Industry News

Home-buyer frustration at any price

Julie from Hollywood

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You would think if you had $6 million to spend on a house in the Hollywood Hills that you could buy anything. Not necessarily. Nor $1 million. And if you're a first-time home buyer looking for something in the $500,000 price range in the Westside of Los Angeles, you might as well just forget it. No, if you want to buy a house in the Westside of Los Angeles right now, you still might not find what you like at any price. Buyer frustration is growing and it's not pretty. There's still fierce competition for a great house no matter what your price range, and the price per square foot keeps rising–yes, that ugly calculation. Despite the prognosticators and the naysayers, it's still a hot market if you're in the buying mode here on the Westside of Los Angeles. There's still a shortage of well-priced inventory, and demand far exceeds supply. And to make matters worse, just this week Cendant published a study showing that the top seven of our 10 hottest (and priciest) real estate marke...