Predicting what is in store for real estate market is not an easy thing. Even the most low-risk market could be vulnerable to economic conditions brought by dropping oil prices, rising interest rates, China's collapsing economy and a volatile stock market. On the bright side, Tami Pardee of Pardee Properties still has confidence in Los Angeles real estate market. She believes that compared to San Francisco and New York, "L.A. is still a good value" and adds that there is high demand for properties located by the beach or in tech areas.
Indeed L.A. is still home to the hottest neighborhoods. One would immediately start thinking that these neighborhoods are in Hollywood, but surprisingly, it is not. According to LA Weekly, L.A.'s three hottest neighborhoods are not in the west side. And because these neighborhoods are sure-thing investment in real estate this 2016, they are not cheap. Homes in these neighborhoods are priced no less than half a million dollars but there are most likely to increase in value in the future.
According to LA Weekly, the top three hottest neighborhood are:
The Larchmont Village in Central L.A
The median price in this neighborhood is $884,500. Sales are always at asking prices and the average days a property sits on the market is only 36 days.
Adams Square in Glendale
This community has a median price that is comparatively affordable than Larchmont at $620,000. In Adams Square, listings sell faster at a price that's 101.2 percent of what is asked. The average days on the market is 26 days.
Mt. Washington
This community that is south of Adams Square has a median price of $699,000. Average days that properties sit on the market is even shorter at 18 days and sellers get 103.7 percent of the asking price.
According to Redfin's Earnest Watts, "The neighborhoods of Northeast L.A. have been hot for a while now." So for those looking for a relatively sure return on investment, neighborhoods of Northeast L.A. is worth checking out.
