Say Southern California, and Los Angeles is bound to be the first place that comes to mind. And why not? LA is not only the largest city in SoCal, it is also a much sought-after place to live due to its prime location, cultural diversity and moderate climate.
This coastal city, which is the center of the film and entertainment industry, also has one of the biggest and most competitive housing markets in the nation. Los Angeles’ luxury real estate market attracts buyers and renters from the world over.
Here’s why you need to buy a luxury home in Los Angeles today:
The finest features and amenities
There’s no doubt that luxury homes in Los Angeles are among the best in the world. From stunning mansions to high-end apartment complexes, you’ll have a wealth of luxury properties to choose from.
Homes of this caliber typically feature gourmet kitchens, smart home technology, spacious interiors and exteriors, and lush landscaping. Many seamlessly blend indoor and outdoor living, allowing homeowners and their guests to take advantage of the West Coast’s temperate climate.
Some of the neighborhoods that have the most stunning luxury homes are:
- Sherman Oaks
- Studio City
- Toluca Lake
- Valley Village
- North Hollywood
- Beverly Hills
- Pacific Palisades
Prime real estate
Los Angeles has everything you need in a real estate location. It is close to everything: shops, restaurants, schools, theaters, art galleries and museums, and all sorts of other establishments you can possibly think of. It has the convenience of a big city with access to the most amazing beaches and outdoor recreational spots to boot.
Need to make a quick trip to Malibu, Long Beach, Pasadena, or Santa Ana? These destinations are just a quick drive away. And if you need to catch an international flight, the Los Angeles International Airport is less than an hour from Downtown Los Angeles.
A strong and diverse economy
Los Angeles is also a hub for entertainment, technology, real estate, finance, aerospace and tourism. These industries have helped turn Los Angeles into the second-largest economy of any metropolitan area in the nation.
Other factors that have led to Los Angeles’ strong economic growth is an increase in employment, a boost in the minimum wage, and a renewed focus on technology, education and tourism. The Los Angeles government has also launched a business tax cut plan, allowing more businesses to register and operate.
A continuing rise in luxury home values
The prices of luxury homes continue to increase, albeit at a slower pace than in previous years. Whether you’re in the market for a Colonial, Victorian, Mediterranean, French country or ranch-style home, you simply can’t go wrong. Contemporary homes by the beach are in particularly high demand in Los Angeles.
Figures cited by Mansion Global show a rise of about 6% in median sales prices for properties in the Los Angeles Downtown and Westside areas. This number is likely to increase even further due to the city’s popularity. You can bank on the high investment potential of Los Angeles luxury homes to help you achieve the most attractive returns.
A thriving luxury real estate market
An outstanding location, thriving economy and the proliferation of new housing developments in Los Angeles no doubt accounts for why it continues to be one of the hottest real estate markets in California. LA is a top choice for both local and international buyers.
When you buy a house in Los Angeles, whether it’s a single-family home, condominium unit or vacation townhouse, you’ll have excellent opportunities to rent it out.
The majority of Los Angeles residents are renters. In fact, according to Mashvisor’s 2019 Real Estate Market Report for Los Angeles, renters make up 64% of the population.
Owing to the rising prices of real estate properties and the diminishing number of single-family homes for sale, the luxury rental market saw high returns in the first half of 2019. According to Mansion Global, Los Angeles luxury rental properties typically yielded returns of 5.4% — more than other major world cities such as Moscow and New York.
This goes to show that it makes a lot of sense for investors to put their money into long-term luxury rental properties. You have your pick of outstanding luxury properties for sale that can help you rake in considerable profits.
Explore your Los Angeles luxury real estate options with me, Arman Grigoryan. As one of the top producing agents in the San Fernando Valley, I can advise you all about the things you need to know when buying a house in LA. I use my real estate knowledge, skills and experience to help buyers find the right luxury property. Get in touch with me today at 818.444.7700 or send an email to arman(at)armangrigoryan(dotted)com.