The Santa Monica real estate market
The Santa Monica real estate market is a complex one, which makes it difficult to truly understand. Sure, like most places in and around Los Angeles and throughout most of southern California, real estate prices are high. But, compared to some other markets, it’s actually right in line with the more affordable. So, let’s take a quick look at the Santa Monica real estate market and a little more information about the community itself.
About Santa Monica
Located on the west coast to the west of the city of Los Angeles, Santa Monica is a coastal city. Although it’s right in the heart of the action, the population is only about 92,000, smaller than one would think. Santa Monica is home to the Pacific Park, located at the Santa Monica Pier, which is an amusement park. It’s also home to the Looff Hippodrome Carousel and Santa Monica Pier Aquarium. Perhaps the most famous spot in the area is Muscle Beach. But, there’s also Bergamot Station, which is where you’ll find a collection of art galleries.
Advantages of Living in Santa Monica
What’s even better, is there are some distinct benefits to living in the city of Santa Monica. For one thing, beach access is never far away. Which means there are all sorts of water and beach activities right nearby. The city of Santa Monica is also home to a growing number of startups, which means more employment opportunities and inspiration to strike out on a new venture of your own.
Perhaps one of the best things about Santa Monica is the fact that it’s a small, quiet community. Plus, the citizens are very engaged and transportation isn’t much of an issue due to the light rail service.
Santa Monica Real Estate Market
The Santa Monica real estate market is currently in a neutral zone, meaning buyers and sellers are near or at parity. (In other words, it’s a balanced market, not favoring either buyers or sellers, presently.) Here’s a little more to know about The Santa Monica real estate market:
- Median home value. At this time the median home value in the city of Santa Monica stands at $1,754,900.
- Home value appreciation. Over the course of the past year, house values in Santa Monica have increased by about 4 percent. Industry experts predict the trend to continue over the next year at a slightly smaller rate of about 3.4 percent.
The median list price per square foot. Here in the city of Santa Monica, the median list price states at $1,034
What is a Loft Apartment?
What is a loft apartment and how does it differ from a traditional apartment or condo? The answers are not very complicated. But, at first, might seem just a bit confusing. So, let’s take a quick look at what a loft apartment is and isn’t.
What is a Loft Apartment?
A loft apartment is a type of residential living space. Usually, loft apartments are wide open, with an undivided floor plan. Meaning a typical loft apartment does not have any or few walls. Instead of having a distinct bedroom, living, and kitchen spaces, segmented by interior walls, a loft apartment is an open concept, mostly throughout the entire space. (Except for the bathroom(s), that is.)
Conversely, a traditional apartment features one or more distinct bedroom spaces, made functional by walls, a door, and closet(s). Now, the difference between an apartment and a condo, generally speaking, is the former is normally rented and the latter is owned by its resident. (Contrary to popular belief, a condo isn’t a type of structure or home, rather, it’s a type of legal ownership.)
Typical Loft Apartment CharacteristicsWhat perplexes people about loft apartments is the fact they are open. Which causes the question, why to build a residential living space with no to very few interior walls. The answer lies in the structure itself. Loft apartments are usually converted spaces. Meaning, the building itself once served as a commercial or as an industrial space. The commercial or industrial space was simply converted from either one large or several separate spaces into a set of residential spaces. This means typical loft apartment characteristics include the following:
- Open floor plan with no to few interior walls.
- High ceilings with exposed ductwork and/or roof supports.
- Floor-to-ceiling windows with concrete or hardwood floors.
Also, most loft apartments have a relatively undefined kitchen space (save the actual countertops and appliances), as well as an undefined dining area.
Loft Apartment Living Benefits
Why choose a loft apartment to live in over a traditional apartment? What’re the real differences and what are the advantages? Here’s what you need to know:
What is a Loft, Anyway?
There are several benefits of living in a loft. It’s a wonderful place to call home and for a number of reasons. The big picture about loft living is that it’s in a great location, offers extensive customization, and is usually less expensive than other types of traditional living spaces.
