Given the profession I am in (Property Management), I meet with current and prospective tenants all day long. One of the questions most often asked by people who moved here from out of state is: Who can and why would anyone ever purchase a home/condo in Los Angeles? It is way overpriced, there is ridiculous traffic all day long etc. etc....
Well, dear friends, here is what I have to say:
Los Angeles (aka the City of Angeles) is expensive for a reason (well, many reasons). Los Angeles prides itself first and foremost with its consistently mild weather patterns. Generally temperatures remain between 85 degrees (high) and 45 degrees (low). Los Angeles County offers miles and miles of beautiful beaches, from Malibu to Long Beach and beyond. Just over two hours away are the world famous Big Bear Mountain and Lake Arrowhead. If skiing or snowboarding is a part of your life style, these two resorts would be a must visit for you. Where else can you swim in the Pacific Ocean and ski in the mountains all in one day?
It's central location, offerers easy access to other great destinations and attractions that you must visit : Santa Barbara, San Diego, Palm Springs, Anaheim (Disneyland, Lego Land), Huntington Beach (Surf City USA), Joshua Tree, Valencia (Six Flags Magic Mountain), Santa Monica Mountains etc.
In addition to everything mentioned above, Los Angeles offerers a variety of excellent restaurants, theaters, art galleries, public parks, shopping etc. Los Angeles also houses a multitude of different industries, catering to the qualifications, abilities and desires to a wide variety of people. From aero-space, to hospitality, to entertainment and beyond there is plenty of career opportunities. All that's needed, is the desire to work and work harder.
Los Angeles is also home to a large number of schools, many of them among the best in the country (University of Southern California (USC), University of California, Los Angeles (UCLA), Pepperdine University, Loyola Marymount University (LMU), Los Angeles Film Academy etc).
Los Angeles has generally been a suburb-focused type of city. Over the last few years however, developers, investors and the City of Los Angeles have been working together to improve and modernize the downtown living. Old warehouses have been turned into trendy lofts, old buildings turned into beautiful high-rise condos with spectacular views and convenient access to local night life and public transportation.
The City of Los Angeles has also allocated over $150 million dollars to improve and expand the Los Angeles public transportation network over the next decade. The plan is to add not only additional bus lines, but continue to expand the subway system, trains, offer incentives to carpoolers etc.
Above all else, the population of Los Angeles has only increased over the last century. It is expected to increase an additional 25% by 2030, so the prices of real estate are likely to follow the trend.
So overall seemingly expensive, Los Angeles is a one-of-a-kind cultural center, where there is something for every taste.
So, if you ask me if Los Angeles is a city with a huge potential for investment, I would have to say "Absolutely". Now, don't get me wrong, not every investment is a great one depending on your level of leverage, but it would be yours and your broker, accountant, and lawyer's responsibility to figure that out and make the right decisions.
So, keep investing! But be wise!
Mina, you're right. Los Angeles is a great area in which to live - IF - you are okay with the earthquakes and the traffic! ;-) I moved back to Arizona in 2000, and never looked back. Everytime I return, I remember why - when I am in that horrific traffic - the reason I left. That said, I love all of the fun stuff there is to do there, and we have children and grandchildren there so we visit..........;-)