L.A. Is Nation's 2nd Hottest Real Estate Market
See also: Another SoCal Housing Bubble Already?
All-cash offers. Bidding wars. Overpriced property.
Southern California property sales have been insane lately. A new report by online real estate agency Redfin says Los Angeles has the nation's second-hottest home-buying market, with nearly 8 out of 10 (79.9 percent) deals resulting from "bidding wars:"
Nearly half (45.7 percent) of those sales ended with a price above what was asked, a Redfin spokeswoman told us.
L.A. was beat out only by San Francisco, the bedroom community for all that Silicon Valley wealth, which saw only slightly more of its home sales, 80.5 percent, end up in bidding wars, according to Redfin.
Two other SoCal communities, number three Orange County (78.2 percent) and number four San Diego (71.1 percent) made the top 5 of Redfin's hottest markets list, which is based on July sales.
Things might be cooling off a little, though.
The company says, compared to this time last year, competition for homes is down three percent in L.A. Nationally, the bidding-war rate was down more than five percentage points compared to June, Redfin says.
LA Redfin agent John Venti:
Each of the last three offers I wrote was accepted without a counter-offer, which has been unheard-of in Los Angeles, where a home in a popular neighborhood has typically attracted 30 or 40 offers over the last several months.
So there you have it. Things might actually calm down around here. Not that it would mean you could actually afford a house in L.A.
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you’ll never miss LA Weekly's biggest stories.
- Kabbalah Centre and Its Former Rabbi to the Stars to Pay $177,500 in Sexual Battery Suit
- Bicycle Is Returned to Child, but Alleged Bully Bike Thief Is Still On the Loose
- Thanksgiving Travelers Will Enjoy Lowest Gas Prices Since Early 2009