What is a Loft, Anyway?
So, what’s the difference between a loft and a condo or an apartment? Well, it’s really about style. Lofts are typically converted living spaces. Meaning, a developer transforms a commercial space, such as an office building or a manufacturing building into several residential units. But, instead of going for an all-out conversion, like those found in condo units, lofts are open-concept spaces. Meaning, there are few walls and therefore, no dedicated rooms, such as a defined living room, separate bedrooms, and other partitioned spaces.
How Much does it Cost to Live in a Loft?
Living in a residential loft is generally less expensive than living in a condo. This is due to the fact lofts aren’t finished out. So, they are usually less costly to purchase or rent. (However, one caveat is utilities are generally a tad more expensive, due to the very nature of lofts, which are open and a little less energy efficient. Although, this does not truly apply to all lofts.)
Benefits of Living in a Loft
With this information about lofts, let’s take a look the biggest benefits of living in a loft:
- Since lofts are typically converted commercial space, they are more often than not located in a terrific area — right in the heart of the action. This means, lofts are generally located in a downtown district, near public transportation, and also close to entertainment, shopping, dining, and more.
- Open space. Perhaps the most attractive aspects about lofts is the fact most are wide open spaces. Usually, the kitchen is the only “defined” space. So, you enjoy an open concept that offers great visual aesthetics and traffic flow.
- Since lofts are generally open spaces, it’s simple to create dedicated spaces which blend into the ebb and flow of the overall floor plan. With just a little decor and some color, you can customize a loft with little time and effort.
- Ease of reconfiguration. The open space also means that it’s easy to reconfigure. Put another way, if you created defined spaces, it’s a cinch to redefine said spaces on the fly. You’re free to change things up at any time.
Design Ideas for Loft Spaces 9-4-2018
Design ideas for loft spaces can transform an otherwise empty space into a fabulously functional home. For those who are unfamiliar with lofts as residential homes, these are a unique style all their own. They greatly differ from traditional living spaces, such as single family houses, condos, and townhomes. So, they do pose a bit of a challenge in decorating and design for both aesthetics and function, as well.
Design Ideas for Loft Spaces
Design ideas for loft spaces range from simple to elegant. The good news is, you don’t need the skills of an interior designer or professional home stager to make it into a reality.
If you’re not quite in the know about residential loft living spaces, that’s okay. While these certainly aren’t a new concept, it’s a style which is gaining more and more popularity. Simply put, loft homes are constructed by converting a commercial or industrial building into separate living spaces. So, what once served as a manufacturing building is transformed into several loft homes or apartments.
The biggest difference between a loft and a traditional single-family house is that a loft is usually wide open. Meaning, there are no or very few interior walls to serve as dedicated spaces, such as bedrooms, dens, and the like. Additionally, lofts usually feature high, unfinished ceilings, floor to ceiling windows, and concrete floors. Additionally, there is generally no dedicated community spaces. Which means no visual barriers to establish the living room from the dining area, and/or the kitchen and/or den or office.
Now, let’s look at a few design ideas for loft spaces you can use:
- Use an area rug and furniture to create a living room. Since there aren’t usually any visual markers in loft spaces, you can put down an area rug and then arrange a couch, loveseat, and chairs around it to create a recognizable living room.
- Repeat the same concept to form a dedicated, formal dining area. Here again, you can lay down a large area rug. Then, place a dining room table over top of it. Place a hutch nearby and chairs around the table. With just a bit more decor, you’ve now got a formal dining area.
- Create a library or home office. Placing bookshelves against a wall and then placing reading chairs facing the shelves creates a library effect. Or, simply bring in a desk, a chair, and some storage to create a home office.
You can also apply these same ideas to create a game room, a hobby space, and much more.
