Condoland

During the San Fernando Valley's secession bid (from the city of Los Angeles) there were regular re-naming contests. The names "Valley City", "Rancho San Fernando", "Mission San Fernando", and "Camelot" were all ballot choices, while "Twenty-nine Malls" was a memorable, comic submission. Here's my own comic entry: "Condoland", after the miles and miles of low rise condominium buildings which line key arterials like Sherman Way, Nordhoff, and Cahuenga. But why I am writing about or even interested in condominium buildings in Valley Glen or Lake Balboa? Because I think it's where many entry buyers are going next (if not already)--not just to the Valley--but to condos. With the median home price in Los Angeles approaching fifty-six gazillion dollars, buyers are increasingly forced to explore (hopefully facilitated by their, ahem, agents) more "affordable" options (among them, condos with a median cost closer to--fifty-four gazillion dollars).

According to information from the California Builder's Industry Association (CBIA), based on current building permit counts, single family starts are down in the Los Angeles area while multi-family starts are up. The most active area actually isn't in the S.F. Valley--it's in downtown Los Angeles where new condo starts and conversions are sprouting like....they once sprouted in the San Fernando Valley! Will all this activity be enough to quench California's home-ownership thirst? California's ownership rate is the nation's second-lowest at 57%, 13% below the national average. Will all this activity be enough to facilitate homeownership for my embattled clients? Will downtown get a Trader Joes? Will the Clippers win a play-off series? Will the San Fernando Valley cease being the butt of jokes? We'll have to stay tuned.