Downtown Los Angeles Loft Market, Now Hotter Than Ever, Moves to Pocket Listings
Los Angeles, CA — The weather may be cooling down but demand for downtown Los Angeles Loft spaces is actually heating up. In these times of economic uncertainty, eagerness to own such spaces in Downtown L.A. has actually grown — causing more demand than ever for what spaces remain — and more positive proof that Downtown is the place to be. Keller Williams Realty Downtown specialists Realtor® Corey Chambers announced in 2011 that many signs of a market turnaround in the Downtown area were already becoming apparent, and now the numbers are in to confirm. Buyers and their agents adapt by implementing new strategies, such as finding unlisted properties called “pocket listings.” VIDEO: http://animoto.com/play/pGs2nhV1rhlxozgVEL9ziw
Downtown Los Angeles was one of the last places to see real estate prices fall, and now it’s among the very first to see them rise. Local economists report the reason for this is simple: demand is up, while housing inventory is down. Recently, the number of available properties for purchase has shrunk from 139 to 125 according to MLS statistics. As any smart investor knows, this means that it’s now officially a seller’s market as the average selling price has increased from 95.44% to 112.50% of the listed price. In addition, costs are increasing from the former low-end price of around $96,600 to $107,500 with the high-end price correspondingly rising from $1,966,300 to $7,250,000. Now, in fact, very few properties remain under $250,000 at all. Likewise, the number of days a property is on the market has decreased too, on average from 85 down to 55 previously, with the best properties averaging a mere five days on the market.
All of these numbers just demonstrate what Loft Living L.A. real estate professionals have been witnessing for nearly a year: greater demand means reduced inventory, higher prices and faster sales. Indeed, according to Realtor® Corey Chambers, who writes the L.A. Loft Blog, their experience is actually even more dramatic than these existing numbers indicate, because they deal with the highest quality properties that the Downtown area offers. “We have seen the number of purchases grow dramatically over the past few months alone,” he notes, “and we have even more closings in the next few months.”
With demand so high and increasing, Chambers points out that most of the successful purchases currently in escrow for his buying clients involve properties that are not listed and not advertised. Weary buyers usually find only frustration when searching online for properties. The lack of inventory presents itself as listings that inevitably turn out to be already sold or otherwise unavailable. Five out of seven of Chambers’ clients are purchasing so called “pocket listings,” exclusive properties that are never entered into the MLS. Most agents remain unaware of the listings. “What the Loft Living team offers is different and better than pocket listings,” says Chambers, “because we have dozens of unlisted properties to choose from.” The properties must be good. More than 50% of buyers who have seen them have purchased one. They sell almost instantly because they are priced to sell. The last 12 unlisted properties sold within hours, nearly all of which were not on the MLS and unknown by most other real estate agents.
Of course, given unpredictable gas prices and continued turbulence throughout the fiscal marketplace, it just makes sound sense — economic and otherwise — to live where you work and play, particularly now as Downtown L.A. continues its triumphant rebirth and redevelopment, the likes of which the area hasn’t experienced in decades. As demonstrated by an ongoing influx of stores and businesses, everything one could want or need is in enviably close proximity; where else would one find world-class museums, historic theaters, celebrated landmarks like the Dorothy Chandler Pavilion, Union Station, Disney Music Hall, and of course L.A. LIVE — all in the immediate vicinity of such unique and trendsetting housing opportunities?
Loft residence in exciting Downtown L.A. offers the kind of rare cosmopolitan atmosphere in a neighborhood that exudes historic and contemporary energy. For smart buyers eager to experience the best of both these vibrant worlds, Loft Living Los Angeles has proven itself time and again to be tops in its field.
For more information, contact Corey Chambers (213) 478-0499 or visit LAloftBlog.com
Corey Chambers is a Realtor® with Keller Williams Realty
Double Platinum award-winning team with volume over $15 million in 2010