Not all buildings were eligible for all types of financing. For example, FHA loans often required at least 50% owner-occupancy within the complex.
Experts like Josh Flagg emphasized buying for the view , noting that while buildings age, a premium view remains a primary driver for resale value decades later.
Beyond the mortgage, buyers had to factor in monthly HOA fees—typically ranging from $250 to over $1,200 depending on luxury amenities—and property taxes, which averaged an effective rate of 0.66% in LA. Popular Neighborhoods (2017) Neighborhood 2017 Median Condo Price (Approx.) Notable Trend Venice $1.3 million Highest median price for areas with 10+ sales. Mid-Wilshire One of the biggest price gainers (+25%). Pacific Palisades $1.1 million Strong luxury demand with a 22% price increase. Downtown LA buying a condo in los angeles 2017
In 2017, buying a condo in Los Angeles was a strategic alternative to the increasingly expensive single-family home market. The year was marked by a healthy, rising market driven by strong demand and limited supply, with condo prices heating up across various neighborhoods. 2017 Market Overview & Pricing
Reviewing a building’s Homeowners Association (HOA) documents was essential. Buyers were advised to check the reserve fund study for at least 70% funding to avoid sudden "special assessments" for major repairs like roofs or elevators. Not all buildings were eligible for all types of financing
A severe shortage of homes for sale pushed prices up, with Los Angeles County ending 2017 with a 10.6% year-over-year increase in median house prices. Strategic Tips for Buyers
Some areas saw dramatic price jumps. For instance, Mid-Wilshire condo prices jumped 25% to a median of $632,000 , while Pacific Palisades climbed 22% to $1.1 million . Beyond the mortgage, buyers had to factor in
By Q3 2017, the median sale price for residential properties in LA County reached $555,000 , a significant increase from previous years.