Los Angeles

The State of Real Estate in the ‘City Of Angels’

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Discover Los Angeles's Real Estate

Los Angeles is America’s second-largest city and the biggest economy on the west coast. It is California’s most populous city and home to the world’s most significant film industry; Hollywood. The city houses some of the world’s biggest industries, businesses, and corporations. With over 66 districts and neighborhoods, Los Angeles ranks high as one of the most developed places in the world. For years, Los Angeles has dominated the US real estate market scene and ranks 12th in the world’s real estate index.

Culture, History, and Business

The city’s ancient culture is a mix of traditions from original settlers, including indigenous tribes  Chumash and Tongva hunter-gatherers who occupied the area now known as Los Angeles as early as 8000bc. Ruins of these early settlements are evident in several of the city’s numerous museums. The diverse, multiethnic population of Los Angeles today distinguishes the city as the cultural hub of the Pacific Rim. With immigrants from over 140 countries, speaking over 224 different languages, Los Angeles is truly a home for everyone.

Historically, Los Angeles came into existence on September 4th, 1781. Its inhabitants consisted of 44 village settlers from the Mexican provinces of Sonora and Sinaloa made their home in what is now Downtown Los Angeles. Other immigrants include Blacks and Mestizos of mixed ancestry, Indians and Spaniards who initially named the city ‘El Pueblo de Nuestra Senora la Reina de Los Angeles,’ or ‘The Town of Our Lady the Queen of the Angels.’ Los Angeles was officially declared a city in 1835 after the territory’s authority got changed from Spain to Mexico. However, it wasn’t until 1847 that it officially became part of the US. 

Business-wise, L.A. County is an entertainment, manufacturing, and international trade behemoth. It’s fast-growing digital media industry, especially in the western regions of the city, is considered the largest in the world. With $807 billion in annual output, Los Angeles County ranks among the world’s largest economies. Reports have it that the city’s GDP would rank 19th in the world if we’re a standalone country. 

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Real Estate Appeal

With its high entertainment and tourism activity, the city is undeniably one of the most sought after real estate markets in the country. The city has a vast collection of residential units and hotels.  In the last quarter of 2019, the Los Angeles property appreciation rate has been around 0.75%. If these figures remain steady, the annualized appreciation rate would be about 3%, which could trigger a proper interest in the Los Angeles real estate investment opportunities. The median home price in Los Angeles is $747,000. The Los Angeles real estate market is a lucrative one to which any well-meaning investor should not hesitate to explore.

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PeerStreet
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BoldLead
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