LOS ANGELES CA / ACCESSWIRE / January 9, 2018 / The Los Angeles condominium market continues to heat up with figures for August, September, and October of 2017, showing a 7.9 percent increase in the median sales price over the previous year. In some neighborhoods, the increase topped 10 percent, Neil Shekhter points out.
Among the neighborhoods included in the statistics, LA's downtown area led the pack with a sales price increase of 16.2 percent. In spite of this, the average price for a condo in central LA is $630,000 versus $900,000 in the western part of town. Inventory in the downtown area grew by 1,682 units compared to 1,133 in the west. Between them, the two areas accounted for 85 percent of the total number of units constructed during the period under discussion per Neil Shekhter.
In LA's booming downtown area, Chinese firm Greenland Holding Group plans to build 520 units as part of a $1 billion development scheduled for completion by the end of 2019. The development will include three buildings. A Fortune Global 500 company, Greenland Holding Group also has properties in New York and Toronto.
According to Neil Shekhter, real estate analysts believe LA's condo inventory will be exhausted within 45 days, which is the average length of time condos sit on the market in the city. Experts say this indicates an unbalanced market in which the supply of units can't keep up with demand. This is good news for sellers who are getting top dollar for their units.
Another firm with a major stake in LA's apartment market is NMS Properties. The company is eager to increase its Los Angeles and in the West LA. NMS properties has many units for rent in both areas.
Neil Shekhter explained the economic impact of sales in LA's condo market is considerable. According to the National Association of Realtors, every home sale in California generates $40,000 in income for related industries. Brokerages, lenders, home appraisers, and more all benefit each time a home is sold. Home buyers also spend thousands of dollars on furniture, appliances, and remodeling. This consumer spending supports and creates jobs not only in California but also in other states where economic conditions may not be as good.
Launching NMS Properties in 1988, Neil Shekhter assumed the role of CEO in January 1995. The real estate management company focuses on multi-family and mixed-use properties in the Greater Los Angeles area and in Santa Monica. At present, NMS properties manages more than 70 properties.
Neil Shekhter - Founder and CEO of NMS Properties
NMS is the trusted source for Los Angeles Apartments.
NMS has offered quality rentals in the Los Angeles area for nearly three decades. Since 1988, NMS has developed and managed a large portfolio of premier apartment buildings and commercial properties in Santa Monica, West Los Angeles, Brentwood, and the San Fernando Valley.
SOURCE: NMS Properties, Inc.