More than half of prospective home buyers prefer to own a brand new construction home or a newly converted live-work loft in Downtown L.A.
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When the Title Guarantee announced that they would release new lofts (converted from rental to purchase) for sale a few months ago, would-be Downtowners and real estate agents were excited about the 74 new lofts coming to the market for sale. They were equally let down when the developer announced expectedly that they changed their minds and canceled the planned sale without explanation.
The real reason for the change of mind is easy to figure out when we apply the “follow the money” rule. Several other loft buildings currently used as loft apartments were originally conceived as condominiums for sale. The sellers concluded that they would make more money by retaining the units and leasing them out to gain from the rising popularity and profitability of Downtown rentals. One of the biggest lessons in Downtown real estate is that many loft and condo buyers are now making a small fortune renting them out.
The moral of the story is that Downtown tends to exceed everybody’s expectations, and it will continue to do so. While the word is beginning to get out as young, urban professionals and artists from New York to Berlin to Hong Kong are learning about the Downtown renaissance, most of the world has not yet found out about the explosive growth of Downtown L.A., as we are still in the infancy of its re-awakening.
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