10 Reasons You’ll Love Living in Downtown Los Angeles added 8-7-2018
Thinking about moving to Los Angeles, the city of lost angels? Well, it’s a big step, but one you’ll probably grow to love in no time whatsoever. It’s not only home to the entertainment capital of the world, but LA is also much more. So, read on to learn why you’ll love living in downtown LA.
10 Reasons You’ll Love Living in Downtown Los Angeles
Located on the west coast of the United States, right along the eastern Pacific Ocean, Los Angeles is best known for its long-standing home of entertainment production. But, there are several benefits to living in downtown. Here are the top 10 reasons you’ll love living in downtown LA:
- Robust job growth. While the entertainment industry is certainly one of the largest employers, it’s definitely not the only one. In fact, LA is now exploding in IT, fashion, aerospace, and more industries.
- Healthy living. Being the weather and climate are so wonderful, people can get out and get active at practically anytime, day or night. Plus, there’s a plethora of healthy eateries, gyms, and more.
- Outdoor recreation. Not only is the recreation great for your health, but it’s also fuel for fun. Here in LA, there is no shortage of things to do.
- Just like the people, the nightlife scene is a diverse one, offering everything from jazz clubs to dance spots to microbrews and a whole lot more.
- The beach. Let’s not forget about one of the most popular and best attractions about the area. The beach spans an astounding 75 miles. Which means there’s always a place for fun in the sand and surf.
- What? Architecture? That’s right, plain-old architecture. (With the exception it isn’t plain.) Far from it, there’s plenty of museums, movie theaters, and all sorts of residential and commercial buildings which are simply awesome to behold.
- Make no mistake about it, LA is made up of people from all different cultures. And, the food reflects this eclectic blend perfectly. You won’t worry about finding exotic fare or comfort foods because it’s all right here.
- Arts and culture. Here again, the diversity in LA makes for a big plus — plenty of arts and culture. No matter your taste, it’s bound to show up in LA in one place or another. Dance, music, live entertainment, sculpture, painting. You name it, it’s here somewhere.
- Yep, location. LA is situated between the mountains of the north and the desert out to the east.
- There’s no arguing the fact that LA boasts some of the best weather in the nation and it’s here almost every single day of the year.
What is a Loft? added 7-3-2018
What is a loft? Well, the answer really depends on what part of the country you’re asking about. But, in general, a loft s a residential space, converted from a retail, manufacturing, or other forms of commercial space. Most of the time, it’s an entire building, previously used for commercial purposes in a transitioning neighborhood. Due to the lack of housing in several metropolitan areas, lofts are filling a big need.
What is a Loft?
So, exactly what is a loft and how does it differ from a townhouse, a row house, or a condo? Here again, the answer somewhat depends on the location. But, generally speaking, a loft is a residential space, converted from a commercial space. Which means, unlike a townhouse, row house, or condo, there are no or very few, dedicated rooms. Most lofts are open spaces, with areas defined by furniture, decor, and other things.
That brings us to the difference in loft living. What’s it like living in a loft? Well, most of the time, lofts feature floor to ceiling windows, with concrete floors and undefined ceilings. So, they are very open spaces. The great thing about this is there’s quick access to every part of the space.
Lofts are also generally more inexpensive than townhouses and condos. The reason why is there’s less construction involved. So, the savings the developers realize get passed onto the loft residents. And, since most are in up and coming areas, yet still close to the action, there in a great location for a lower price.
Lofts are also usually blank slates. Because there’s no real defined style or theme, you can personalize and customize them with ease. Simply choose a style, a few colors, and voila! With just a little imagination and some practical examples to follow, you can decorate it with little effort.
Now, there are some other things you should know about lofts. One is privacy. No, you won’t have people on the street peering inside. But, because there aren’t usually rooms with walls and doors, you’ll have to create individual spaces.
And, since lofts are open, they can present a small challenge in efficient heating and cooling. But, this is easily accomplished with the right heating and air systems, strategically placed.
Another great thing about a loft is the fact that it’s typically in a terrific location, close to shopping, dining, and entertainment. Also, they are often right next to public transportation.
