Arthur has been an independent appraiser for over 10 years. He brings a wealth of knowledge and experience to every assignment and Solidifi greatly values his insights.
Complex appraisals and rush orders don’t phase Arthur. No matter what the scenario or timeline, Arthur takes great pride in completing every appraisal accurately and on time. A perfect example of this took place when a fellow appraiser abandoned an assignment part way due to the complexity of the property. There was less than 12 hours until the assignment had to be finished and the client was anxiously waiting. Arthur stepped up and took it on. Not only did he complete this rush order on deadline; he did it well and consequently established a high level of trust with the client.
“The city of Los Angeles is home to some of the most beautiful homes in the world and I find them truly fascinating,” says Arthur. “I appreciate great architecture and home design. As a result, I love that my role as an appraiser provides me with the opportunity to see these homes in person. At times I find them so captivating I forget that I’m working.”
Arthur’s not the only one who has a passion for Los Angeles. There’s not enough land to meet the demand people have to live here. To address the shortage of vacant land, small lot homes and accessory dwelling units (ADUs) have emerged as a solution. The Los Angeles’ Small Lot Ordinance allows for the subdivision of underutilized land in multi-family/commercial areas into fee-simple homes.
ADUs have gained popularity since the onset of the pandemic. Building an ADU on a R1 single family residential lot is now allowed under current zoning. It will be interesting to see how this trend develops and how it affects Los Angeles real estate prices in the future.
As for the market, in April 2021, the median home price in Los Angeles was $903,000. In April 2022, it was $1,019,000. This represents an increase of almost 13%.
Meanwhile the number of homes sold was actually lower by 16%, with sales in April 2021 being 2,877 homes vs. 2,429 in April 2022—this despite homes selling 8 days faster on average i.e., 30 days vs. 38 days a year ago.