Can I afford to buy in LA?

Asked by lillian8, Los Angeles, CA Fri May 23, 2014

I am moving to LA from the Bay Area for a new job (and with the hope of buying my first house in LA). I am looking at two areas: DTLA (not near Staples--more arts district) and Silver Lake. I want to spend 400k-450k. I'm pretty sure I'm priced out of Silver Lake, but I want to get everyone's thoughts on affordability in DTLA. Is this doable at that price? I'm single, no kids so not looking for a mansion, but I won't live in a studio. I'm also looking to buy in the next six months so not in a big hurry. Anyone have any thoughts? Recommendations for good realtors (someone who actually lives in DTLA would be preferred)? Thanks much.

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Von Bonilla, Agent, Arcadia, CA
Sat May 24, 2014
Hi Lillian8,

I was in the Bay Area to be exact Mill Valley a few days ago, it is very nice and green there! I am in Pasadena 15-20 minutes on the 110 freeway to DTLA. I grew up here so I am familiar with the area. I have seen the prices continue to rise for a while now. These are the zip codes for and near DTLA http://www.zipmap.net/California/Los_Angeles_County/Z_New_Do… .

Here are some statistics for zip code 90015:

Month.....Active.......Sale price average
Jan.........85.................$456,865
Feb.........81.................$782,297
Mar.........77.................$738,991
Apr.........71..................$738,991
May.........69................$658,000

Time frame is from Jan 2014 to May 2014
Type is 'Single Family Residence', 'Condominium', 'Townhouse'

Most agents may recommend themselves so it's up to you to decide who you connect with or feel comfortable with. Call a few and see if you are comfortable with him or her, visit their website to find out a bit more about them.

Much success!

Von
0 votes
Endre Barath, Agent, Beverly Hills, CA
Fri May 23, 2014
All good questions, what I would suggest is have your Pre-Approval completely ready. The Los Angeles Real Estate Market is on fire in all price points. Interest rates are still at an all time low which helps in your purchase power. Reach out to me directly and we can discuss in more detail your search parameters. Then you can see the inventory and how quickly they go....

Endre Barath,Jr.
Berkshire Hathaway
Beverly Hills,CA
homes@endrebarath.com
310.486.1002(m)
Web Reference:  http://www.endrebarath.com
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