Decorating a Loft added 6-4-2018
A few helpful tips for decorating a loft can really help to transform the space from ordinary to extraordinary without much effort. Unlike traditional homes, such as single family properties, townhouses, and condo units, lofts differ. Because of this, there is often a brief challenge when first moving in to get the right look and feel. But, with some good advice, you can decorate a loft to serve its purpose and get a lot of enjoyment out of the space.
What is a Loft?
Let’s first begin with what a loft is (and what it’s not). Aloft is usually one of several living areas, divided from a larger space. This large space was probably once used commercially, for retail, manufacturing, or another purpose. Then, the building underwent a transformation. And now, there are several separate living units, typically, in a part of town that’s up and coming or already desirable.
Tips for Decorating a Loft
Aloft is an open and airy space. Usually, there is floor to ceiling windows, high ceilings, concrete floors, and little to no separators inside. So, to make a loft into a functional living space, complete with privacy, owners use furniture and decor to make individual “rooms.” This is why consistency is important in both color and theme. Since it’s one, large and open space, unlike a single family home, consistency is key. Here are some helpful tips on how to decorate a loft:
- Determine where separate spaces should be. Your first order of business is to determine what rooms go where. In other words, which area will serve as the living room, which will serve as the master bedroom, and so on. Reserve the living and dining areas where there are the most natural light and windows.
- Divide those individual spaces with furniture and decor. Use furniture and decor to help section off spaces from one another. For example, you can “float” a sectional around an area rug and then add a television to define the living room. Do the same for the dining room, placing a table over another area rug.
- Choose a style and a color scheme to carry throughout. In order for the loft to have a visual appeal, it must be consistent since there are no hard sections. So, choose a style that can run throughout the entire space, along with neutral colors. But, don’t be afraid to add some color here and there to make it pop.
Benefits of Buying a Loft
What should you look for when buying a loft? Well, turns out the answers are fairly straightforward. But first, let’s take a quick look at the advantages of buying a loft and why these are often a good fit.
Benefits of Buying a Loft
So, exactly what is a loft and how is it different from say, a townhouse or a condo? A Loft is somewhat similar to a townhouse or a condo in that it’s one of a few or many units in a single building. But, unlike a townhome or condo, a loft is open and isn’t partitioned. So, it’s a big, open space with “rooms” defined by decor, furniture and more. The advantages of loft living are that the units are typically located in urban or downtown areas, are close to public transportation, as well as entertainment, nightlife, and more.
What to Look for when Buying a Loft
Now, what is it you should look for when buying a loft? There are five things you need to factor into your decision when considering a loft to purchase for your residence. Here’s what you need to know when buying a loft:
- Just like with any other type of residence, you need to know the size so you understand how much space you’ll have. Consider your furniture, need for workspace, hobbies, and more. The good news is since lofts are open layouts, there’s a lot you can do with just a little imagination.
- Lofts are usually built-out spaces within a former industrial or commercial building. Because of this, you might find a loft that’s in a building which is currently undergoing a transformation. So, if there is existing construction, ask how long it will go on until completion.
- As mentioned, lofts are transformed into residential units made from commercial spaces. So, the surrounding neighborhood just might be a commercial and industrial environment. However, often these are part of a greater transition into an eclectic mixed-use neighborhood.
- Energy efficiency. Since lofts are constructed from previous industrial and commercial spaces and are open and airy, you should learn about their energy efficiency performance. Then, you can decide what energy efficiency improvements you can make, if necessary to save money on utilities.
Homeowner’s association. Typically, lofts are part of an HOA or homeowner’s association. If this is the case, you should look into any restrictions and of course, learn how much the HOA fee costs
The 2018 Los Angeles Real Estate Market
There’s a lot to know about the Los Angeles residential real estate market. And, some of what you’ve heard or might believe just isn’t actually reality. In fact, there are some pretty big myths floating out there. But, with some examination and history, we can find the truth about LA’s housing market and what it means to you (as well as the area itself).
