Hermosa Beach Land Assessments Jump
Leading the South Bay cities in the value of its assess property was Hermosa Beach based on its 12.3 percent spike last year.
Overall across the county of Los Angeles properties ballooned in value totaling $950 billion which was a $94 billion increase from last year.
From 2004-2005 there was a 9.6 percent increase, however, from 2005-2006 there was an even bigger bump of 11 percent. Experts say that this large increase attributes to a solid market for real estate sales and reassessments required by Prop 13.
These huge numbers invite the county to continue on its track to break the trillion-dollar mark by next year despite the strong opinions and evidence that there could be a plateau in the real estate market.
These great increases are mostly created because of the high profit margin of sold single-family residences. These are driven by various factors such as a low supply of lower and medium priced houses as well as by low interest rates on loans.
In addition to Hermosa Beach real estate, the other South Bay cities with the greatest increases in property values include Lawndale real estate at 11.6 percent, Hawthorne real estate at 11.2 percent, and Redondo Beach real estate at 11 percent.
The home prices in South Bay continue to rise for the obvious reasons which are that people want to live near the beach and that housing supply is limited.
Overall across the county of Los Angeles properties ballooned in value totaling $950 billion which was a $94 billion increase from last year.
From 2004-2005 there was a 9.6 percent increase, however, from 2005-2006 there was an even bigger bump of 11 percent. Experts say that this large increase attributes to a solid market for real estate sales and reassessments required by Prop 13.
These huge numbers invite the county to continue on its track to break the trillion-dollar mark by next year despite the strong opinions and evidence that there could be a plateau in the real estate market.
These great increases are mostly created because of the high profit margin of sold single-family residences. These are driven by various factors such as a low supply of lower and medium priced houses as well as by low interest rates on loans.
In addition to Hermosa Beach real estate, the other South Bay cities with the greatest increases in property values include Lawndale real estate at 11.6 percent, Hawthorne real estate at 11.2 percent, and Redondo Beach real estate at 11 percent.
The home prices in South Bay continue to rise for the obvious reasons which are that people want to live near the beach and that housing supply is limited.
posted by Jeremy at 10:51 AM
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