Indicators are up for later in the year
By Arnold G. York/Publisher
There is hopeful news for the California economy in the year 2002, particularly here in Southern California. The message of cheer came from Leslie Appleton-Young, the research director for the California Association of Realtors (CAR), which is the realtors’ statewide organization. CAR conducts research on the state economy on an ongoing basis.
The large group of Malibu Realtors gathered at the Coldwell Banker offices on Malibu Road was taken through a powerpoint presentation on the economic highlights of the state. Although Northern California is still suffering from the effects of the dot-com/ technology meltdown, Southern California, which is much more diversified, is weathering the storm reasonably well, according to Appleton-Young.
Although sales are down slightly, prices are holding and all predictions point to a steady jump in the California economy about mid-year. Overall, Appleton-Young told the relieved group of realtors she expected 2002 to be pretty much a replay of the economy in 2001 with half of the year just fine and the other half a little soft. Most homes in Malibu are priced at more than $1 million, whereas statewide only 1 percent of homes reach this mark.