Neil Shekhter of NMS Properties Discusses Boom in Real Estate Market in Los Angeles
Jan 16, 2018
California’s real estate prices progressively increased for over ten years.
Santa Monica, CA - January 16, 2018 /MarketersMedia/ —
California is among the top locations to invest for real estate and Los Angeles has consistently topped the list of locations when searching for a new home. But as more people relocate to the most populous state every year, L.A. is becoming more crowded and even more expensive. Neil Shekhter, the CEO of NMS Properties, discusses the rising housing costs in the area and their effect on the market.
Before the housing bubble burst, California’s real estate prices progressively increased for over ten years. Homes in many California markets were high-priced well before the surge of subprime lending produced the great crash of 2008; consequently, property costs dropped sharply at that time only to begin rising again. The current trend, which has only been going on half as long as before the crash, shows no sign of relenting. According to a report published by data firm CoreLogic, real estate in Southern California jumped 7.5% within a course of a year last August and the median price of housing in Los Angeles County surged 9.4% to a record $580,000. Five years ago, median priced housing in L.A. County would have only been $323,000. Thus, for those looking to move to the area, there’s no better time than the present.
The real estate rebound, which has been fueled by historically-low mortgage rates, a slowly improving economy, and a shortage of homes for sale, is nowhere near its peak. The Daily Breeze interviewed six industry analysts and economists who believe that prices will continue to rise for at least two more years, if not longer. “Assuming the gross domestic product continues to grow at 2.5 percent and mortgage interest rates stay below 4.5 percent, Southern California home prices could be going up at 6 percent a year for the next six to seven years,” said Christopher Thornberg, a founding partner of Beacon Economics and a former UCLA economics professor. If his projection is correct, that would mean that median home prices in Los Angeles County in the year 2023 could reach $800,000.
Presently, housing units in L.A. are short by about 100,000 and should be adding at least 35,000 units a year to keep up with growing demand, but only 25,000 units are built annually. “It’s a case of low supply and high demand. Inventory is particularly low for homes in lower price ranges, while the need for more affordable housing continues to strengthen,” shares Neil Shekhter. A statewide poll shows that 42% of respondents from Los Angeles considered housing affordability as “extremely serious” and that 59% of L.A. County voters considered moving out of the area because if rising housing costs.
Neil Shekhter is the CEO and Founder of NMS Properties, a Santa Monica based real estate management firm. Founded in 1988, NMS Properties’ portfolio includes a combination of luxury, mixed-use, and affordable residential units as well as commercial properties. Growing up in the Soviet Union and eventually seeking refuge in the United States, Neil parlayed his hard work and determination as a young cab driver into purchasing taxis, which eventually led to an opportunity to enter the real estate market in the mid-1980’s. For nearly three decades since, he has dedicated himself to providing high-quality rental housing in Southern California's most sought-after locations, including Santa Monica, the Wilshire Corridor, Brentwood, Sawtelle Japantown and the San Fernando Valley.
Neil Shekhter - Founder and CEO of NMS Properties: http://www.neilshekhternews.com
Apartments For Rent In Los Angeles And More - NMS Residential: http://www.nmsresidential.com
NMS Properties - Real Estate Management Firm: http://nmspropertiesnews.com
Contact Info:
Name: NSN
Email: Send Email
Organization: NeilShekhterNews.com
For more information, please visit http://www.neilshekhternews.com
Source: MarketersMedia
Release ID: 288026
More News
Arms Race Intensifies in Korea as the North Is Emboldened by Russia Alliance
A rare escalation this month exposed the increasingly lethal arsenals the two Koreas are building up across the world’s most heavily fortified border.
Powerful Earthquake in Tibet Kills at Least 16
Dozens were injured and more than 300 homes were toppled by the 7.0-magnitude quake, which sent residents fleeing into the cold night air, state media said.
Asia-Pacific AI agent market to surge 14-fold to US$11.2 billion by 2030, Omdia says
The artificial intelligence agent software market across Asia, Australia and New Zealand is set to expand more than 14-fold by 2030, according to research firm Omdia, as Chinese tech companies increasingly deploy automated tools across office and industrial operations. During its annual event in Beijing on Thursday, Omdia forecast that regional market revenue, which included mainland China and Hong Kong, would reach US$11.2 billion in 2030, up from an estimated US$782 million this year. Over the...
Australia sanctions 2 over North Korean fake IT workers scheme for nuclear funds
Australia said on Friday it had sanctioned two North Korean individuals and companies over the use of “fraudulent” IT workers and cybercrime to earn cash for the isolated nuclear-armed state. The two men are alleged to be key operators in Pyongyang’s cybercriminal activities overseas, estimated by analysts to bring in billions for the country’s weapons programme. “The North Korean entities and individuals sanctioned today facilitate North Korea’s use of fraudulent IT workers to raise revenue for...
Rare Suu Kyi phone call to son signals shift in Myanmar junta strategy
The son of Myanmar’s Aung San Suu Kyi said she sounded “fairly healthy” after speaking to the detained ex-democratic leader on Thursday for the first time in more than five years. Suu Kyi, 81, is under house arrest in the capital, Naypyidaw, according to Myanmar authorities, where she has been sequestered since being unseated in a 2021 military coup. “She was sounding fairly healthy,” Kim Aris, who lives in the UK, said after the telephone conversation. It was the first time he had spoken to his...
Nepal set to receive first-ever US$20 million payout from UN climate damage fund
The United Nations’ climate loss and damage fund moved to provide US$20 million in aid sought by flood-stricken Nepal – the first time it has set aside money for any country – in a key test of the body’s credibility. In an extraordinary meeting on Thursday, the fund’s board agreed to earmark the modest sum for the Himalayan country, which was hit in August by tsunami-like floods triggered by a climate-induced ice and rock avalanche that killed more than 1,400 people and left over 5,000...
Vietnam partners with Denmark to propel its wind energy ambition
A wind energy partnership between Vietnam and Denmark has fuelled expectations of the Southeast Asian country boosting its competitiveness in renewable electricity to serve overseas and domestic markets. Vietnam is well placed to grow its renewable electricity sector by tapping its large pool of engineering talent and abundant wind resources with help from Denmark, a global leader in wind energy, according to analysts. On Tuesday, the two countries signed a comprehensive strategic partnership...
Inflation-squeezed Japanese flock to claw machines dangling everyday items
With one eye on her baby in a stroller, Minae Kamata operates an arcade machine in a Tokyo suburb, manipulating a claw to grab not a stuffed toy but a pack of toilet paper. As inflation weighs on Japanese households, huge arcades on the outskirts of major cities are installing claw machines filled with eggs, rice, laundry detergent and other necessities. The “shop-and-play destinations” merge essential buying with entertainment so that families do not feel a choice between bringing home the...
China, Djibouti Express ‘Serious Concern’ Over Threats to Red Sea Shipping
A joint communique ups the diplomatic rhetoric but offers no solutions.
As Typhoon Champi Nears, Taiwan’s Mayors Bet on a Popular Day Off
One expert said the likelihood that a mayor announces closure of work and school because of a typhoon increases 31 percent during an election year.
PHP Security Flaw Sets Off Global Rush to Patch, Leaving Websites Offline
Governments and businesses around the world scrambled to prevent hackers from exploiting a vulnerability in PHP, a popular programming language.
This Time, the Korean Loudspeaker Standoff Is Different
Typically, South Korea has used loudspeakers to respond to North Korean provocations. Now Pyongyang has vowed to turn them on – and the prospects for de-escalation are dim.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.