Optimism Abounds in L.A. Real Estate Following Positive Reports

A trio of much-anticipated reports on the housing market showed the nationwide recovery continues with no signs of disruption on the horizon and the Los Angeles area is doing particularly well.

According to an analysis of the reports by the Daily News, home prices in the Los Angeles metro area were up 10.2 percent in December from the year prior. That was much better than the average gain of 6.8 percent for the country’s 20 largest metro areas measured by the S&P Case Schiller Home Price Index.

Analysts quoted in the Daily News story were understandably bullish after learning of the results. The continuing rise in home prices, which is partly the result of fewer distressed properties being on the market, isn’t likely to slow anytime soon.

“It was clear in the data that there was not going to be another (price)let down,” Craig Lazzara, senior director at S&P Dow Jones Indices told the Daily News. “And data on housing starts and permits confirm that the housing market is in pretty good shape.”

Local homebuilders told the paper that there have been waiting lists for new housing units under construction since last year when the steady climb in home prices began in earnest. In January, the sales of new homes was up 16 percent from the previous year.

There is also plenty of demand in the resale market, which is also partly the result of a lack of supply. Supply is down in part because of the number of homeowners that are still underwater on their mortgages. Most are waiting for prices to rise even more before offering their homes for sale.

That could be sooner than many think the way things are going. The data, general consensus and anecdotal evidence says its all—the L.A. housing market is firmly back on its feet.

About Gary Gold

Gary Gold is a marquee name in luxury real estate and his sale of The Playboy Mansion sets a record as the first residence to sell over $100,000,000 in Los Angeles. Gary is also one of its most successful trend setting agents. He’s an internationally recognized expert known for his creative use of technology, marketing and publicity to sell some of the finest homes in the world. Gary is further distinguished by the rare ability to secure high net worth, qualified buyers from digital marketing. This success, year after year, continues to produce a steady stream of buyers from not only the Los Angeles area, but throughout North and South America, Europe, and Asia.

Gary has sold thousands of estates and luxury properties over the course of his career. High-end developers have consistently relied on Gary’s broad expertise on projects ranging from luxury condominium developments to major estates. He is a sought after speaker, panelist and educator at industry conferences. Gary has been cited as an expert for publications and broadcasts that include CNN, Fortune, Barron’s, Wall Street Journal, The Washington Post, Access Hollywood, CBS Evening News, e! Entertainment Television and The London Telegraph.

Gary Gold began his career in real estate over 25 years ago and has been a top producer with Hilton & Hyland since its inception. Hilton & Hyland is Beverly Hills preeminent luxury real estate firm, with over $2.7 billion in annual sales.