Neil Shekhter of NMS Properties Discusses Boom in Real Estate Market in Los Angeles

California’s real estate prices progressively increased for over ten years.

Santa Monica, CA - January 16, 2018 /MarketersMedia/ —

California is among the top locations to invest for real estate and Los Angeles has consistently topped the list of locations when searching for a new home. But as more people relocate to the most populous state every year, L.A. is becoming more crowded and even more expensive. Neil Shekhter, the CEO of NMS Properties, discusses the rising housing costs in the area and their effect on the market.

Before the housing bubble burst, California’s real estate prices progressively increased for over ten years. Homes in many California markets were high-priced well before the surge of subprime lending produced the great crash of 2008; consequently, property costs dropped sharply at that time only to begin rising again. The current trend, which has only been going on half as long as before the crash, shows no sign of relenting. According to a report published by data firm CoreLogic, real estate in Southern California jumped 7.5% within a course of a year last August and the median price of housing in Los Angeles County surged 9.4% to a record $580,000. Five years ago, median priced housing in L.A. County would have only been $323,000. Thus, for those looking to move to the area, there’s no better time than the present.

The real estate rebound, which has been fueled by historically-low mortgage rates, a slowly improving economy, and a shortage of homes for sale, is nowhere near its peak. The Daily Breeze interviewed six industry analysts and economists who believe that prices will continue to rise for at least two more years, if not longer. “Assuming the gross domestic product continues to grow at 2.5 percent and mortgage interest rates stay below 4.5 percent, Southern California home prices could be going up at 6 percent a year for the next six to seven years,” said Christopher Thornberg, a founding partner of Beacon Economics and a former UCLA economics professor. If his projection is correct, that would mean that median home prices in Los Angeles County in the year 2023 could reach $800,000.

Presently, housing units in L.A. are short by about 100,000 and should be adding at least 35,000 units a year to keep up with growing demand, but only 25,000 units are built annually. “It’s a case of low supply and high demand. Inventory is particularly low for homes in lower price ranges, while the need for more affordable housing continues to strengthen,” shares Neil Shekhter. A statewide poll shows that 42% of respondents from Los Angeles considered housing affordability as “extremely serious” and that 59% of L.A. County voters considered moving out of the area because if rising housing costs.

Neil Shekhter is the CEO and Founder of NMS Properties, a Santa Monica based real estate management firm. Founded in 1988, NMS Properties’ portfolio includes a combination of luxury, mixed-use, and affordable residential units as well as commercial properties. Growing up in the Soviet Union and eventually seeking refuge in the United States, Neil parlayed his hard work and determination as a young cab driver into purchasing taxis, which eventually led to an opportunity to enter the real estate market in the mid-1980’s. For nearly three decades since, he has dedicated himself to providing high-quality rental housing in Southern California's most sought-after locations, including Santa Monica, the Wilshire Corridor, Brentwood, Sawtelle Japantown and the San Fernando Valley.

Neil Shekhter - Founder and CEO of NMS Properties:

Apartments For Rent In Los Angeles And More - NMS Residential:

NMS Properties - Real Estate Management Firm:

Contact Info:
Name: NSN
Email: Send Email

Source URL:

For more information, please visit

Source: MarketersMedia

Release ID: 288026

More News From Daily Travelogue

Beloved toy store FAO Schwarz makes its comeback

Nov 19, 2018

NEW YORK — Three years after it closed its beloved toy store on Fifth Avenue, FAO Schwarz is making a return to New York. A new FAO opens Friday in Manhattan's Rockefeller Center, about 10 blocks from its former home near Central Park. For more than 150 years, FAO Schwarz was known in New York City for its classy and sometimes extravagantly expensive toys. The fantasyland store it opened on Fifth Avenue in 1986 was a tourist attraction, replete with its own theme song, doormen who looked like palace guards and a musical clock tower. Financial problems at the parent...

Fire refugees camp in Walmart parking lot amid uncertainty

Nov 19, 2018

CHICO, Calif. — Fire refugee Anna Goodnight sat on an overturned shopping cart Thursday in a Walmart parking lot as she ate scrambled eggs and tater tots while her husband drank a Budweiser. The couple was trying to put a good face on a weeklong ordeal that left them uncertain of the fate of their home and now had them camping next to the store with hundreds of others forced to flee from a deadly Northern California wildfire . But William Goodnight finally lost it and began to cry. "We're grateful. We're better off than some. I've been holding it...

Farm animals may soon get new features through gene editing

Nov 19, 2018

OAKFIELD, N.Y. — Cows that can withstand hotter temperatures. Cows born without pesky horns. Pigs that never reach puberty. A company wants to alter farm animals by adding and subtracting genetic traits in a lab. It sounds like science fiction, but Recombinetics sees opportunity for its technology in the livestock industry. But first, it needs to convince regulators that gene-edited animals are no different than conventionally bred ones. To make the technology appealing and to ease any fears that it may be creating Franken-animals, Recombinetics isn't starting with productivity. Instead, it's introducing gene-edited traits as a way to ease animal...

Photo of Hitler embracing child of Jewish grandmother sold

Nov 19, 2018

WASHINGTON — A photograph showing Adolf Hitler embracing a young girl who had a Jewish grandmother has sold at auction for more than $11,000. The Washington Post reports the black-and-white image taken by Heinrich Hoffmann and inscribed by Hitler in dark blue ink shows him smiling as he embraces Rosa Bernile Nienau in 1933 at his mountainside retreat. The paper reports the image was deployed as propaganda at a time when the Nazi leader was being presented to the world as a kindly figure. Alexander Historical Auctions of Chesapeake City, Maryland, sold the photo Tuesday for $11,520. The auction house...

New York City's Rockefeller Center Christmas tree goes up

Nov 19, 2018

NEW YORK — The Rockefeller Center Christmas tree is in place and will soon be strung with 50,000 LED lights as one of New York City's star holiday attractions — the gift of a same-sex married couple. The 72-foot-tall, 12-ton Norway spruce arrived on a flatbed trailer Saturday morning and was hoisted by a crane into a spot overlooking the Rockefeller skating rink. Crowds will gather Nov. 28 for a televised ceremony to see the tree burst alive with 5 miles (8 kilometers) of multicolored lights and a 900-pound Swarovski crystal star. The 75-year-old spruce comes from Wallkill, 60 miles...

In Daily Travelogue, we aim to provide rich content for the budget traveler. We only publish blog post that is informative and entertaining to add value to our readers’ user experience.

Contact us: sales[at]