L.A. real estate news and insights.
Good thing there is 24-hour security.
Here is the cheapest condo sold this week in DTLA.
Asking price: $425,000
Selling price: $405,000
This condo has 1 bed/1 bath and 670 sq. ft. of living space.
Building amenities include a rooftop pool, a fitness center, and a convenient local market in the complex.
Remodel it or tear it down and build a new home?
Here is the cheapest home sold this week in the city of San Fernando.
Asking price: $679,000
Selling price: $650,000
6 bed/3 bath, 2,155 sq. ft. of living space, and is on an 8,142 sq. ft. lot.
The report from Consumer Affairs analyzed 2021 data from the U.S. Census Bureau against two metrics - median monthly housing costs and median owner-occupied unit values - to determine which U.S. cities are the most expensive. To the surprise of no one, California cities dominated the list, ranking four out of the top five spots.
Below shows the top 5 most expensive cities in the US, along with their median monthly housing costs (such as utilities, insurance, and rent or mortgage payment):
1) San Jose: $2,463
2) San Francisco: $2,337
3) San Diego: $2,044
4) Seattle: $1,984
5) Los Angeles: $1,845
Los Angeles comes in under Seattle in terms of median home values ($812,800) and median monthly housing costs ($1,845). However, because Los Angeles residents have a median household income almost $40,000 lower than Seattle's, it has the highest monthly housing costs relative to income of any city in the list's top 10.
If you're looking for the least expensive city for housing costs, head over to Detroit, Michigan. According to the report, residents' median monthly housing costs here are $755.
There were 63 property sales in Burbank for May 2019.
In Los Angeles County, the median home price rose 3.8% to $630,000, while sales dropped 35.2%.
I suspect transactions are down because a good chunk of sellers took their properties off the market.
Fewer homes on the market obviously mean fewer homes can be sold.
The homeowners that did keep their home on the market are not experiencing price drops... it's actually the opposite.
Home prices continued to see marginal gains from a year earlier.
If you are waiting for a market crash, don't hold your breath.
