There’s great news for thoseseeking a place to livein Southern California with the prices for condominiums in the area dropping to their lowest point in more than 12 years.
The median home sale price in February for a condo in the six major counties came it at $656,000, according to data obtained by thePasadena Star Newsfrom the real estate property tracking site ATTOM.
That price is down by 6% compared to last year when condos hit a peak of $699,000, according to the outlet.
The price plummet also shows the biggest drop for condos in the area-over a 12-month span-since February 2012, the report noted.
However, the price drop for thosedreaming of owning a homeisn’t the same when it comes to a single-family dwelling, where the median price for one in LA costs 31% more than a condo, perHomes.com.
The median condo price in March fell 4.5% in LA, compared to single family homes where the price was down 1.8% compared to the previous year, per the report.
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The drop is significant. According to these latest examples of price reductions on Zillow,condo prices in Los Angeleshave been slashed anywhere from a few thousands dollars to tens of thousands of dollars from the asking price.
A one bedroom, one bath, 569 square foot place, costs $465,000. That is a drop of $20,000.
Described as in the heart of LA’s Miracle Mile, themove-in ready home“features a bright open-concept layout with an inviting living area, cozy fireplace, and private balcony perfect for relaxing.”
Source: California Post – Breaking California News, Photos & Videos
