[quote=FlyerInHi]If there are plenty of existing houses and no new building is needed, then why the “ridiculous” prices? . . . [/quote]LA County isn’t going to allow building on its many open-space designated natural preserves, wetlands or polluted (by drilling, etc) parcels. In addition, the remaining LA County farmers will likely never sell their land and in most cases are still using it for agricultural purposes. However, their “heirs” might one day sell it but Big Development will still have an uphill climb with LA County in attempting to subdivide it, IMO.
LA County did not pander to Big D as SD County and its cites did. That could be part of the reason for its high RE prices but in the case of my posted listings, I think the high asking prices have to do with that area’s close-in proximity to dtn LA and the fact that the west side (even condos) are out-of-reach for the vast majority of homebuyers and have been for the last 15+ years.
I still think those asking prices are 10-20% too high for what the first five of my linked listings actually are. I’m kind of surprised the sellers are holding out in there cuz I haven’t see too much “gentrification” around there yet. Maybe it’s coming and I’m unaware of this.
