Los Angeles real estate can cost an arm and a leg. Needless to say, this is not the case with all the LA neighborhoods and all the types of real estate. To help those who are thinking about or planning to buy real estate in Los Angeles, here are some helpful pieces of information. We have listed here the average cost of real estate in some LA neighborhoods. While choosing the neighborhoods, we used different criteria. Some of those listed below are safe neighborhoods to raise your family in, others offer numerous job opportunities and lucrative careers in different fields.
Los Angeles real estate types
To analyze the real estate market better, we will categorize Los Angeles real estate as follows:
- Residential real estate – Different types of dwellings are grouped here. According to your priorities and the amount of money you are willing to spend, choose the type of residential real estate that suits you. Then, you can start your search for the perfect one.
- Commercial real estate – Options are numerous here as well. If you want to invest in a commercial real estate, choosing the right type might get a substantial profit to you.
By investigating the real estate market, we came to the conclusion that the residential real estate market is more diverse. Plus, residential properties are easier to sell. When listed, it only takes about 34 days on the average for them to be sold. On the other hand, commercial properties may be listed from 100 to 300 days or even more before they are sold.
Residential real estate
We will look into the average cost of residential properties in some neighborhoods of Los Angeles. What we can say, on the whole, is that the prices are much higher than most average families can afford. What’s more, the prices are likely to continue to increase.
Crenshaw is a neighborhood in the south of Los Angeles. It is situated along Crenshaw Boulevard, which is one of the main boulevards in LA. Although there are some commercial properties here, this is mostly a residential neighborhood. You can choose among single-story houses, condos or apartments and the median home value here is $654,800.
Venice is a trendy LA neighborhood. It offers you everything you need to enjoy life – mostly luxury residential properties, lots of job opportunities, cultural events, sports facilities, the pedestrian promenade at the beach. It goes without saying that you have to be loaded to afford your own place here. If you can pay at least about $1,550,000, which is the median home value here, consider Venice seriously as your choice.
This is one of the oldest Los Angles neighborhoods. It is situated in the South of Los Angeles. 66% of the population here are African Americans and the living standard is not high. The median home value in this neighborhood is $502,000.
Playa Vista is one of the exclusive neighborhoods in the Westside of Los Angeles. Some of the most successful and famous companies in the field of technology, media, and entertainment are situated here. For all healthy –lifestyle lovers, this is the place to be. There are a lot of parks, sports facilities, hiking parks, and paths. Then, don’t be surprised by the fact that the median home value here is around $1,000,000.
Mar Vista is in the Westside of Los Angeles, too. It is a culturally diverse part of LA, with some sports facilities and green areas. The average cost you have to pay for a residential property here is around $1,500,000.
Playa del Rey
This is a wealthy neighborhood on the Pacific coast in the Westside of Los Angeles. It is famous for its beachside estates. Don’t be surprised – the average cost of a residential real estate here is slightly less than $2 million.
If you want to choose the best neighborhood, Santa Monica is a nice choice. The neighborhood is very clean, appropriate for both families and singles. It is near the beach, which is an additional advantage. The median home value here is about $1,400,000.
Westwood is famous for the University of California, which is situated here. People who live here are mostly young and highly educated. There is a high percentage of singles or single-parent families. The average household income here is slightly higher than the LA average. If you want to buy a residential real estate here, the average sum you will have to pay is around $1.1 million.
East Los Angeles
The first thing you notice in the streets is that cultural diversity lacks here. 97% of the population here are Latinos. However, there are lots of schools, both state and private, sports facilities for both children and adults, libraries. The average home value in this neighborhood is around $500,000.
Commercial real estate
It is more difficult to define the average cost when it comes to the commercial real estate in Los Angeles. The price varies greatly. Factors that influence the price are the type of commercial property, number of square feet, location. Plus, most of these properties ask for further investments before you use them for gaining profits. As expected, neighborhoods with high prices of residential properties are more expensive when it comes to commercial real estate too. On the whole, to get a commercial property of decent quality in a nice neighborhood, you will have to pay at least $300 per square foot. In more exclusive neighborhoods, the price exceeds even $1,000 per square foot. If you don’t have enough financial means at your disposal, you can also consider taking a loan.
Los Angeles real estate – conclusions
When you get rid of misconceptions about LA and decide to settle down there, here are the things you need to do:
- Analyze your priorities and decide what type of Los Angeles real estate you want.
- Calculate your expenses and see whether you can afford what you want. You can think about a loan or a homeownership program as a possible option.
- Decide which Los Angeles neighborhood you want to live in or to invest in a commercial real estate.
- Here it is important to find a good real estate agent who will help you reach your goals.
- When you find something both affordable and appropriate for you, close the deal.