GOT A SPARE MILLION?

It's not surprising that California cities are among the top places in the U.S. with a high proportion of homes priced over $1 million. Real estate in California, especially in major metropolitan areas like Los Angeles, San Francisco, and San Jose, has long been known for its high prices and limited housing inventory.

According to the recent analysis by a real estate website, Los Angeles ranks first among the 30 largest U.S. markets in terms of the highest share of million-dollar listings. Nearly 64% of homes for sale in Los Angeles are priced at $1 million or more, indicating the city's status as a high-end real estate market.

Additionally, the analysis found that Los Angeles has the highest share of homes listed at over $5 million. These "ultra-luxury" properties account for almost 12% of all listings in the city, which further highlights the presence of a high-end real estate segment catering to affluent buyers.

 Overall, this data indicates that the California housing market remains a lucrative and competitive market for high-priced properties, attracting both local and international buyers interested in luxury real estate.

The Takeaway:   I remember a million dollars seeming like an impossible sum when I was a kid.  The bottom line is a starter home in Los Angeles is going to cost you a MILLION dollars.  That can seem unattainable for most, but I see it every day.  1st time and even experienced buyers offer a million or more for a home.  The challenge starts with knowing what the payment will be and that’s where we can help with several mortgage options and programs to review.  A LOT and I mean most of the new buyers, we work with are getting down payments from family members.  A million dollar home with 20% down has $6000 payment with taxes and insurance.  That’s not a small number and when rates come down that payment can decrease but the MILLION dollar price tag is here to stay. 

We deeply appreciate the trust and partnership you have extended to us. As some of the best realtors in Los Feliz and Greater Los Angeles, the Riley Real Estate & Home Mortgage team is dedicated to assisting you in discovering your dream home in the beautiful neighborhood of Los Feliz and surrounding Los Angeles areas. We eagerly anticipate the opportunity to serve you in buying, selling, investing and mortgages and earn our reputation as a top realtor and make your real estate aspirations a reality.

Best,

Riley Schmidt