An unbelievable 18.4 percent of residences for sale in the Los Angeles metro area right now are priced at or above $1 million. Trulia took a look at the million-dollar-or-more listings in each of the 100 largest metros, and, amazingly, LA is only number nine on the list of areas with the largest share of $1-million-plus houses (of course that is only asking price, not selling price, but it's still a good guide). What are you getting for a million dollars? Not a mansion, necessarily: houses listed in the $900k to $1.1 million range averaged 2,360 square feet in LA, making it the area with the sixth smallest houses for the price. That's smaller than the the median new house size across the country (and across all price points) last year, and it's factoring in behemoths like Fleur de Lys, with a wine cellar alone accounting for 3,000 square feet (it just sold for $102 million after asking $125 million). Meanwhile, developers insist on building only the most expensive housing in LA, it's now actually cheaper to rent here than to buy, and poor people can barely even afford that; more and more renters are being forced to squeeze in with each other.
· How Special Are Million-Dollar Listings? [Trulia]
· It's Just Become Cheaper to Rent in Los Angeles Than to Buy [Curbed LA]