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Los Angeles’s property market has massively outperformed other parts of the US over the past few years, and has also fared better than other global capitol cities. Prices in New York have Increased 8% from mid 2015 onwards, while across the pond in London, prices are recovering close to their 2007 peak. Prices in Paris showed a small growth of 3% in the last quarter (Paris Notaries). In Moscow, prices in April 2015 are 5% below those in January 2014 (IRN).
In mainstream US housing markets the five cities which have seen an upturn in property values over 18% in the past 2 years are Los Angeles, New York, Miami, Chicago and San Francisco (NAR).
On a national basis the US is still to recover from its 2008 peak, being some 2% below those levels according to the National Association of Realtors, contrary to this statistic Los Angeles, San Francisco and New York have now matched the 2008 peak due to their larger economies and desirability. In contrast prices remain much lower in Italy (-6%), Spain (-13%), Beijing (-9%) and Moscow (5%) according to OECD data.
The rate of growth in both the Los Angeles and national economies has taken many by surprise and forced commentators and economists to review their forecasts for 2017 and beyond. The International Monetary Fund (IMF) announced in April that they expect Los Angeles to be the third strongest of all the G7 economies in 2016, growing by 2.9%.
With Silicon Beach brining its tech boom to Los Angeles withIn the past few years Google, Microsoft, Facebook, and YouTube have opened offices in The Westside of Los Angeles from Santa Monica, south to Venice and Playa del Rey. They are joined by hundreds of startups including Hulu, Demand Media and Snapchat, which nixed a $3 billion takeover offer from Facebook.
West Los Angeles includes the area’s most expensive and glamorous neighborhoods. The Westside is home to A-list communities like Beverly Hills, Bel Air, Santa Monica, Venice, Brentwood Pacific Palisades and Malibu. With the average house price reaching over $820 per square
foot, featuring panoramic ocean and city views, fabulous estates, desirable restaurants and shopping quarters it’s no wonder why The Westside will continue to thrive.
The San Fernando Valley is seeing an influx of celebrities and high net worth people, with many top accredited schools (Carpenter, Las Virgenes) and the rise in guard gated communities has seen Toluca Lake, Studio City, Calabasas (The Oaks) and Hidden Hills become number one locations to call home. Ventura Boulevard runs straight through the valley, offering many eateries, coffee shops and boutique shopping stores.
The southwest section of Los Angeles is home to a swath of middle and upper middle class communities that are close to or on the beach. Notably Manhattan and Hermosa Beach are two of the most affluent and desirable beach towns in the whole US, home to many athletes from LA Kings, LA Lakers and LA Galaxy. Large and dramatic new homes pop up through the boardwalk (The Strand) with standout ocean views and beach living at its finest.