Los Angeles has had a great increase in the real estate business over the past couple of years or so. People from all over are interested in buying property in L.A. because of many reasons. Being a celebrity land along with having a great weather, Los Angeles presents itself in a great way. Apart from buying a house or land in L.A. California, people are also supremely interested in renting an apartment alongside the beach or any other place like that. Moreover the increasing number of students at the University of California has promoted this set of trend in the real estate market, Los Angeles.
Let us analyze the Los Angeles real estate market in order to develop an idea of the trend that is at large. During the past six years the housing prices seemed to be okay enough in the Los Angeles property centers. However the prices began to fall down from the beginning of October in 2014. This led to a loss of overall sales in LA as well as the rest of California. All this had been due to a tight inventory of homes for sales and a drop in the affordability of the local citizens.
However in the later part of the past year, 2015, Los Angeles market trends indicated an increase of $47,500 (8%) in median home sales. The average price per square foot rose to 525 USD from 480 USD.
The open homes in the areas of Beverley Boulevards, Stratford Rd., and Buckingham road gave a price of approximately $650,000 while it was also nearly similar in locations such as Rosewood Avenue, Wilshire Boulevard and apartment in Century Park. Newly constructed homes in the areas of Wright Lane and Residence 1, 2, 3 were and are very expensive. The same goes for new listings of 1 to 3 beds in the areas of Lincoln Avenue, Regent Street and other parts of the Industrial streets.
Conclusively, Los Angeles real estate market is not that easily accessible these days and needs a lot of patience if anyone wants to make something out of it. Each of its neighborhoods has a separate feature and a distinct persona corresponding to the luxury to live there which also varies proportionally to its price.