Los Angeles Real Estate Market
The Los Angeles real estate market is one that’s obviously growing. However, what you see isn’t necessarily indicative of what some are calling a “bubble.” In fact, when compared to the last several years, going back more than a decade, the current median home prices are now only equal to those recorded way back in 2007. What’s more, sales in the LA housing market only hit their high last year (actually, an all-time high). Which means, there are still plenty of buyers who choose to call the area home.
But, such numbers are a cause for concern to some experts in the industry. So, the question becomes, “Should you listen?”
Let’s take a step back here to do a quick look back to the last few decades. Home prices rise, then generally level-off and fall slightly. Overall, the trend is typically upward from year to year, though there are dips along the way.
Although, there are signs the Los Angeles housing market is beginning to lose its steam. In January 2018, about 4,840+ houses sold in LA County. That, compared to 6,610+ in December of 2017 and 5,180+ sales in January of 2017.
There is no doubt prices are rising, increasing by about $40,000 through the first three months of the year. For help with Los Angeles Real Estate and Lofts for sale please contact us.
Now, let’s stop and take some big factors into account that help to explain just what is materializing in the residential LA housing market. First, although prices are rising, that alone isn’t enough to qualify the market as in a bubble. This is due to the fact that lending standards are more strict than over ten years ago.
Next, interest rates (though on the rise) are still near record lows –, especially when compared to the mid-1980s. Also, market fluctuations are signs of a healthy, not overly risky, market. Let’s keep in mind that inventory isn’t exactly overflowing. In other words, the present conditions are exactly what would cause median prices to rise.
So, the lesson is sellers are in a strong position. But, buyers need to take action quickly to take advantage of low, affordable rates.
Downtown Los Angeles: Things to Do added 3-1-2018
There are about a zillion things to do in Los Angeles, California. This wide-sprawling city is known for its many destinations and distractions. But, if you only have a day, weekend, or a few days to explore, you should see some of the best LA has to offer. Sure, there’s always the Hollywood Walk of Fame (and of course, the iconic sign) but for a little more excitement and tantalization, there are other opportunities of things to see and do in Los Angeles.
Downtown Los Angeles: Things to Do
When people think about things to do in LA, they automatically conjure images of celebrity names in the sidewalk. Even budding musicians hear the siren call of the local music scene. But, there are some great places to visit in LA that really showcase its diversity. Here are the top things to do in Los Angeles, California:
- ● OUE Skyspace LA. Just about every large metropolitan city has some sort of observation tower. And, on this front, LA isn’t any different. It’s just not as well-known as some others. Go up to the OUE Skyspace in the Financial District, right inside US Bank Tower. It’s a view you won’t forget.
- ● Broad Museum. The Broad Museum (pronounced “brode”) is home to more than 2,000 works by over 200 artists. And, it’s got something for just about any taste. It’s massive, spanning 120,000 square feet. So, it’s a great way to spend a day, if you’re really into the arts. Even the casual fan will find inspiration.
- ● Disney Concert Hall. Home to the Los Angeles Philharmonic, the Disney Concert Hall is a must-see. It’s part of the LA Music Center, and it’s spectacular. You can take a self-guided tour or join a guided tour. (Not to mention, there are some truly great performances to enjoy.)
- ● Grand Central Market. In Downtown Los Angeles, you’ll find the Grand Central Market. You’ll discover more than just a typical farmers’ market. Here, you’ll find greengrocers, delis, artists, bakers, food vendors, and plenty more.
- ● Grammy Museum. Since LA has a long history of being super-involved in the music business, it’s time well-spent to visit the GRAMMY Museum. See a huge collection of nostalgia and let your mind fill with good vibes from your favorite tunes.
- ● Fashion District. If you want to enjoy some retail therapy, this is the place to go, for sure. The Fashion District is home to all kinds of discoveries. Here, you’ll find deep discounts, too.
