Here’s what happened in L.A. urban real estate last month: Median home price dropped by $70,000 since the same month of the previous year. January 2020 median home price was $580,000. January 2021 median sold home price fell to $510,000. Based on MLS data from areas 23,42 and 1375.
Several Downtown specialist real estate agents report a significant uptick in new buyer requests in the past few days. Perhaps February might improve a bit.
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Transients come and go as they please, easily traversing impotent, new $80,000 condominium gates.
“I can do whatever I want because this is the ghetto.” — Trespasser at Alta Lofts
Today’s quote by a transient woman sums up the year of 2020, as LAPD no longer enforces most laws and crimes that may be connected to homeless persons. This comes just two days after a security guard was held up at gunpoint across the street from the same condominium building, and just weeks after a real estate agent was another armed robbery victim in the nearby neighborhood of Highland Park. Now surrounded by homeless encampments, lofty industrial and commercial neighborhoods around Downtown Los Angeles and Lincoln Heights are immured by bands of derelict motorhomes, tents, trash and exploding crime. | Blog Video
Like other big city blight issues that were already worsening over the last several years, the rapid escalation of crime has been recently turbo boosted in 2020 by virus hysteria and draconian lockdown. Middle class Angelenos are today encouraged by politicians and social media to ignore dissenting doctors, and instead, to snitch on their neighbors in exchange for financial rewards. Big cities like Los Angeles today embody the same one-party radical social and political environment of censorship, propaganda and fear that enabled NAZI Germany, Stalin, Lenin, Castro, Mao and Pol Pot to kill 100 million innocent men, women and children. With luck, Los Angeles will only suffer much fewer tragedies over the coming years. Perhaps LA. will merely have to survive as a STASI nanny culture, with the majority of deaths occurring elsewhere. Many thousands are not sticking around to find out how bad things can get. The California Exodus is accelerating.
The Loft Blog shall be releasing the December DTLA real estate market report in the coming days. The numbers will likely show a continuing drop in property values, which does not bode well for big city real estate in 2021.
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