Though the New York Times spoke doom and gloom last week for the condo market in cities such as Boston, Las Vegas, and Miami, the article did not mention our fair city. Apparently, the L.A. kids are still hungry to own granite countertops and adjoining walls. Builders keep pulling permits; in fact, they pulled 18.1% more permits in 2006 than in 2005. But just because buildings keep going up doesn’t mean that it’s all condo fun all the time. For example, one economist believes that the downtown market may go limp long before the virile other areas of the city. Until then, we renters can dream of a $400K studio.
· L.A. May Dodge Bullet to Condo Market [Daily News]
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