Educational Opportunities in the LA Area added 2-1-2018
There are a plethora of educational opportunities in Southern California, From big-name universities to independent colleges, to adult learning programs, community colleges, and plenty more. In fact, there are literally dozens of colleges and universities in Los Angeles. And, you can find all sorts of disciplines. From medicine to religious, to engineering, and the arts, and education fields. The sky is the limit, whatever appeals to you, you’ll find it in the LA area.
Educational Opportunities in the LA Area
So, let’s begin with some of the most recognizable names in education in Los Angeles: the California Institute of Technology, University of California, LA, University of Southern California, Pepperdine, Biola, La Verne University, and Azusa Pacific. But, the list certainly doesn’t end there.
Right within LA, there is also: California State Polytechnic University, the Charles R. Drew University of Medicine and Science, the Claremont School of Theology, Los Angeles Film School, the Southern California Institute of Architecture, The Chicago School of Professional Psychology, the Western University of Health Sciences, and plenty, plenty, more. Some of these institutions offer 2-year and 4-year degrees in arts and sciences. Others offer graduate-level courses and masters’ degrees. Plus, there are also a number of private colleges to add to the mix. What’s more, you’ll also find a good selection of trade schools. So, you can learn skills like culinary, audio production, interior design, video production, animation, automotive work, medical assisting, criminal justice, business office administration,
HVAC, plumbing, electrical, the list goes on and on. Or, you might just go in a different direction, like healthcare management, hospitality management, information technology, industrial design, maybe even counseling.
The point is, Los Angeles is home to literally dozens upon dozens of places to learn. You can opt to just go for a two-year Associate of Arts or Associate of Science degree. For those so inclined to learn a particular skill set in a short amount of time, you can opt to attend a few months for a certificate. Or, go for a four-year degree to pursue sports medicine, physical therapy, education, engineering, programming, or perhaps pre-law or pre-medicine.
The good news is, you can find easy to earn certificates, to two-year coursework for an AA or AS, a full four-year degree, or even a master’s or doctoral degree. It’s really all up to you. Whatever you want to learn to start a career or to change careers, you’ll find it all and more, right here in Los Angeles. For help finding Downtown LA Real Estate for sale including Lofts- Sales contact us.
Tips on Relocating to Los Angeles added 1-6-2018
Relocating to LA is a big step for anyone. (Yes, even if you live or have lived in the Big Apple.) Los Angeles is just a different environment and a different vibe. Yes, the people are mostly friendly and it’s definitely a dog-friendly town. It’s also true the entertainment industry and sports worlds are big out here. But, there’s a lot more to know about moving to LA.
Tips on Relocating to Los Angeles
If you are considering a move to Los Angeles, you are definitely not the only one. It’s a great town at-large and has so much to offer and explore, you’ll spend weeks and months encountering new experiences. While that sounds exciting (and it is), you should know some things before you make the trip a permanent move.
Los Angeles is more than just another West coast city, it’s a collage of various lifestyles, fashion, food fare, education, work life, and much, much more. So, here are some helpful tips about relocating to Los Angeles:
- Land your job before you land here for good. Yes, there are plenty of employment opportunities in LA. Yes, there are plenty of good paying jobs in the City of Angels. But, you need to invest some time here on the ground. That’s the big secret — the best jobs are available to those who actually live here.
- Square away your housing situation before you move. Okay, so housing is more expensive in LA than in many cities on the west coast. But, it’s not unattainable, although you need to do your research first. So, make sure to make a commitment to line up a place before you relocate.
- Get your car tuned up and ready to go. It’s said that nobody walks in LA. That’s not true but it does make a good point. You will benefit from having a car because of the sheer size of the town.
- Be prepared for the scope and size of the city. Speaking of size, that’s another thing newcomers marvel over. The city sprawls out very far and wide. Which means you’ll have to get to know your way around.
