Twenty years ago, it was all but abandoned. Only a small band of die-hard artists embraced the area. Now, the Downtown district is on top of the world. According to MLS statistics, the average Arts District loft Recently Sold Price has now surpassed $945,000.
Because some of the recently sold comparable loft units in the area were comparatively dark and unattractive, the buyers of today’s brighter, prettier active listings in the creative neighborhood might pay as much as $100,000 above the comps. Because of the big difference in price between the comparable recently sold lofts and the lofts currently for sale, those who need to finance may risk losing out to cash buyers because because lenders are not usually willing to fully fund new loans that are $100,000 above the selling price of recently sold comparable properties in the same building or right across the street. Cash buyers don’t have that problem because they don’t need an appraisal, and are often willing waive the appraisal contingency, saving the seller from worrying about an appraiser nixing the deal.
Home prices are a growing issue. Knowing what urban real estate recently sold is critical for both buyer and seller to know what to expect as a selling price, and also giving a clue as to what kind of terms might be acceptable. Take a look at the list of recently sold Arts District lofts PDF at arts-district-recently-sold.
The real estate news this week shows that buyers are getting tired of seeing hundreds of lofts that may or may not match what they are looking for, and risking missing out on just the right loft. How many great deals on amazing Arts District lofts are we missing? Get a free list of unlisted lofts, off-market condos and unadvertised apartment bargains in DTLA. Fill out the online form:
LOFT & CONDO LISTINGS DOWNTOWN L.A. [MAP]
Copyright © 2016 This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association, seller or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.