This is crazy! Madrid-based PKMN Architecture’s five-in-one apartment solution that allows the owner to have several spacious rooms—just one at a time.
by Jodi Summers
Recently, Sotheby’s International Realty invited the California Association of Realtors’ Vice President and Chief Economist, Leslie Appleton-Young, to give us an update on the Los Angeles area real estate market. With multifamily vacancy rates hovering just above 3%, apartment properties in and around Los Angeles remain a strong investment.
For more information please contact Jodi Summers and team @ Sotheby’s International Realty Santa Monica – firstname.lastname@example.org or 310.392.1211, and let us move forward together.
Fascinating facts and boring charts on owners and renters, according to the 2012 American Community Survey:
The typical owner-occupied household is headed by an individual between 45 to 54 years of age. The median household income in 2012 was $65,514. The average household size was 2.7 occupants with the most common household type being married.
The typical renter-occupied household is headed by an individual between 25 to 34 years. The median household income in 2012 was $31,888. The average household size was 2.53 occupants with the most common household type being single.
Nearly 17 million or 22.7% percent of all owners are between 45 to 54 years. The largest share of renters falls within the age bracket between 25 to 34 years. Just over 11 million of 26.4% of all renters are between 25 to 34 years.
The median income for rent-occupied households was $31,888. The median income for owner-occupied households was more than twice that amount at $65,514.
A large share of renter-occupied units is single-income households. Nearly ten million or 26.1% percent of all renter-occupied units are single-income households. Only 13.3% of owner-occupied units are single-income households. The largest share of owner-occupied units is married households at 60.1%.
According to the Bureau of Labor Statistics 2012 Consumer Expenditure Survey, average income for married couples with children was $98,104. The average income for all married couples was $90,393 in 2012.
Word in from the Los Angeles County Office of the Assessor is that the value of the taxable property in city of Los Angeles rose by 6% over last year’s figures. Woohoo to all property owners!
The aggregate value of property in Los Angeles County totaled $1 trillion > $62 billion increase from the prior year, and the 2014 assessment roll is the largest in County history.
“While the largest factor for the increase this year was residential real estate, international investors are also pouring money into large mixed use projects in downtown L.A., including projects like the Wilshire Grand Tower and Metropolis,” observes Anthony Crump, Special Assistant of Communications at the County Office of the Assessor.
These super-charged numbers reflect four consecutive year of growth. Clarus Market Metrics charts two year’s growth of apartment buildings in the County; examining August 2012-August 2014, concluding that the median price of for sale properties is up 18% and the median price of sold properties is up 95%.
Breaking it down, the aggregate value of property in the City of Los Angeles was $467 billion. Long Beach had the second-highest property valuation, coming in at $49 billion, followed by Santa Monica at $29 billion, Santa Clarita at $26 billion and Torrance at $26 billion.
Bradbury, a city of about 1,200 about 22 miles northeast of downtown Los Angeles, experienced the greatest percentage increase in assessed value, rising 12% year over year. Lancaster came in second with a 10% increase, and Claremont, Palmdale and Arcadia followed closely, each with 8% increases. Five of the 10 cities with the largest increases in assessed valuations were in the San Gabriel Valley, pointing to increased investment in the area.
The assessed values are the foundation of the property tax system and are used to divvy up tax revenue.
For more information please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – email@example.com or 310.392.1211, and let us move forward together.
from Jodi Summers
Housing affordability is why you can never go wrong with multifamily properties in Los Angeles – only 23% of homes for sale are affordable to the middle class.
And our affordability is rather peachy compared to our sister city, San Francisco. Trulia notes that only 14% of homes for sale in San Francisco are affordable to the middle class, -even though median household income is higher in San Francisco than almost anywhere else in the country.
Notice that 7 of the 10 least affordable markets are in California. We are rounded out by New York, neighboring Fairfield County, CT, and Honolulu. As you might expect, in our coastal markets – Los Angeles, Orange County, Ventura County, and San Diego – less than one-third of homes are within reach of the middle class. But, everyone has to live somewhere – it might as well be in one of your buildings.