- Pack your hiking gear. What? Hiking gear? Yes, you’ll need hiking gear. No, this isn’t a joke about the size of the city. But rather, it’s because if you like to get alongside nature, there are plenty of mountains nearby to explore and enjoy.
Oh yeah, get ready to take your dog out, a lot. LA is very dog-friendly. So, you can take your four-legged friend to many places. For help finding Real Estate in the Los Angeles area, please see http://www.loftway.com
Things to Do in Venice California
Venice California is full of tourist traps, tee-shirt shops, and a wide variety of street performers. And, that’s the things you’ll encounter when you visit Venice. But, that’s not all Venice has to offer. You can discover more to do in the area and some are downright surprising. It’s more than the typical LA scene and you’ll find things like idyllic canals, peaceful places, and of course, great beaches.
Things to Do in Venice California
Whether you’re visiting from across the country, out of town, or just a nearby state, you’ll need to put some great destinations on your list of must-see places. These will make your visit worthwhile and you’ll come away with some wonderful memories. Here are some of the top things to do in Venice, California:
- ● Venice canals. If you like peace and quiet, you’ll simply love what the canals of Venice have to offer. Here, you’ll encounter arched pedestrian bridges, beautiful scenery, charming beach homes, and people out on the water, enjoying their day. You can join them with your own non-motorized vessel and take to the water to explore.
- ● The Boardwalk. If you want quintessential Venice, the Boardwalk is just a must-see destination. Here, you can do quite a bit. Skate or cycle at your leisure, get in a game of basketball or jump into a game of volleyball. Plus, you can always watch people workout at Muscle Beach.
- ● Abbot Kinney. Venice is well known for its beach scene but there’s more to it than just sand and surf. In fact, you’ll uncover an entire world right in Abbot Kinney, right along the namesake boulevard, which is home to some of the best boutiques, restaurants, galleries, and bars.
- ● Venice Skate Park. This is certainly one of the most iconic places in Venice and around LA. It’s a great place to showcase your skate skills over even to learn a new recreational pursuit.
- ● Venice Beach Recreation Center. Another outdoor recreation spot is the Venice Beach Recreation Center. Here, you’ll find a number of children’s play areas but also plenty for adults to enjoy. There are basketball courts, tennis courts, volleyball courts, and gymnastic equipment.
- ● Venice Beach. Okay, so this is California and LA at large at its quintessential best. Here, you’ll find plenty of room to surf and soak up the sun. And, if you’re not proficient in surfing, there are lessons available. Plus, this is home to the Venice Beach Drum Circle, which plays vibrantly on both Saturdays and Sundays. If you are interested in Venice Ca Real Estate go to this Link
Cost of Living in Los Angeles
The cost of living in Los Angeles is something you need to understand if you’re considering moving into the area. Of course, we all know that it’s a big city. And, it does rival others in the United States. Some of which include: New York City, Miami, Chicago, Boston, and Honolulu. However, there are some substantial differences between the cost of living in LA and these other cities.
Cost of Living in Los Angeles
To understand the cost of living in Los Angeles, you must first take into consideration the salary ranges. Like other large metropolitan cities in the country, wages are generally higher. And, that’s particularly true for higher level positions and specialty jobs. So, what you’ll earn as an IT professional, a civil engineer, a teacher, or a software engineer in Los Angeles will be a lot more than the same positions in small and even medium-sized markets.
In addition to higher wages and salaries, there’ also another consideration and that is home prices and home appreciation. Of course, LA is known for being an expensive residential home market. But, on the other side of that is an astounding rate of appreciation. For instance, during the period from 2010 to 2015, LA homes appreciated a whopping 78.5 percent, according to Business Insider. However, that’s still less than San Francisco, which experienced a housing price increase of 20 percent from 2014 to 2015. (That same two year period, LA home prices rose by 11.3 percent.)
