Despite the threat of seasonal fires licking at its borders, Los Angeles is still a hot housing market, say local Realtors.
"The City of Angels, with a county population of 9.1 million," says Realtor Rick Lombardo, "has long held its place as one of the most famous cities in the world. A mecca for many types of business and a melting pot of diverse cultures, L.A. has also become one of the most desired cities in which to live. With the ocean and beaches, mountains and natural parks, along with city life energy that is unsurpassable, L.A. has something for everyone."
About the market, Lombardo suggests, "With low interest rates and a low number of homes on the market Los Angeles real estate has continued to stay hot. There are still a large number of buyers who are looking to purchase their first home or move-up buyers. If you are looking for a home that needs some cosmetic work you may be able to find something under $700,000, but typically anything under $1,000,000 seems to be selling within 21 days. Homes priced over $3,000,000 tend to be sitting on the market longer due to some sellers having unrealistic expectations of their property as well as their are not as many buyers that are able to purchase the high-end homes."
Says Realtor Sibongile West, "Throughout Los Angeles prices have soared over the last two years. This year has seen prices increase over 10 percent throughout L.A. county. Many communities have very strong condo markets with the price of single-family homes becoming a bit out of reach for a large number of buyers."
West advises, "However, there are still a number of communities bordering west side Los Angeles, that are in lovely, relatively safe neighborhoods and enviably 15 to 20 minutes from the hub of the city and the beaches. In these areas, single-family homes are still comparatively affordable. A good number of west side buyers are discovering these great communities. You may wish to review Ladera Heights, Westchester, View Park and Baldwin Hills. If you are a buyer, do try and take advantage of the current low interest rates. However, having pre-loan approval is the vital first step to compete in today's market. Look for prices to level a bit due to the rise in the rock bottom interest rates and the onset of the fall/winter months."
"Overall, the housing/real estate market in Los Angeles is up," says Realtor KC Soll. "In Los Angeles County the average price increase in value over the last 12 months is a whopping 25 percent. Entry level condominiums are consistently valued in the Westwood, Brentwood, Santa Monica and Marina del Rey areas. That is, 1 Bedroom units of 650 + square feet start around $300,000; 2 bedroom + 1.75-2 bath condominiums start in the high $300,000 range up to about $500,000. For 2 bedroom plus den townhouses expect to pay in the high $400,000's to low $600,000's."
She adds, "Single-family homes are a different story. Entry level homes in Pacific Palisades and Brentwood start in the $850,000 + range. Westwood and Santa Monica prices start in the $650,000 range and Rancho Park -- Cheviot start in the $600,000 range. Beverlywood is the best buy at the moment at $500,000 entry level with excellent commuting times to downtown."
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Published: October 31, 2003
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