city.
* A PGA golf course.
The area is also home to the Edwards Air Force Base, which employs mainly residents of the city. Other major sources of employment include:
* Silver Saddle
* Mojave Air And Space Port
* California Department Of Corrections And Rehabilitation
There is also a municipal airport in the area. The roots of the town can be traced back to 1958 when Nat Mendelson, a real estate developer, purchased a massive 80,000 acres in the Mojave Desert. Nats goal was to build a city that would rival Los Angeles. While his plans have yet to materialize, the city has been increasing in population as of late.
Its unlikely that California City will ever reach the heights of Los Angeles, but it is well on its way to a major population growth, as weve seen in the last decade.
Climate in the Area
A major draw in all of California is the beautiful climate. The city itself spans 203 mi.² with just 0.05% of the land being water. In terms of total land area, this is the 34th largest land area in the United States, and the third largest city in all of California by land area, not population. The climate itself is rather mild, with the lowest of lows seen in December averaging about 33°F. The hottest month is July when the average highs reach 97°F.
During the year, the region experiences up to 6.63 inches precipitation on average.
The average highs throughout the year are 76.3°F, with the average lows being 40.9°F. An ideal temperature range for those that want to escape snowstorms in winter weather, California City is beautiful year-round.
Silver Saddle Ranch and Club
The Silver Saddle is one of the citys biggest employers and is the resort that we mentioned briefly earlier. And, this is the one place that people from all over California and the United States come to enjoy. This is a very unique destination because it includes a lot of outdoor activities, as well a private resort oasis that is situated in the Sierra Nevada Mountains on 120 acres of land. The ranch includes the following:
* Beautiful lakes
* Horse riding
* Paddle boating
* Boutique hotel
* Western style restaurant
* Old west saloon
* Skeet shooting
The owners of club have changed the idea of a resort and shown that in California City, California, there is a lot of potential for land developers and investors. Tens of thousands of people come to this resort every year, and many of them are looking for rental homes and other options in the area to spend their time in nature's paradise.
Land and Real Estate in California City
California City is an interesting choice for investors because there is a lot of land available in the area. Because the population has grown so quickly, there is demand in the area for homes, land and development opportunities.
Lets take a look at current land properties on the market:
* The cheapest acreage lot on the market is on Magnolia Avenue for $7,400 and includes 2.85 acres (cheapest parcel with us can be currently found at $1,799).
* There are several lots of land that are in the 10,000 ft.² range for $1,200 or less.
* The biggest lot currently available is for sale for $749,000, and consists of 146.2 acres.
I would also note that there are some lots that are priced rather high due to the location. For example, a .42 acre lot on North Loop Blvd. is for sale for $75,000. These are lots that are closer to the city center and have a higher demand as a result. We found a 40 acre lot selling for just $30,000 that is located well outside of the city center.
So, whether you want a lot that is under an acre of land or a lot that has several acres, youll be able to find it within our listings in California City.
Real Estate Market Overview
We have a variety of data that has been supplied from the third quarter of 2015 in terms of real estate data. This data is derived from July 2015 to October 2015, and shows how the current market in the city is doing with real values given.
The median sale price has dropped 4.8% year-to-year, down $4,000 to just $80,000. The average square foot price has dropped by 1.7% on the year to just $50 per square foot. With this said, the average number of sales on the year has increased by 21.8%, with 67 houses being sold during this time. What this tells us is that investors are flocking to the city as well as new residents, which will help increase values in the future.
The median household income in the city in $45,735, with the average family income being $51,402. Year-on-year, the average three-bedroom home price has increased from $76,000 a year ago to $80,000 in 2015, up 5.3%. During the peak season, in Q2, the average three-bedroom was selling for $87,500. In retrospect, five years ago, the average house of this size was selling for just $53,000. Four-bedroom home prices are on the decline and have dropped 10% on the year, down $121,500 on average. But, the same homes were selling for just $79,000 5 years ago. While the housing market has been suffering slightly, the sale prices have appreciated 37.9% in the last five years in the city.
California City, CA has a lot of potential for the right investor who has development plans and minds. Shopping malls, an updated hotel or even another resort that allows people who live in the city to escape from the hustle and bustle will be a big draw. And, a 37% appreciation rate in the past five years also reflects on the increase of land prices during the same time.
With the right investor, a lot of money can be made in this growing city.