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Tel: +1 (905) 415-9267 or +350 200 400 48

Los Angeles: the new Florida

6th Nov, 2012back

The dream of being able to rub shoulders with celebrities who you also call your neighbors and having an infinity pool inside your own backyard in the City of Angels is no longer as seemingly out of reach as it once was for those living in Toronto, according to a couple of realtors who are based in the city.

Real estate partners Ben Bacal and Ryan Davis, who were both born in Toronto, believe that Los Angeles has effectively become the new Florida for Torontonians, with some of the deals now being offered in California about as low as they can possibly go. Davis claims that he has witnessed a fall in market prices of around 30% since the crash in 2007.  “With the recession hitting, it’s obviously hurt a lot of people,” Davis admits.  “You’re getting a lot of properties that are considered trophy properties that’ve never been on the market.”

Florida has long been regarded as the ‘go to’ state for the people of Toronto who are looking to find a second home, but Davis does not believe that this is actually the case any longer.  “Florida was just kind of handed down to us by our parents,” he notes.  

Davis is convinced that the luxury, glitz and glamour associated with the City of Angels are piquing the interest of the people of Toronto in a big way.  In their new Toronto office, Davis and his partner point out that snowbirds are now able to buy properties that range in price from $100 to $2,300 per square foot.  “Ben and I think there’s a good niche market that we can get into and definitely make some people happy coming down to LA, ‘cause it’s literally heaven on earth.”