After years of being in the doldrums, L.A.'s housing market is showing new signs of life. Home prices soared in the second quarter, posting double-digit increases in many L.A. communities, and the volume of home sales is also up. Indeed, realtors throughout L.A. are reporting a feeding frenzy for homes in upscale markets, as affluent Angelenos buoyed by a surging stock market and growing confidence in the state's economy pound the pavements to find a new home before the market skyrockets even further. The Business Journal Forum asks:
Any plans to buy or sell as a result of the housing market's rebound?
Vice President, West Coast
Zim American Israeli Shipping Co. Inc.
We live in Palos Verdes, where homes are ridiculously expensive. I've noticed that almost every week someone asks us if we would be interested in selling the house. But until our children leave home, we'll be staying put.
Chief Executive Officer
Corinthian Marketing Inc.
All of the activity is making me look a little more carefully at new houses. The market is really moving. I owe very little money on my house. Is this the time to capitalize on that? Maybe I should get serious.
Vice President of Project Management
I am staying put. I'm more interested in retirement planning at this point and real estate doesn't fit into that mix. My husband and I are more interested in investing in mutual funds and the stock market than we are in investing in property. But this is a good opportunity for young people who are just beginning to build their nests and it will certainly provide some incentive for new homeowners to get into the market.
Vice President, Corporate Communications
Definitely. I have two growing boys and I need more space. I'm probably still a year or two away from making a move, but I'm very encouraged more so because of the overall economy being strong rather than just the housing market. I feel that Southern California is back on track.
Philip S. Hart
West Angeles Church of God in Christ
I live in the Los Feliz area and over the past two months, I've seen sale prices in the neighborhood go up. We're definitely tilting toward a seller's market; buyers seem to be willing to pay what the sellers are looking for. But I like my house. I'm not thinking of selling.
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