Los Angeles named as second most important U.S. city
It's no surprise New York City took the top spot on Business Insider's list of 25 Cities Ranked In Order Of Importance last year, but Los Angeles was right behind the Big Apple in second place. The 2011 list may be a strong indicator that real estate in Los Angeles in 2012 will become increasingly stable.
The publication noted at the time Los Angeles accounted for 4 percent of jobs in the United States and the city's gross metropolitan product was $731 billion. This economy might be indicative of LA being a popular spot for real estate investors.
CBS Los Angeles reported in April 2012 that local economic indicators and market trends showed the real estate market is on the rebound. San Fernando Valley real estate expert Grace Mitnick says LA buyers are now more confident and the lower home prices are giving buyers and investors new real estate opportunities.
"Inventory is low. A lot of buyers are out there taking advantage of interest rates and prices. Every property I’ve written has been in multiple offers since November," Mitnick told the source.
Therefore, now may be the perfect time to buy property in this influential and highly sought after West Coast city.