How overvalued is Los Angeles real estate?
I hate the term overvalued when it comes to real estate. In reality, the value of real estate is partially subjective. Thus, when I read that the Local Market Monitor estimates that the Los Angeles - Anaheim real estate market is 57% overvalued, I had to shake my a head a bit.
How do you compare Newport Beach real estate to real estate in East Los Angeles? I say you can't.
The Monitor study also claims that homes in Santa Barbara are overvalued by 86%. Instead of the average home selling for about $573,000.00, the study claims the homes are only worth $308,900.00.
Anybody that lives in Southern California knows that the average home in Santa Barbara isn't going to be selling for $300,000 anytime soon, if ever again.
Anyway, if you buy into the Local Market Monitor, Los Angeles real estate is still a far better value than other Southern California real estate markets, such as Riverside or San Diego.
How do you compare Newport Beach real estate to real estate in East Los Angeles? I say you can't.
The Monitor study also claims that homes in Santa Barbara are overvalued by 86%. Instead of the average home selling for about $573,000.00, the study claims the homes are only worth $308,900.00.
Anybody that lives in Southern California knows that the average home in Santa Barbara isn't going to be selling for $300,000 anytime soon, if ever again.
Anyway, if you buy into the Local Market Monitor, Los Angeles real estate is still a far better value than other Southern California real estate markets, such as Riverside or San Diego.
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