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Old 03-20-2016, 08:46 AM
 
Location: Los Angeles
2,421 posts, read 1,324,383 times
Reputation: 2717

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Quote:
Originally Posted by pwright1 View Post
I always hear this but is it really true? I never see the LA area on any list of fastest growing areas. I always here about Dallas, Houston, Seattle, Denver and a few others but never LA. Growth has exploded in those places but you can still afford a nice home or condo in those cities without moving 60 or 70 miles outside of town.
LA is definitely not on the list of fastest growing cities. We have such a large base you would not expect to see LA on such a list.

LA County population over the years:

1970: 7.0 million
1980: 7.5 million
1990: 8.9 million
2000: 9.5 million
2010: 9.8 million
2014: 10.1 million

https://en.wikipedia.org/wiki/Los_An...a#Demographics
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Old 03-20-2016, 12:17 PM
 
548 posts, read 309,851 times
Reputation: 298
Quote:
Originally Posted by Astral_Weeks View Post
LA is definitely not on the list of fastest growing cities. We have such a large base you would not expect to see LA on such a list.

LA County population over the years:

1970: 7.0 million
1980: 7.5 million
1990: 8.9 million
2000: 9.5 million
2010: 9.8 million
2014: 10.1 million

https://en.wikipedia.org/wiki/Los_An...a#Demographics
And that does not include OC or the IE where most of the growth in the past 20 years has been.
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Old 03-20-2016, 12:44 PM
 
Location: West Hollywood
3,196 posts, read 2,351,138 times
Reputation: 5262
Quote:
Originally Posted by SupBro View Post
And that does not include OC or the IE where most of the growth in the past 20 years has been.
Why would it?
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Old 03-20-2016, 03:54 PM
 
1,015 posts, read 737,884 times
Reputation: 1608
Quote:
Originally Posted by dylan_505 View Post
Here's an example...

This is a 1,100sqft 2 bedroom 2 bathroom house in Burbank for $640,000 and its definitely a fixer upper

931 N Pass Ave, Burbank, CA 91505 | MLS #OC16029979 | Zillow

But for $799,000 you can get a 2,100sqft house which is a 3 bedroom 3 bathroom and also has been renovated.

2317 W Verdugo Ave, Burbank, CA 91506 | MLS #SR16042915 | Zillow
I think you are making the mistake of looking at what the seller listed the house for and confusing that for what it will actually sell for. The Verdugo house was pending 2 weeks after listing, the Pass Ave house has been sitting for a month and has already had one price reduction. One may have been priced aggressively to court a bidding war or to move fast, the other may have been optimistic, although I don't live in the Valley so I can't say for sure. When it's all said and done, one might sell for $550 and the other for closer to $900.

The factors that may support a higher price for Pass Ave is a less busy street and a larger lot size. The land is the most expensive part of any house in LA. The main situation where I see a lot of crowding at a price point is the $1 million mark, where people price their houses at a million to get more people through the door even if they're going to sell for $1.1 or even sometimes $1.2.
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Old 03-20-2016, 04:53 PM
 
548 posts, read 309,851 times
Reputation: 298
Quote:
Originally Posted by MordinSolus View Post
Why would it?
If one wanted to look at the growth rate of the metro region instead of just LA County. Duh?
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Old 03-20-2016, 07:01 PM
 
Location: Los Angeles
5,256 posts, read 12,558,881 times
Reputation: 5091
Quote:
Originally Posted by Astral_Weeks View Post
LA is definitely not on the list of fastest growing cities. We have such a large base you would not expect to see LA on such a list.

LA County population over the years:

1970: 7.0 million
1980: 7.5 million
1990: 8.9 million
2000: 9.5 million
2010: 9.8 million
2014: 10.1 million

https://en.wikipedia.org/wiki/Los_An...a#Demographics
Also LA city population went from 2.8 million in 1970 to 3.9 million in 2015.
So when I hear people say 'everybody is moving here' or 'so many people are moving here', it really isn't true.
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Old 03-20-2016, 09:57 PM
 
Location: West Hollywood
3,196 posts, read 2,351,138 times
Reputation: 5262
Quote:
Originally Posted by SupBro View Post
If one wanted to look at the growth rate of the metro region instead of just LA County. Duh?
But that's not useful data. We're not talking about commerce. We're talking about population. Duh.
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Old 03-20-2016, 11:01 PM
 
Location: Los Angeles
2,421 posts, read 1,324,383 times
Reputation: 2717
Quote:
Originally Posted by pwright1 View Post
Also LA city population went from 2.8 million in 1970 to 3.9 million in 2015.
So when I hear people say 'everybody is moving here' or 'so many people are moving here', it really isn't true.
Yep, I agree.
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Old 03-21-2016, 05:47 AM
 
536 posts, read 525,214 times
Reputation: 946
Of the two examples you gave, as well as the busy location, I think that the perceived lack of difference in price has a lot to do with the difference in lot size. The smaller house is on a lot of just under 7000sqf. The larger house is on a lot of 5500sqf. That's a big difference in an area of sfh.

It's important both because a larger lot is more attractive for many families with kids, but also because Burbank has restrictions on house to lot size ratio for development.

When the larger house was purchased two years ago for $580,000, it was 2 bed 2 bath and 1680 sq feet. Now it's 2100sqf, 3 bed 3 bath, offered for $220,000 more and with a pending sale at a price that may well be higher. If you look at the development potential and extrapolate that out for the smaller house on the larger lot, suddenly the price doesn't seem to be quite so silly.
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Old 03-21-2016, 06:04 AM
 
286 posts, read 196,734 times
Reputation: 140
Quote:
Originally Posted by dylan_505 View Post
Here's an example...

This is a 1,100sqft 2 bedroom 2 bathroom house in Burbank for $640,000 and its definitely a fixer upper

931 N Pass Ave, Burbank, CA 91505 | MLS #OC16029979 | Zillow

But for $799,000 you can get a 2,100sqft house which is a 3 bedroom 3 bathroom and also has been renovated.

2317 W Verdugo Ave, Burbank, CA 91506 | MLS #SR16042915 | Zillow
That is absolutely pathetic . A complete ****box going for almost a million dollars
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