The Los Angeles real estate market is booming. With the return of consumer confidence, rent prices outpacing mortgage payments, and millennials entering home buying age, the market is way up since the housing market crash a decade ago. One property type that is really in demand is condominiums. Condos offer a lifestyle option that is perfect for many residents of Los Angeles. These hot properties are a great option to consider when buying in the city.
Demand For Condos In Los Angeles Is Very High
With skyrocketing rental prices, more people are looking to invest in property. However, not everyone wants or has time for all the maintenance that comes with owning a house. Condos provide an excellent compromise. Many condos are maintained by a management company.
Yet, condos still offer the flexibility and privacy of ownership you get with a house. Condos are also more affordable than buying a house. Plus they come with a built-in community. Many condominium complexes offer events, have shared spaces like community gardens, pools, and common rooms. They are a perfect solution for busy young professionals, people who travel frequently, or people relocating to the area.
Condo Prices Are On The Rise In Some Areas Of Los Angeles
With increased demand, condo prices are going up in certain neighborhoods such as DTLA and Hancock Park. This is great news for sellers who are ready to make a change. However, in Silver Lake and Echo Park, prices seem to have stabilized which is ideal for buyers. Furthermore, there is a lot of development across central Los Angeles which will lead to an increased supply, meaning prices may stabilize in the near future. To get the best deal on a condo, a real estate broker who knows the area can be really helpful right now.
Finding The Right Condo For Your Lifestyle
If you’re considering purchasing a condo this year, speak with an Aspire Los Angeles real estate agent. We live and work in these areas, so we know what condos are available, where to score the best deal, and what new developments are on the horizon. Whether you want a luxury condo with all the amenities or a place with lots of character, we’ve got you covered. Call us today to learn more!