REAL ESTATE NEWS
After 20 years of uplifting renaissance, Downtown Los Angeles may be hitting a plateau, or worse — slipping into a sh!thole abyss. With more vacant commercial locations, dropping home prices and unfinished construction now a plague of the city center, DTLA sees exploding tent cities, trash and crime. #losangeles #realestate #homeprices
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Has Downtown stopped rising? Another indication may be that the once-popular DTLA Rising website has dropped in popularity, and now has been completely down for a number of days.
Downtown loft and condo prices have dropped 3% to 7% over the last 12 months. That is for sold prices, so the L.A. Loft Blog asked a big question in a recent post: “Are rents falling in Downtown Los Angeles? Below is a long answer to that question. | VIDEO
Because homeless citizens are not receiving the level of law enforcement service that they need, homeless are being neglected and victimized by crime at a growing rate. The overall crime rate in Downtown is 38% higher than the national average. For every 100,000 people, there are 9.72 daily crimes that occur in Downtown. Crimes against homeless people increased by 24% in 2019. The Los Angeles Police Department policy now tends to ignore most petty crimes involving homeless, which increases the chances of more serious crimes in the future. Additionally, LAPD usually fails to promptly dispatch police units to help prevent crime when citizens call to report potentially dangerous situations. A recent report of a man wielding an 18 inch machete at Elysian Park took more than 45 minutes for police arrival on the scene.
Pit bull threats are up. Several small dogs and people have been injured in Downtown and Lincoln Heights over the last two years. Leashless packs of pit bulls now regularly roam downtown parks from the Arts District to the lawn of LAPD headquarters, attacking other dogs, causing canine screams of pain, as permanently injured human victims watch in horror. More recently, a homeless couple living in a motorhome in Lincoln Heights near Downtown Los Angeles asked that the owner of a small dog to go away to avoid the pit bull, strongly suggesting that he cross the street. When the local resident suggested that the aggressive pittbull should be wearing a muzzle, the homeless man threatened to feed the small dog to the pit bull “for breakfast”.
DOWNTOWN LOS ANGELES RENT PRICES: UP OR DOWN?
Downtown rents are stable. Rent prices stayed about the same as last year. That’s good news for renters, but real estate investors profits are now beginning to get squeezed. More have moved into lofts, condos and apartments for lease as 472 rentals have been filled in the last six months, up by 22 over the same period in the previous year. That increase is tiny, however, compared to the large number of new rentals that have been constructed. The average price per square foot dropped by 18 cents, whereas landlords and investors were hoping for an increase. It look about 3 days longer to rent out each place, which costs landlords about $275 more to rent out each place on average.
As 24% of Californians have seriously considered moving out of the state, Jon Coupal of the Howard Jarvis Taxpayers Association says that Californians are nearing another California tax revolt.
It’s certainly not all bad news; Row DTLA shopping center is booming, as are many other businesses. The new Apple store under construction on Broadway is achieving slow, steady progress. At least Downtown has not experienced any kind of major exodus. Downtown residents are staying put longer. More people moved into Downtown in the more recent 6 months than in the same period the previous year. If and when L.A. Downtowners and Californians decide to gain control of the tent city trouble, conquer crime and figure out how to deliver more effective government at a lower cost, then Downtown L.A. will continue to thrive with an extremely bright future.
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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.
