Broadway Streetcar in Downtown Los Angeles – Nice Attraction or $600 Million Nightmare?

One thing that everyone agrees on is that the pricey, planned and approved downtown streetcar will not significantly improve the transportation infrastructure of Los Angeles with its 4-mile run. #dtla #streetcar #broadway

Downtown LosDowntown Los Angeles Streetcars Coming Soon Angeles Streetcar
Downtown Los Angeles Streetcars Coming Soon

In fact, the Los Angeles Times has declared that the streetcar is simply not wanted.  Let’s take a look to see if the expensive idea has sufficient merit and value that justifies its staggering price tag.

Cutting greenhouse emissions – Here is one thing that public transportation is beneficial for.  The problems is that it’s a drop in the bucket compared to the pollution that is beyond our control. It’s not going to take the 5 million cars and trucks off of the nearby streets and freeways.

Downtown real estate benefits – DTLA businesses largely favor the streetcar because Downtown commercial interests stand to benefit the most while the whole of Los Angeles and California help pay for it.

Make Broadway Great Again

The planned route is pretty good: Broadway, Eastern Columbia Lofts, new Apple Store at the Tower Theater, L.A. LIVE, Luma, Disney Music Center, Grand Park, SB Grand Lofts and Grand Central Market. But, so far, everyone has failed to mention the inevitable urine, feces, public masturbation and other mobile-ghetto encounters that are destined to plague the streetcar as they currently affect the Metro system. What’s the plan to prevent unruly urban unpleasantness from taking over while gliding through streets adjacent to Skid Row?

Vintage color photos of Los Angeles: Hollywood, Wilshire and Downtown:

https://www.youtube.com/watch?v=ZdrtJonkcug

The streetcar is an important piece of the Bringing Back Broadway plan to restore the liveliness, historic cultural integrity and value of the Broadway entertainment district. Check out the city’s detailed Broadway design plan:

Broadway Theater and Entertainment District Design Guide (pdf)

Voters approved $200 million for the streetcar project, but the L.A. Times argues that the streetcar will end up costing three times that much for a traffic-bound, four-mile loop around town that is a novelty, not a necessity.  The L.A. Loft Blog agrees with the Times because the 3-car train will not have its own lane.  The behemoth will hog what little is left of the overcrowded streets, impeding traffic flow, getting stuck in traffic and blocking entire intersections for multiple light cycles, causing mind-blowing frustration and danger for drivers and pedestrians.

What do you think about the coming street car?  Make a comment.

All Downtown loft, condo and apartment buildings have issues that prospective residents want to know about before seeing the buildings in person. Get a free list of buildings with litigation and lawsuit information.  Fill out the online form:

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Broadway street car plan by Chapman Building and new Apple Store at the Tower Theater
Broadway street car planned and approved for Downtown LA.

Copyright © 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 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.  |  COMMENT

 

When is the Right Time to Sell an L.A. Loft? BREAKING REAL ESTATE NEWS

U.S. housing market may be shifting, say some real estate economists  #realestatemarket

Some homeowners are cashing out while prices are relatively high

REAL ESTATE NEWS

The housing market has tilted sharply in favor of sellers over the past two years, but there are very early preliminary signs that the winds may be starting to shift ever-so-slightly,” reports Zillow senior economist Aaron Terrazas.  And according to Redfin, the year-over-year price growth rate for U.S. home sales has been dropping for five straight months and hasn’t been this low since September 2016.  DETAILS

Housing tipping back to a buyer’s market as sellers cut prices

CNBC reports this week that home price growth is slowing in nearly half of the 35 largest U.S. metropolitan markets.  After several years of substantial home price gains, the market seems to have found a limit to what people can afford. Some home sellers are starting to respond by lowering prices. RE/Max reports that several American housing markets are down year over year, while inventory has started to rise nationwide.  DETAILS

Getting $14,551 More on the Average Downtown Los Angeles Loft Sale

HOME SELLERS: Find out how much the home down the street sold for
FREE COMPUTERIZED LIST WITH PICTURES OF AREA HOME SALES AND CURRENT LISTINGS  —  CLICK HERE

Find out what the home down the street sold for

For a Limited Time:  2% Total Listing Commission

Get a free online home evaluation that includes a list of recently sold nearby properties and active listings for sale with prices and descriptions. Call (213) 880-9910 or visit www.LALoftPrice.com.   Offer valid on Downtown lofts listed with the Corey Chambers Team by 9/19/18.

Southern California home sales plunge as housing inventory continues rising. Will home prices in Cali fall next?  #homesale

https://www.youtube.com/watch?v=NFebagLaqnM

BREAKING NEWS

LOS ANGELES, CA (August 15, 2018)  —  Downtown Los Angeles is today feeling coolness in the real estate market. Publisher of the L.A. Loft Blog real estate broker Corey Chambers says, “The readers of the L.A. loft blog are some of the smartest in the world, so I have learned to really listen to them to find the truth in everything real estate.”  He continues, “They are largely holding tight, very steady today.  And this seems the most prudent course for most as prices are relatively high and the U.S. is today far along in the economic cycle.”

Based on the feedback from L.A. Loft Blog readers, many renters have decided to protect themselves against future skyrocketing rents have been buying homes. New families created in Downtown L.A. usually sell their loft to buy a house in the suburbs within a few years after having a baby.  Some are always selling because they want to spend the money on buying a larger home somewhere else, or they have other plans for the money.

The number of motivated buyers has been dwindling in DTLA for several years. Just in the past few months, the number of loft buyers has nearly evaporated.  “Not only the Downtown Los Angeles area, but all over California, real estate professionals have recently reported that the number of buyers they are seeing is down sharply. So it makes sense that those who are ready to sell are doing so.” Known for providing many years of accurate market calls, Chambers today warns that next year is likely to offer a diminishing return for sellers, with fewer buyers than 2018. Those who are considering selling a home may see a longer sale period with a lower sale amount for 2019/2020.

Special offer expires September 19, 2018.

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Copyright © 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 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.