Los Angeles real estate market driven by shifting lifestyle choices
If homeownership stood for a long time at the very basis of the American Dream, rental living is currently emerging as a whole new way of life, a viable alternative catering to both baby boomers and their children. Due to a variety of reasons, including a more comfortable commute to work, a larger variety of social activities and a preference for greener, carless lifestyles, people have started fleeing the suburbs and settling back in the major cities.
Renting offers much of that independence and flexibility that defines the modern generation, allowing us to move freely wherever life takes us, with no mortgage fees or home maintenance costs to drag us down.
Acknowledging this major trend, investors have focused their attention on developing new housing units or updating old structures in central cities. As a top performing market, Los Angeles is ahead of the curve in terms of both commercial and residential developments. In response to the massive demand of apartment living, brand new condominium and apartment towers are flooding the L.A. real estate market, old warehouses are converted into spacious lofts and outdated row houses revamped to fit in families with children.
About 1,680 units have been delivered in 2011 throughout the city, according to Marcus & Millichap, and completions will rise to 1,900 rentals in 2012.
For many people, young or old, the cool place to be right now is the city, where the jobs and entertainment options are, where it’s easy to walk to restaurants, bars or health clubs, go for a stroll in the neighborhood parks or head out to the beach for a breath of fresh air.
Extremely diverse in terms of housing options, businesses and cultural heritage, L.A.’s historic neighborhoods are also navigable by foot with Downtown, Koreatown and Mid City West topping Walkscore.com rankings as the city’s most walkable neighborhoods. If “pedestrian-friendly” takes a central spot on your priorities list, start your new home search by checking out Marseille Apartments, The Chadwick or Parkview Apartments, all great communities situated in close proximity to Downtown, Echo Park, and Koreatown.