Housing Speculators Relocate to Hotter Spots [Southern California]
Some who scored with L.A.-area property take their profits to Las Vegas and Arizona. Their flight may soften the local market’s landing.
Southern California’s high housing prices have at least one silver lining. They have kept speculators like Jay McKee from driving prices even higher — and from making them more likely to tumble.
The former technology worker from Manhattan Beach was among thousands who caught the real estate investment bug during the housing boom. He bought an ocean-view condominium in neighboring Hermosa Beach two years ago, spent $30,000 to spruce it up and swiftly resold it for a $250,000 profit.