Los Angeles Housing Options for Relocating Employees: Part 1, Condominiums
Many of Global Mobility Solutions’ clients want to know about the Los Angeles housing options for their relocating employees. Los Angeles is a top destination for relocations. The city is also large in size as well as population, so knowing Los Angeles housing options is a priority for transferees and their families.
Los Angeles Facts
- City limits consist of 469 square miles
- Population is approximately 4 million residents
- Density of population is around 8,500 people per square mile
- Los Angeles Metropolitan Area population is approximately 13 million residents
- The city is part of the “Southland” region with an estimated population of 18 million residents
Highlights of Los Angeles
Los Angeles is one of the most substantial economic engines within the US, with a diverse economy in a broad range of professional and cultural fields. A global city, it has been ranked 6th in the Global Cities Index and 9th in the Global Economic Power Index. The Los Angeles combined statistical area also has a gross domestic product of $881 billion (as of 2017).
Film and Television Industry
Los Angeles is the center of the nation’s film and television industry. Near its iconic Hollywood sign, studios such as Paramount Pictures, Universal, and Warner Brothers offer behind-the-scenes tours. On Hollywood Boulevard, TCL Chinese Theatre displays the handprints and footprints of famous celebrities, the Walk of Fame honors thousands of luminaries, and vendors sell maps to the homes of movie stars.
Santa Monica, located west of downtown, has beautiful beaches and a vibrant nightlife. The beach is fringed by Palisades Park, with views over the Pacific Ocean. Santa Monica Pier is home to the Pacific Park amusement park, historic Looff Hippodrome Carousel, and Santa Monica Pier Aquarium. Hollywood, the home of the film industry, has music venues like the Hollywood Bowl, and Dolby Theatre, home of the Oscars.
Downtown Los Angeles has a number of excellent restaurants, museums, concert venues, sports arenas, and five-star hotels. Local favorite destinations include the Getty Center, The Grove, Griffith Park, and Olvera Street. Los Angeles was home to the Olympic Games in 1932 and 1984. It will host the Olympic Games a third time in 2028.
What are the Los Angeles Housing Options?
With all that Los Angeles has to offer, demand for housing is high. The city and the surrounding area offer many choices for housing, depending on location, interests, and preferences. Because the city is so large and diverse, there are a number of Los Angeles housing options for transferees to consider. These options include condominiums, single family houses, and apartments.
GMS spoke with Erik R. Brown of Douglas Elliman Real Estate, Realtor®, TV host, speaker, and author of “One in a Million: Everything You Need to Know to Find the Best Realtor®.” Erik agreed to share his industry knowledge and market expertise on Los Angeles housing options for relocating employees.
In part 1 of a 3 part series, Erik shares his 10 tips for buying a condominium in Los Angeles. Erik has published “Essential Tips to Buying or Selling a Condo in LA,” a helpful guide for relocating employees to learn more about Los Angeles housing options for condominiums.
Los Angeles Housing Options: Condominiums
10 Tips for Buying a Condominium in Los Angeles
- Determine whether a condominium is the “right fit” since you will be close to neighbors, maintenance of shared amenities is done for you, and you must comply with association rules and regulations.
- Hire a real estate agent who has experience buying and selling condominiums. They will know how to guide relocating employees through the process and ensure important documents are included.
- Obtain financing for the purchase. For buyers using a Federal Housing Administration (FHA) loan, they need to confirm the community is on the approved list. FHA usually requires 80% of units in a building to be owner-occupied.
- Confirm what the condominium includes, such as reserved parking, storage, and guest parking.
- Know how much the association fees will cost each month.
- Determine what the association fees include, such as shared expenses for maintenance of amenities, landscaping, and insurance.
- Review the association’s rules and regulations, especially with respect to pets, rental restrictions, and quiet hours for the community.
- Inquire about any planned special assessments that might be required for projects such as a roof replacement.
- Research the maintenance and management company, and determine the appropriate contacts for any issues. The company should be responsive and actively engage in enforcing the rules and regulations.
- Think about your future plans, as condominiums typically do not appreciate in value as much as a single family home. If you plan to remain in the condominium for up to ten years, your experience will be different than if you plan to remain only a few years.
What Should Employers do About Los Angeles Housing Options?
Employers should share the Los Angeles housing options with their relocating employees. This will help transferees and their family members learn about the housing market in the city. As a result, relocating employees will have valuable information to help them find housing that works well for their own needs, as well as for family members.
Employers should also provide as much information about the new location as possible. They should work with a qualified and experienced Relocation Management Company (RMC) that can provide many useful resources to assist relocating employees and their family members. Destination spotlights that highlight many aspects of a location are helpful reference materials to share with transferees during their pre-decision process. Video destination spotlights are a great resource to visually show employees and their family members their new location.
Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients understand how to identify and share valuable information with transferees. Our team can help your company share helpful information on Los Angeles housing options that will give transferees peace of mind as they go through their relocation process.
GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation™ technology platform.
Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.
Learn best practices from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online to discuss your company’s need for Los Angeles housing options to share with your transferees, or give us a call at 800.617.1904 or 480.922.0700 today.