LA’s Million-Dollar Housing Boom
Ways to Increase the Value of Your Home
Today, there are more million-dollar homes in the Los Angeles area than ever before — in fact, over the last few years, the number of million-dollar homes has more than doubled in the LA market. According to Trulia, in 2012, only 8 percent of homes in LA and the surrounding communities were priced at $1 million or more. Fast forward to 2018, and over 16 percent of homes have a million-dollar-plus price tag. The increase in home prices has elevated the LA metro area to the fifth most expensive real estate market in the country, following Bay Area metros (stretching from San Francisco down to San Jose) and Orange County. In Irvine, for example, over 80 percent of homes command a million-plus price tag. By comparison, the median home price in LA County is $525,000, a number that is steadily rising. This number breaks the previous record set before the housing bubble of 2008. The difference is that the housing market is much stronger than it was in 2008. During the bubble, homebuilders were overbuilding and lenders were overlending. Today, that’s not much of an issue. In these terms, the market has stabilized. While this is good news for sellers — it is a seller’s market — it’s also good for general contractors. More people are looking to update and renovate their homes, whether those are million-dollar homes or mid-priced
homes. Homeowners feel the time is right to update to add more value to their homes. With home prices steadily rising, it’s important to know which renovations will and won’t add value to the home. Here are a few examples:
Will Add Value
• • • •
Updated kitchen
Updated bathrooms
Garage door replacement
Working fireplace
Won’t Add Value
• • • •
Additional bathrooms
Loud paint colors
Wall-to-wall carpeting
New windows
These are just a few examples, but at Boston Brick & Stone, we strive to help homeowners and businesses achieve their restoration and renovation goals. As home values in LA continue to climb, homeowners have more power than ever to achieve those goals. As always, we’re here to help.
MEME CORNER
Roasted Asparagus With Lemon Breadcrumbs
Ingredients
• 2 pounds asparagus • 1/3 cup plus 2 tablespoons extra-virgin olive oil • Kosher salt • Freshly ground pepper • 2 garlic cloves, minced
• 1 cup panko breadcrumbs • 1 tablespoon flat-leaf parsley, chopped • 2 teaspoons lemon zest • Juice of one lemon (not packaged lemon juice)
Directions
1. Heat oven to 425 F. Toss asparagus with 2 tablespoons olive oil and season with salt and pepper. Place on baking sheet and bake for 20–26 minutes, turning asparagus halfway through. 2. When asparagus is nearly done, heat remaining olive oil in a small skillet over medium heat. Add garlic and cook for 1 minute. Add breadcrumbs and cook for 5 minutes, stirring frequently. Remove from heat and fold in parsley and lemon zest. 3. Transfer asparagus to serving platter, drizzle with lemon juice, and top with breadcrumb mixture.
Recipe inspired by Food and Wine Magazine
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