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 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 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 a different direction, like health care 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 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.