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The nation’s hottest housing market? Surprise — it’s Fresno

Couple on Patio

After five years of planning and months of construction delays, first-time developer Vincent Ricchiuti was ready to open his luxury apartment complex. Then came the pandemic.

“We thought it was the worst time you could imagine,” Ricchiuti said about the grand opening in spring 2020.

Turns out he didn’t need to worry. His project, The Row, was opening in the nation’s hottest housing market: Fresno.

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Fresno County Approves Lease of Former Clovis Costco Building

Clovis Costco

An empty Clovis retail building is going from a Costco to Child Welfare Services.

The Fresno County Board of Supervisors has approved an agreement to lease 380 W. Ashlan Ave., the former home of the Clovis Costco that closed in July 2019 after 29 years in operation.

The county’s rent on the building would start at $186,691 per month for the first year — more than $2.24 million for the entire year. That rate would increase annually to $352,858 a month — more than $4.23 million for the full 12 months in the final year of the 19-year lease agreement.

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Madera Among Fastest-Growing Counties in Western U.S.

Construction Photo

MADERA COUNTY — According to the latest government data, Madera County is outpacing other similar-sized counties, both in California and around the western U.S., in terms of economic growth.

Recently published United States Bureau of Economic Analysis records show that for 2018, the latest year for which statistics have been compiled, Madera County saw the fastest growth in real GDP among the Far West Region’s “medium-sized” counties.

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Drop and Swap – Dissolution of Partnerships Prior to Exchanging

Exchange Update

When a partnership is selling property and some of the partners want to cash out and others want to reinvest, it can create complications with a 1031 exchange.  There are a couple of reasons for this.  First, under IRC § 1031(a)(2)(D), partnership interests are not exchangeable.  Second, the taxpayer that sold the relinquished property must acquire the replacement property. For example, if a partnership sells the relinquished property, that same partnership must buy the replacement property.  If individual partners buy the replacement property, it will not be a valid exchange.

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Navel Oranges Packing

For the first time since 2013, Fresno County is the top agricultural county in California and the U.S.

This news comes with the Tuesday morning release of the 2018 Tulare County crop and livestock report, which shows sales of agricultural goods produced there last year totaled more than $7.21 billion, a 2.5% increase from ag sales in 2017.


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