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
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.
Not all buildings were eligible for all types of financing. For example, FHA loans often required at least 50% owner-occupancy within the complex.