Real Estate News
Loft Wars (Downtown Los Angeles) — Winners and losers diverge as the DTLA real estate market shifts into a more challenging reality. December was the worst urban L.A. real estate market since 2008 in terms of number of monthly transactions completed. That downturn increases the likelihood of pressure toward a home price slide in 2019. #dtla #realestate #news
At the onset of a buyer’s market and possible recession, the first dominos to fall are the unpopular, low-quality, uneconomical and poorly presented properties.
This article will take a close look at how buyers now differentiate the good from the bad, the winners from the losers.
We won’t show photos of the losers, but here’s the scoop on a few of the most challenged condos in Downtown:
In a building that has only seen 3 successful closings out of the last 11 listings, we’ll examine the units to determine why three sold successfully, why 8 of them have not, and why 1 unit got an accepted offer in less than 2 weeks. Promenade West in the Bunker Hill neighborhood, while a very clean and respectable condo complex, can suffer from a somewhat stodgy 80s style, and, while designed to be a luxury condominium, is constricted by ordinary low ceilings while it also lacks in-unit laundry. While most units either have not sold at all or have taken around 2 months to sell, one unit recently flew off the shelf because it was beautifully updated for a modern look, priced right and promoted with special marketing including live streaming open house webcasts, along with a unique Guaranteed Sale Program.
DEFEATED: One of the many “loser” units in the building was overpriced, had non-updated bathrooms with brassy trim, mirrors galore from the 80s, aged oriental window treatments and left-over furniture stranded in the unit. When the overconfident seller failed to immediately accept a lucky reasonable offer, the offering buyer immediately switched and purchased a much lower priced unit in the building instead. The lose-out listing was canceled as the frantic seller scrambled to re-think and figure out how to unload the laggard condo unit.
Best of luck to that seller! And congratulations to the seller of winning unit 412!
As the market transmutes to a buyer’s market, sellers tend to make more and more costly mistakes such as over pricing, then chasing down the market (an expensive losing race). Recently, unnerved home sellers have hired real estate agents, salespersons with restricted licenses, violent criminal backgrounds, out-of-area agents and discount agents who repeatedly list, withdraw and re-list in efforts to try to pull one over on the market. These crude efforts only slow down the sale, and cost the seller valuable time and money. Unfortunately, sellers are likely to make even worse mistakes as the market slips.
To conclude, here’s a big hint for ALL Downtown Los Angeles loft and condo sellers. DTLA is today inherently a LUXURY market, which means that every condo deserves to be modernly updated, bright and cheerful, properly presented and marketed at the highest level for prompt, maximized results.
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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.