Sunday, August 14, 2005

The Million-Dollar Median

Finding a million-dollar house in Los Angeles appears to be about as hard to do as finding a Starbucks in some neighborhoods. A story today by Howard Fine at LA Buisness Journal did all the homework. (Hat tip to LA Observed.)
A Business Journal analysis of home sales in L.A. County shows that ZIP codes in North Hollywood, Tarzana, Glendale, Rancho Park and the heart of Hollywood now boast median home prices exceeding $1 million.

The data, provided by Melville, N.Y.-based HomeData Corp., also shows that communities like Arcadia and Culver City are knocking on the door. ZIP codes in those areas and others are likely to pass the million-dollar mark if prices keep rising to the end of the year.

In fact, the notion of a million-dollar home as a psychological barrier has all but disappeared, especially now that the median price of a home in L.A. County has topped a half-million dollars.