The average recently sold Downtown L.A. condominium price is $664,976.
REAL ESTATE NEWS AND MARKET REPORT: At the end of 2015, there were many DTLA lofts listed in the $300,000s. In 2017, there will be almost none. Next year, the starter home lofts will begin in the $400,000s, except for a few tiny studio-size condos. Today, Downtown has many opportunities for those who are looking for a bargain price. Some of those bargains include the distressed lofts at the Higgins Building, the awesome historic Mills Act lofts in the clean, pretty area between the Historic Core and Civic Center neighborhoods. Active, motivated buyers are taking advantage and getting a steal this season while some potential buyers are either scared from the election or dormant for the winter holiday season. Meanwhile, massive expansion of Downtown infrastructure and huge influx of residents continues to place strong upward price pressure. Investment gurus Jim Cramer and others have stated their analysis that prices and interest rates are likely to rise in 2017 and the coming years. The Wall Street Journal has also just weighed in with its forecast of rising prices.
We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful. — Warren Buffett
The greedy are still raking in the dough in DTLA. Prospective Downtowners and investors can today take advantage of several issues that are temporarily depressing prices. There have recently and currently been a cluster of minor economic panics in Downtown LA. Some sellers have reduced their asking prices of lofts in the Higgins Building due to a new assessment. The prices were reduced some time ago, and some home sellers are giving money to buyers, so buyers are today getting Higgins lofts for up to $50,000 less than they would otherwise cost. The same holds true for units at Evo, Luma and Elleven buildings, as some buyers and sellers are afraid of the HOA lawsuit against the developer, combined with huge new condos being built nearby. These also allow buyers to pick up one of these soft lofts for easily $50,000 below what the prices will be once the dust settles.
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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.