Home Values Plummet in Los Angeles Amid Sprawling Squalor
REAL ESTATE MARKET UPDATE #homeprices #losangeles
The March 2020 numbers are in, and we are not surprised by the statistics. We expected to see an apocalyptic dive, and we see a substantial dip indeed. The market moved briskly, as the number of sold property listings shot up from 33 sold in March 2019 to 56 transacted in March of 2020 (good news for real estate agents). Lofts and condos sold on average 33 days faster this March, compared to the same period last year. Most homes dropped in price from $615,000 last March to a median price of just $580,000 this March. The average Downtown Los Angeles home buyer paid about $35,000 less than the same period last year in the loft neighborhoods around Downtown Los Angeles MLS areas 23, 42 and 1375. This confirms that 2020 continues the recessionary deflation of urban home values that we reported last year. | Blog Video
Coronavirus crash, along with the long term economic cycle, seems to be the most likely culprit in the market, but new rent control bureaucracy, along with homeless tent cities and insufficient law enforcement may be contributing to falling housing values. Due to the largest economic shutdown in history, a major real estate crash across the country, and world-wide, is inevitable. #realestate #dtla #lofts
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Today, we’re seeing a dangerous shortage of critical thinking and a perilous lack of investigative reporting about health and economics. The L.A. Loft Blog pledges to help protect the unhealthy and the healthy by providing the whole truth: ALL JOBS ARE ESSENTIAL. #coronavirus #update #realestate
The California Association of Realtors® has provided this advisory for those who are looking at real estate for sale and for lease. Here’s exactly what it says:
1. RISKS OF EXPOSURE: The Coronavirus (COVID-19) pandemic is a worldwide risk to human health. COVID-19 is highly contagious and has a mortality rate many times greater than the flu. COVID-19 can spread easily and exponentially. While people of all ages are at risk of catching COVID-19, persons especially at risk are those with compromised immune systems and the elderly. Persons over 65 of age may be at particular risk. 2. “STAY HOME ORDERS”: In order to reduce the spread of COVID-19, the State of California, as well as many California cities and counties have issued “Safer at Home” or “Shelter in Place” orders, with exceptions for essential activities. 3. REAL ESTATE SALES ACTIVITIES AS ESSENTIAL SERVICES: Under Federal and State guidelines, activities required to facilitate a real estate transaction have been deemed essential activities. Nevertheless, designation of some real estate activities as essential activities does not make them free from COVID-19 risks. All persons must still practice “social distancing” and take all steps necessary to protect themselves and others. Finally, some county and city orders are more restrictive than Federal and State guidelines and may take precedence over Federal and State guidelines. 4. REPRESENTATION AND AGREEMENT: By signing below, you make the following representations and agree as follows:A. You are either: (1) The seller, landlord, tenant, or occupant, voluntarily allowing someone to enter the Property for viewing, walk-through, inspections, or otherwise facilitating the real estate transaction; or (2) A prospective or actual buyer, tenant, real estate agent, or other person whose services facilitate the completion of a real estate transaction and are voluntarily entering the Property for the purpose of viewing, inspecting, or performing an activity or providing a services in furtherance of a real estate transaction. B. You understand that showing and visiting properties may be dangerous or unsafe and could expose you or others to Coronavirus or COVID-19. C. If applicable, you understand that your showing or visiting activities are part of an exception to Federal and State “Safer at Home” or “Shelter in Place” orders and that you are conducting those activities at your own risk. D. You understand that if you engage in any activities in violation of the law, including Federal, State, county or city orders, you areacting against the advice of Broker. E. You agree to take all reasonable and necessary precautions to protect yourself and others from the spread of COVID-19, including, but not limited to the following:(1) You are aware of and agree to follow all Federal, State, and local laws and orders, including Stay Home, Safer at Home, Shelter in Place orders, even though such laws and orders may be changing rapidly. (2) You agree and understand that it is your responsibility to exercise care to protect yourself, such as assessing your own risks, which may include age, underlying health conditions, recent travel, possible exposure to COVID-19, doctor’s recommendations, and State or Federal recommendations.(3) You represent that (i) to the best of your knowledge, you are not currently afflicted with, and have not knowingly, within the last 14 days, been in contact with someone afflicted with COVID-19, and (ii) you are not experiencing a fever, or signs of respiratory illness such as cough, shortness of breath or difficulty breathing, or other COVID-19 symptoms. (4) You believe that you are not likely to transmit or contract COVID-19. (5) When visiting or allowing someone to visit the Property, and if available, you agree to wash your hands with soap and water or use handsanitizer, and to wear rubber gloves, a protective face mask, and protective shoe coverings. Remember to not touch your eyes, nose or mouth.(6) You agree to practice social distancing by keeping at least 6 feet between yourself and others. Do not gather in groups, and do not touch surfaces or items in the Property. If you believe it necessary to touch surfaces or items in the Property, consider the risks of doing so. You are reminded that wearing protective gloves, face masks, shoe coverings, and washing and sanitizing hand are steps you can take to protect yourself and others. (7) After showing the Property, sellers, landlords, and occupants should clean and disinfect the Property, paying attention to any areas that maybe commonly touched, such as door knobs, handles and counter tops.(8) After viewing the Property, visitors should discard any gloves, masks or shoe coverings worn during the visit and wash their hands with soap and water for at least twenty seconds. 5. AGREEMENT, DECLARATION AND ASSUMPTION OF RISK: By signing below, you are declaring the foregoing is true, that you agree to take all recommended and reasonable actions to protect yourself and others from exposure to COVID-19, and that you assume the risk, as applicable, of entering the Property, or allowing someone to enter the Property. You understand and agree that no one, including but not limited to real estate brokers and agents, can guarantee that you will not be exposed to or contract COVID-19.
We are reading claims that the Covid-19 mortality rate is many times greater than the flu. This contradicts top epidemiologists who say that SARS-CoV-2 is comparable to seasonal flu. We must immediately strive to learn the whole truth. Next, we must ask: How many will suffer and perish due to the current economic shutdown? Could panic be worse than a pandemic?
Corruption and poverty kill millions. Throughout history, panic and economic collapse have killed hundreds of millions of healthy individuals. Today, we are all at risk of panic-induced poverty and economic collapse that would affect the health and well-being of every man, woman and child. The International Monetary Fund has warned of “humanity’s darkest hour” if we fail on epidemiology and economics. To protect the unhealthy and the healthy, social distancing and other effective measures absolutely must be promptly taken in ways that preserve freedom and free enterprise so that Californians will have the resources that we need to survive next year, the next 10 years and beyond. California real estate professionals have declared their job essential. Yes, but not only real estate. History has proven that ALL JOBS ARE ESSENTIAL.
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