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
By Q3 2017, the median sale price for residential properties in LA County reached $555,000 , a significant increase from previous years. buying a condo in los angeles 2017
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 In 2017, buying a condo in Los Angeles
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
Not all buildings were eligible for all types of financing. For example, FHA loans often required at least 50% owner-occupancy within the complex.