Coronavirus Tips and Updates for Los Angeles, California Real Estate

Crisis Update: Urgent News about Los Angeles Real Estate
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Temporary Changes to Local Realtor® Activities
We’re Here For You. We want to assure you that The L.A. Loft Blog is making every effort to assist you during these challenging times. Below is an updated summary of new rules and real estate updates during the COVID-19 crisis. #coronavirus #tips #updates
New Rules & Updates: Already Implemented | Blog Video

Physical (Face-to-Face) Open Houses Prohibited & Will Be Replaced by Virtual Open Houses The MLS™ #realestate agent multiple listing service has removed all current and upcoming open houses, and has disabled the creation of new open houses. Amid the Coronavirus (COVID-19) global outbreak, Governor Gavin Newsom has issued a statewide order to “Stay at Home”. Per the California Association of REALTORS® (C.A.R.), agents and brokers should cease doing all face-to-face marketing, including open houses, in order to comply with the state mandate.

Hold Status Extended to 60 Days Twice Hold Status has been extended from 10 days to 60 days. Sellers and their agents can opt to use the Hold Status up to two times, however, it cannot exceed the duration of the listing agreement.

DOM Days on Market Freeze Because properties cannot be fully marketed at the moment, the days counted as being on the market has been frozen. Until further notice, and due to the current orders in place on a federal, state and local level, the computation of Days on Market (DOM) has been suspended until further notice. The MLS™ will suspend counting Days on Market (DOM) retroactive to March 15th.

“Coming Soon” “Coming Soon” listing status can be used for the entire duration of the listing contract.

Soon-to-Be Released

Virtual Open Houses – Release Date 3/30/20 Virtual open houses will soon become available to help sellers attract home buyers while adhering to the new “Stay at Home” policy. Sellers may request that their agents select to create and share a virtual open house on social media platforms, such as YouTube, Facebook, and Instagram. #losangeles #california
Questions? Call the L.A. Loft Blog Real Estate Help Line 213-880-9910

The L.A. Loft Blog is focused on reducing the negative economic impact of the current health crisis by uncovering hidden opportunities while helping to avoid mistakes.

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Critical Bulletin: Immediate Changes Affecting Los Angeles, California Real Estate

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.

Billionaires Fear Real Estate Collapse

Model and photographer with Downtown backdrop to dramatic Broadway bridge

REAL ESTATE NEWS — Los Angeles commercial real estate billionaire Tom Barrack has warned that our response to coronavirus is placing the entire real estate industry on the brink of collapse. He alerts that this cycle could cascade into chaos if it is not addressed properly. #realestate #collapse #losangeles #dtla

If the real estate market is not fixed quickly, Barrack says that “The economic impact, magnified by widespread total industry shutdowns throughout the American economy, could be exponentially worse than the economic effects of the 1987 crash, September 11th attacks and 2008 recession, combined.” He says that the long-term impact on the economy could be “catastrophic.” Stock traders have agreed with Tom as they’ve slashed the value of shares in REIT real estate investment trusts by 42%. Mall values have dropped by 61%.

Anyone can now see that the Fed is out of ammunition, and now has insufficient power to boost the economy. Even though the Federal Reserve lowered the rates it controls to basically zero amid this crisis, would-be borrowers have gotten zero benefits. In fact, the much-watched Freddie Mac index of 30-year, fixed-rate mortgages showed interest rates jumping from a record low 3.29% on March 5 to 3.65% two weeks later. | LOFT LENDERS

Barrack says that the unemployment lines have already grown, and he expects, the length of these lines to explode on April 1, as the rent checks and mortgage payments supporting the commercial real estate market come due amid a breakdown of public trust in the economy.

Mortgage lenders have lost trust in the economy, which is one reason why interest rates have not fallen in response to the Fed rate cut. Development of new real estate is in jeopardy of seizing as a significant chunk of American commerce shuts down and grinds to a halt.

Barrack’s message is further reinforced by the news that billion-dollar megaprojects like OceanWide Plaza in Downtown L.A. had already been unable to obtain funding before the recent crash. Right after they finally found a new owner, buyer SPF Capital International Limited, the coronavirus crisis happened, delaying the $1B sale of the incomplete project.

Barrack calls for a collaborative solution with support of federal government policy to ensure stability moving forward.

Reader Questions:

Q: Where is the basketball players loft? A: While most lofts have high ceilings appropriate for tall residents, Roosevelt Lofts on 7th Street Restaurant Row seems to have attracted the largest number of basketball players from USC, the Lakers and Clippers. If the question is about NBA player Dwight Howard, he put his incredible school conversion loft unit up for sale recently. Check out his Pierce School Loft in Washington D.C.

Q: What are the largest food companies based out of downtown los angeles? A: That’s a good question. The L.A. Loft Blog is not a food industry expert, but Downtown L.A. certainly has lots and lots of food companies. The Canton Food company has a huge warehouse open to the public. Grand Central market is a huge produce, food market and hip food court. Los Angeles Fish Company deals in tremendous amount of fresh seafood.

Q: What is happening with Los Angeles real estate and coronavirus? A: The L.A. Loft Blog has provided several updates on the health crisis and economic impact.

Q: What are little tokyo lofts skid row rent? A: Little Tokyo Lofts is a condominium loft building near Skid Row. The building has nice amenities, parking and 24-hour security. Prospective residents can find lofts for sale and for lease there.

Find out what the loft down the street sold for. Get a free list of recently sold lofts. 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
Megaproject OceanWide Plaza encounters another snag due to coronavirus crisis

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.