Now, a little more about the cost of living in Los Angeles, California. So, let’s take a look at some of the basic needs. Here’s what you need to know about the cost of living in LA:
Utilities. Your monthly utility bill will run about $110 to $115 per month for a 915 square foot residence. For comparison, the same sized place in Chicago is $122 or more per month and even higher in NYC, about $130+ and more.
If there’s one thing the Golden State does well, it produces produce (and dairy, meat, and more). The net result is a lower cost of food for many common staples. Even mid-range restaurant meals are cheaper in LA than in some other big cities.
Transportation. Unfortunately, if you plan to drive your own vehicle in LA, it’s not exactly inexpensive to fill up the tank. However, if you ride public transportation, you’ll pay significantly less than taking the train or bus in Chicago and NYC.
In short, it’s not the most inexpensive city but it’s also not the most expensive.
Here’s what you need to know about the cost of living in LA:
- Your monthly utility bill will run about $110 to $115 per month for a 915 square foot residence. For comparison, the same sized place in Chicago is $122 or more per month and even higher in NYC, about $130+ and more.
- If there’s one thing the Golden State does well, it produces produce (and dairy, meat, and more). The net result is a lower cost of food for many common staples. Even mid-range restaurant meals are cheaper in LA than in some other big cities.
- Unfortunately, if you plan to drive your own vehicle in LA, it’s not exactly inexpensive to fill up the tank. However, if you ride public transportation, you’ll pay significantly less than taking the train or bus in Chicago and NYC.
In short, it’s not the most inexpensive city but it’s also not the most expensive. Please see our website for information about Loft Sales
Is Buying Real Estate in LA, a Great Investment?
Yes; buying real estates is a great investment. And timing, although important, isn’t quite what most people expect. Sure, buying when the local Los Angeles housing market is a bit soft is the best scenario. However, when the local LA market is on a climb, it’s also a great time to buy real estate.
Is Buying Real Estate a Great Investment?
Many people wonder if buying real estate is a good investment. And, the undeniable truth is, real estate, particularly in markets like Los Angeles, is a terrific investment.
Now, we all remember the big downturn of 2008. But, did you know that started with a tiny French bank? You’ve probably heard about mortgage-backed securities and feel a bit confused. In a nutshell, the banks rolled a bunch of mortgage notes into a security or “stock” if you will and sold them. The move repeated thousands of times over. Eventually, risk became too difficult to measure. Panic set in but now, it’s completely different.
Unlike a decade ago, the real estate market (like it’s been for literally dozens of decades) is stable. In fact, Los Angeles and other markets are performing wonderfully. It’s why solid firms like www.loftway.com exist. So, if you’re wondering why buying real estate is a good investment, here are a few reasons why:
A powerful long-term investment. Real estate boasts a solid track record. Even though it’s experienced some dips, historically, real estate nearly outperforms the stock market. That’s because it’s not based solely on speculation or uncertain future performance. It’s an actual investment with real collateral. Holding is often a great way to earn a huge ROI. But, it’s also possible to buy and sell on a short-term basis and make money.
Ability to appreciate steeply. Everyone knows the hottest real estate markets in the country. Los Angeles definitely earns a top spot on that list. Which means appreciation is strong. That makes for a great investment opportunity.
Not tied to other residential markets.
Unlike other kinds of investments, a residential real estate isn’t dependent on other markets or industries at-large. In other words, if the real estate market softens in the midwest, it does not have a straight or direct impact on LA.
Provides leverage for other purchases. When you own a property, you own something of true value. So, it can easily be used to acquire another property. It’s a great way to start a real estate portfolio to build up over time. As more properties are owned, their value increases with appreciation. Which means a big return on investment.
Offers a passive income stream.
Another great aspect of owning real estate is the ability to rent it out for a passive income stream. This is a great way to earn money and it’s especially lucrative in a hot market like Los Angeles.
The bottom line is, real estate makes a great investment. And, it’s a powerful wealth-building tool as part of a larger plan. Now is one of the best times to invest in real estate and begin a path to financial security and independence.