Los Angeles Magazine, one of our cultural mainstays, has just come out with their take on the current housing climate in the city of Angels. It follows a writer's hunt into our deflated market through the ominous, underbelly of foreclosures and short sales - and finds herself canvassing a world which proves to be much more competitive and taxing than she's anticipated.
More relevantly, the article lists the "new desirables" that are budding in the city. Their key criteria; price/value, access to nature/lifestyle and quality public education (we all have friends paying $20,000 a year for their 2nd graders to learn cursive). The neighborhoods they describe are the most promising in terms of potential and payoff - places that are quickly bracing to come into their own when the market returns to a less apoplectic state. The big winners in our vast city - Silver Lake and Mt. Washington. Eagle Rock and Echo Park are also top finishers, along with Redondo Beach and Alta Dena.
And while you may not be shocked to learn that Malibu and Westwood still posted annual gains over 10% in 2007, you might be a bit more surprised to know that 3rd place went to Downtown. And, in our opinion - its surfeit of inventory and burgeoning scene are daily making downtown a better investment - and a better life.
Salud,
the LA home...
If you want to check out the entire article...
http://www.lamag.com/article.aspx?id=13874
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