What market collapse? Cities like WeHo and Beverly Hills have seen their assessed value of property continue to climb upward. A press release from the city of West Hollywood declares the assessed valuation of all WeHo properties increased 9.8 percent this year. Other tony towns are seeing their property value rise—Beverly Hills (11.8 percent increase), Santa Monica (10.8 percent), Pasadena (10.2 percent), and Malibu (9.6 percent). No word yet on LA, but double digits seems like a stretch.
1) West Hollywood is Ranked in the Top Ten in Los Angeles County for Increase in Assessed Property Valuation
The Los Angeles County Assessor’s Office has ranked the City of West Hollywood seventh in Los Angeles County in the greatest growth in the assessed valuation of property in 2008. Assessed valuation is a value placed on a property for the purpose of taxation by L.A. County. According to the L.A. County Assessor’s Office, the assessed valuation of all properties in West Hollywood grew 9.8 percent in 2008. The growth is attributed to recent building moratoriums and building density regulations which has placed upward pressure on property values, and demand for property has remained strong. Other cities in Los Angeles County that showed significant growth in assessed valuation this year include: Beverly Hills (11.8 percent); Santa Monica (10.8 percent); Pasadena (10.2 percent); and Malibu (9.6 percent).