Los Angeles Real Estate Bubble Pops

Real Estate News:  Home Prices Plummet in Downtown L.A.

As the property market sinks throughout Downtown and Greater Los Angeles, loft and condo buyers and sellers often receive information that is three months to a year late.  For those who wish to take advantage of better market timing, the LA Loft Blog provides the fastest, most actionable real estate market updates for Downtown Los Angeles and surrounding loft communities. August 2019 showed a dramatic drop in prices, a worsening of the real estate market in nearly every way.  The numbers provide confirmation that Downtown Los Angeles is now a buyer’s market.

PROPERTY MARKET ALERT:  DTLA PRICES DOWN SHARPLY IN AUGUST

Aug 2019 Year-Over-Year Market Change – (Downtown and Nearby)
Total  of completed transactions:  Down 28%
Average Sold Price:  Down 3.8% (Dropped by $27,369)
Median Sold Price:  Down 7% from $692,500 to $647,000 (Dropped by $45,500)   #losangeles #realestate #bubble

Taking longer to sell:  Average  days on market grew from 62 to 82 days (20 days longer on market)  Properties selling 32% slower than same period previous year.

The market is diminishing some fortunes, while creating other opportunities.

Two Deadly Mistakes for Sellers to Avoid in a Buyer’s Market

One example of a struggling property is a large live/work condominium unit for sale in Los Angeles.  The stylish industrial loft with rare character and natural light has been viewed by a substantial number of buyers. Several of the buyers have decided to purchase other properties that present a greater value. All buyers, along with just as many real estate professionals have concluded that the asking price is significantly too high, and that the presentation needs improvement. The unit appears smaller than its true grandeur because it is constricted by an added dark bedroom, long narrow entryway, and clutter. For the price, the unit is slightly insufficient in maintenance, cleanliness and polish, including the kitchens and bathrooms.   |   VIDEO

The main issues that need to be corrected are:
1. Asking price is too high
2. Tenants are creating poor presentation / reduction of value

Top national professional real estate coaches have been consulted by local loft specialist real estate professionals to ensure that the property and market have been analyzed thoroughly.  The group has concluded that high asking price, along with occupancy by current tenants are the primary obstacles to a successful sale.  The L.A. Loft Blog expects prices to continue to fall — financially hurting sellers while opening up more possibilities for home buyers.

Several local loft specialists have concluded that the asking price is much too high for the type of loft unit in its current state.  The unit presents a rare opportunity for a creative, visionary buyer who is willing to patiently negotiate in order to get an amazing large loft and a very low price per square foot.

Local Real Estate Market:  Prices continue to drop. Home value decrease has been accelerating.

Several Los Angeles loft specialists with dozens of years of experienced have warned: Sellers who choose a wait and see strategy during a falling market risk future price drops being outpaced by falling market prices, causing a much lower final sale amount.

The local real estate market economic downturn has been accelerating. August median price is down significantly year-over-year. Downtown Los Angeles and Nearby median sold price is down 7% for that period from 2018.

There are several ways to attract a higher selling price. The two key actions for sellers to achieve a successful sale in today’s Los Angeles housing market:
1. Set the asking price slightly below the comps.
2. Increase the perceived value by presenting the property fixed up, vacant and professionally staged.

Get a free list of live/work lofts.  Fill out the online form:

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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Compare August 2018 to August 2019:

market-analysis-1808-p   |   market-analysis-1908-p

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.

Real Estate Staging – Getting More Money for a Home, Faster and With Less Hassle

Home Staging For a Successful Sale

How to Get $15,000 to $100,000 More When Selling a Loft

Home Staging - Before and After
Home Staging – Before and After:  From unsold to quick sale for up to $100,000 more

Interior Analysis • Financial Results Analysis Interior Design • Furnishings
Decor • Wallpaper Painting • Fix-Ups • Window Treatments • Lighting
Finishes • New Photos

Get more money in your pocket with the staging magic of professional Interior Designer Artist Brother Andy  888-240-2500 staging@entar.com

* Home seller and Brother Andy must agree on price and terms.

For lofts, condos and houses, 80% of buyers are strongly influenced by the presentation of the property that they are looking at.  That’s why home staging should be considered an absolute must for sellers who want to sell a property for the highest price, in a short time without a lot of fuss. Downtown Los Angeles lofts and condominium units are all luxury properties, and thus benefits greatly from staging services by a professional who regularly creates more value for real estate. #homestaging

Some sellers falsely believe that buyers will buy a property for full prices regardless of the presentation and attractiveness of the place.  The opposite is usually true.  Home buyers are extremely affected by all of the visual cues coming from a property.  An overstuffed wardrobe tells buyers that a loft has insufficient storage space.  A toilet brush want and visible garbage pan says that the property take significant work to maintain and keep sanitary. By hiding those things, the property communicates that it may take less work, and thus be more enjoyable to own the property.  Those are small examples of the hundreds or of items that interior designer Artist Brother Andy pays attention to and fixes as part of his home staging services.   |   VIDEO

Brother Andy has been staging homes for real estate and taking care of interior design to elevate the aesthetics and atmosphere of residences for more than 30 years. His work has taking him from the beaches, to Downtown L.A. to the Palm Springs area. His Grace says, “It has to do with expectation.  When you think something is great and worth this much money, the expectation is that the house has got to follow.  It’s not a natter of personal opinion, it’s more of a case of social contract.  What makes it different is perceived value.  For the buyer and seller, the interior designer stager is trying to match expectation.  Buyers naturally tend to think the asking price is way too much, while the seller thinks that the buyers is not offering enough.  Brother Andy provides a service that aims to bring the buyer and seller together by way of the highest presentation that physically demonstrates emotionally, intellectually, visibly and subliminally why the property is of present stated value.  #realestate

Request an interior analysis from Interior Designer Artist Brother Andy Fill out the online form:

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | PopularLuxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

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.