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"But don’t expect houses in places such as the Westside and central L.A. to become cheap, said Stuart Gabriel, director of the Ziman Center for Real Estate at UCLA who forecasts rising prices for close-in areas of Southern California as well.
'The demand for those areas so far outstrips supply. It’s hard to imagine, even in the context of shifting preferences that benefit outlying areas, that [close-in locations] would not continue to be highly desirable,' he said."
"'I'm just sort of stunned at how thin it is in terms of supporting this $30 million valuation that seems to be almost pulled out of the ether,' said Eric Sussman, who teaches real estate and accounting at UCLA’s Anderson School of Management. He noted a lack of relevant comparable sales or financial analysis in the appraisal, but also pointed to the building photos. 'There are no amenities, no common areas. It looks like a very rundown motel. It doesn't even pass the smell test at a very superficial level.'”
"But, the market is unlikely to shift entirely away from traditional real estate agents and brokers, said Eric Sussman, a UCLA professor in accounting, finance and real estate. Technologies have long tried to replace the home selling process, but the number of people who actually take this route has been low.
'[For Sale By Owner properties are] I think, by and large, a very, very insignificant part of the overall transactional market. And I don't see that changing,' said Sussman."
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