How Measure ULA May Affect Relocation
Measure ULA is the biggest tax hike in the history of Los Angeles. This will affect many buyers and sellers, even renters and commercial real estate, and some may need to think outside the box next year. While we may see people move out of Los Angeles due to this looming “Mansion Tax”, things could actually level out more in 2023 than this year. Should the Federal Reserve (the Fed) keep an eye on inflation and try to lower it, then the rest of the real estate market should be much more steady. There is also talk about the Tax Payer Protection Act and how it could offset Measure ULA, leaving opportunities open to those who have been dreaming about moving to or investing in L.A.
David Siddons – Expert Miami Real Estate Agent
In one of my recent episodes of The Juliette Interviews, I talk with David Siddons, an expert Miami Real Estate Agent. We discussed the potential benefits to moving and investing between our cities. While I will be talking about the benefits of moving to L.A, you can read here for David’s perspective on the benefits of moving to Miami.
Why Move or Invest from Miami to Los Angeles?
While Miami has much lower taxes than Los Angeles, L.A is still a great city for investing. Los Angeles is known for its stable job market, diversity, and a do-it-yourself type of attitude, perfect for those who are looking to take their real estate investment to the next level. Despite Measure ULA, I believe the city will always have a dense population and high real estate demand. In fact, Rent Cafe states that, “884,176 or 63% of the households in Los Angeles, CA are renter-occupied while 518,346 or 37% are owner-occupied”, (“Los Angeles, CA – Rental Market Trends“, July 2022). This is a great investment opportunity, as you can always invest in a property here and expect steady return, as there will always be renters and high-quality buyers. If you are just looking to move, the lower ownership population means less competition when finding a dream home. There are also exceptional neighborhoods here that can fit anyone’s lifestyle. Read below my Los Angeles neighborhood recommendations based on your favorite Miami area.
Los Angeles Neighborhood Recommendations
Downtown Los Angeles Art District / The Arts and Wynwood District in Miami
Like the Arts and Wynwood Districts in Miami, Downtown Los Angeles (DTLA) has cool artisan shops, galleries, street food and restaurants. The difference however is that DTLA offers more condos and residential real estate than the Miami Art & Design district.
Silverlake, Los Angeles / Shenandoah & The Roads, Miami
Silverlake is the trendy part of L.A and populated with artists, musicians, young professionals and young families. It is not that far off from Venice’s culture, however, it is far less pricey and not by the beach. Due to this fact, Shenandoah and The Roads in Miami would be the most similar neighborhood to Silverlake. They’re both more affordable and great transitional areas.
Venice, Los Angeles / Coconut Grove, Miami
Venice is known for its artistic and effortlessly cool culture, much like Coconut Grove in Miami. Both areas are also by the beach and have luxury & waterfront properties. 1320 Abbot Kinney Blvd. is a great example of the types of homes available in Venice. And there’s also real estate opportunities right on the historic Venice Canals.
Beverly Hills, Brentwood & Pacific Palisades, Los Angeles / Coral Gables & Ponce Davis, Miami
These areas of L.A and Miami are known to be the more coveted neighborhoods when it comes to Single Family Homes and residential living. Luxury, privacy and large space are the three characteristics of the types of properties here. Another desirable trait of the areas are close proximity to the cities’ top schools.
David Siddons and I are here to help. If you are thinking of moving/investing in either Miami or Los Angeles, feel free to reach out to us to learn more. And Follow #TaleofTwoCitiesMiaLA for more content, coming soon.