Real estate professionals are using their new luxury condo and rental properties to boost their portfolio.
And they are betting that these investments are the best investment for their family.
In fact, they’re doing a lot of research.
“It’s kind of a dream to be able to live in a place where you can get a nice apartment, have a nice place to eat,” said Traci Brown, a real estate agent in Palo Verdes, Nev., where she lives with her husband, two children and husband-to-be.
Brown, who has been a realtor for more than 20 years, is also a board member for the Palos Trust, which promotes the use of residential real estate.
The trust has developed the Palo Vos Realty Trust Program, which includes a suite of properties in Palm Springs and Rancho Mirage.
“You get to live and work in a beautiful city and then go to a great place to spend time with your family,” she said.
The program is the latest effort by real estate professionals to help people make a financial investment that they think is going to help them through the next economic downturn.
“We’ve seen a lot more of people making a financial commitment to the future, but it doesn’t always go to the right place,” said John Gazzara, president of the PalaRealty Association, an association of real estate brokers, realtors and real estate agents.
Gazzara said that the goal is to provide people with a place to live, to make sure they have a stable income and to protect their home from the weather.
“People need to understand that the economic downturn is coming, and they need to plan ahead and get the most out of their investments,” he said.
“They need to have a plan for the long-term.”
The goal is not just to keep people in their homes but to help protect their assets.
“The idea is to have as many of those investments as you can, and to keep your family safe and happy,” Gazzar said.
For many homeowners, the real estate market has been an especially stressful time.
Real estate is up sharply this year.
Home values have fallen nearly 40 percent since mid-2015.
That has hurt home prices across the country.
The latest data shows the median price for a single-family home in the San Fernando Valley fell by about $3,200 in the first quarter.
Home prices have been on a downward spiral since the housing crash of 2007.
Prices fell by more than 70 percent in the past decade, according to data from the Real Estate Board of Greater Los Angeles.
Many people who have been forced to sell are looking for a home that can offer a higher return than they could get with a condo or a hotel.
Some are looking to save money and get a place that offers a more flexible lifestyle, like a place with a pool or spa.
Many of the condo developments in Palm Beach are being developed in an effort to increase the amount of units in a neighborhood, rather than having to build new homes in an area.
“That’s really the big part,” said Michael Egan, chief operating officer for the Palm Beach County-based developer of the Palm Desert Mall development.
Egan said developers are looking at how to increase density in areas that are close to amenities.
The developers want to build more housing that is affordable and that is near places of employment, such as restaurants and bars.
Egon said developers have been meeting with neighbors and trying to convince them to make the development happen.
The condo development in Palermo, Calif., is part of the larger project that includes an apartment complex, a resort hotel and more than 10 acres of land.
Developers are also trying to develop several residential properties, some of which are planned for sale.
Some condo developers have started to push back against what they see as a slow and incremental approach to real estate development.
“For us, it’s more of a holistic approach,” said Mike Pecoraro, CEO of Pecora Homes, a Palm Beach-based real estate firm that has been developing condo developments.
“I think that’s really what we want to get across: that we need to do a whole lot more than just condo development,” he added.
“We’re trying to build a really strong portfolio of affordable properties that can help make Palm Beach one of the best places in the world to live.”