August 2019 – Page 3 – LA Loft Blog

Market Update – Home sales are down significantly so far this year compared with 2018, even with lower mortgage rates. #chinese #realestate #dtla

Metropolis Los Angeles condominium complex and money from China

REAL ESTATE NEWS

USA Today reported this week that Chinese home buyers and investors have pulled back sharply from the U.S. real estate market. Foreign investors purchased $77.9 billion in residential property in the 12 months ending in March, down 36% from the previous 12-month period, the National Association of Realtors said in a recent report.

All told, existing U.S. home sales are down about 3% so far this year from the same period in 2018, NAR figures show.

Even before the start of the Trump Trade War, Beijing had already placed tight limits on how much capital can leave the country after its devaluation of the yuan a few years ago. The government toughened capital controls more last year as the Chinese economy weakened. Trump’s tariff war is expected to exacerbate this trend.

California is the epicenter of Chinese residential investment in the U.S., with 34% of purchases in the state.

The largest super luxury condo buildings Metropolis and OceanWide Plaza are developed by Chinese-owned companies. OceanWide construction has been stalled due to a pause in construction capital. A number of units hav been purchased at Metropolis, predominantly by a large percentage of buyers from China, many of them were cash buyers. The China source of buyers has partially dried up. This can be good news for local Californians who are looking to buy a home –- a larger supply of condos, fewer competitors and a lower price than a year ago.

With China’s limits on cash that can leave the country, Chinese buyers are now searching for lower-priced homes and relying on mortgages more often. The share of their home purchases with mortgages has risen to 46% in the 12 months ending in March, from 37% the prior year, according to NAR. And more of the buyers are middle-class.

New Homes For Sale

Get a free list of luxury condos under construction in Downtown Los Angeles. Fill out the online form:

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LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

OceanWide Plaza Los Angeles condominium complex and money from China

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.

Here Is The Unofficial 5G Home Coverage Map for Verizon

Verizon 5G Coverage Map Downtown Los Angeles - Unofficial — Verizon 5G Coverage Map Downtown Los Angeles – Unofficial

5G is still in its infancy, with spotty coverage and finicky, overheating, risky (headache-inducing and possibly deadly) hardware. After 5G was suspected of killing hundreds of starlings, 5G is now being tested on homeless in Downtown Los Angeles. We’ve seen it being installed around Skid Row before other neighborhoods. Fortunately, people have not been dropping like starlings in Downtown Los Angeles (yet), but we still don’t know if we’re going to have long-term health hazards or other problems, and we don’t know how easily the power output of the monstrous cell towers can be ramped up to death-ray level. It’s a fact that 5G signals are similar in wavelength to the emissions inside your microwave oven. The 5G transmitters are supposedly much lower power. But, why then are such “low-power” devices bursting into flames? Just to be on the safe side: If you see lots of black helicopters over DTLA, then you might consider running far away from the ominous devices. #5gmap #dtla | 3G / 4G / 5G COVERAGE MAP

Verizon’s 5G Home service might be great — when you can get it. The carrier’s coverage area is quite limited, but, based on the maps that we’ve seen, Verizon might have the best coverage for Downtown L.A. Most mobile customers do not yet have 5G phones. Compatible mobile phones currently cost about $1,000 to $2,000.

Do you think Downtown LA is ready for 5G? Fill out the survey form:

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Legal Loophole Costs Local Homeseller $3,742 in the Sale of Their DTLA Condo

Downtown Los Angeles – When you’re buying or selling a home, there are many small but important legal issues that you may be unaware of that are, nevertheless, critical to understand. Residential real estate is not an uncomplicated process. When such a major investment is transferred from one party to another, there are subtle details to take care of that can turn into major problems if not handled correctly. It is essential to understand the legal ins and outs that will properly protect you when you buy or sell a home. There are several issues that will certainly cost you if you are not properly informed. In a recent situation right here in the area, misinformation cost one local homeseller over three thousand dollars in the sale of their home. Don’t let this happen to you. In answer to this issue, Industry Insiders have prepared a FREE special report entitled, “Legal Mistakes to Avoid When Buying or Selling a Home” To hear a brief recorded message about how to order your FREE copy of this report call toll-free 1- 844-837-3308 and enter 1011. You can call any time, 24 hours a day, 7 days a week. Get your free special report NOW to protect your investment when you buy or sell your home.