There certainly has been enough bad press regarding real estate lately and some as ludicrous as suggesting that you should sell now for prices like this will never be seen again.

An article in the Los Angeles Business Journal by Grant Cardone sheds a much different light on this topic, exclaiming “The negative brush with which the pundits paint their articles of ‘The Real Estate Armageddon’ suggest that all the real estate is the same. It is not all the same. There are many different types of real estate and many things that make each type different. Location, quality, views, coastal, inner city, corners, number of bedrooms, etc., each determine how much or how desirable a piece of property is today and in the future. Even the specific street in a neighborhood can greatly impact value.” Furthermore, he suggests that, “Los Angeles ‘fits the bill’ on all counts of a real estate market that will only continue to get more expensive over time. And unless there is a massive ecological problem, 20 years from now, 95 percent of all real estate in Los Angeles will be more valuable that it is today. Much of it will be worth double or triple today’s values.”

As I have made mention in previous articles, this is not to say that LA has not seen some sort of short-term pull-back. Certainly others areas within LA harder hit than others(again…location is everything and where the ability to duplicate the product is easy). And sure, some folks will be hurt in this market-those who bought more than they could afford.  But overall, combating the many articles that are written to make it sound like we are at the beginning of a real estate meltdown, Cardone strengthens his argument by saying that, “Los Angeles has very high barriers to entry, explosive population growth and a strong economy.”  It’s all good folks!