The monthly DTLA sold homes report has arrived. The month of May has revealed panic selling in Downtown L.A. as many buyers and sellers stayed clear of the market. Only 16 residential properties were transacted, and they sold faster, and at lower prices, indicating that a few savvy investors took advantage of the declining property market by demanding home price concessions from motivated sellers. #realestate #dtla #homeprices
The median Downtown LA home price dropped from $574,500 in May of 2019 down to $526,000 last month. Those few sellers who were willing to sell were in a bit of a rush. The average property sold in 32 days compared to 37 days for the same period last year.
The L.A. Loft Blog continues to forecast falling real estate prices for most months in 2020.
Reader Questions:
Q: What is happening at chase tower downtown la 1100 wilshire? A: The luxury highrise loft condo building HOA may still dealing with several lawsuits. There’s 10 units for sale and several for lease. For lawsuit details, request a litigation search.
Q: Hello, My name is Van im an artist and filmmaker living in LA for the last 12 years. Always dreamt of having a big live/work in the city but could never afford it. Im looking for something in the low 2k’s per month, and i have a small dog. must include parking as well. im flexible with price. let me know if you can show me a few places, i called twice today but couldnt get thru to anyone. thanks so much. Van A: Thank you for your request. I may not currently have any listings in your price range, but you will find some on the LA Loft Blog, then I can tell you the contact info of a listing agent.
Q: Is the middle class really moving out of California? A: Yes, Approximately 388,000 net persons moved away from California in 2019, with the majority of them middle income couples and families.
Q: Are we going to have a housing apocalypse? A: Yes, something like that. The word “apocalypse” may be a bit dramatic and fanciful, but housing is one of many sectors that shall experience tremendous shocks and cascading crises due to the radical, unprecedented global economic shutdown. The L.A. Loft Blog, which predicted a deadly respiratory plague, was the first to warn that the cure for coronavirus (AKA mass hysteria and global panic) shall be much worse than the disease. 600 doctors later agreed, IMF International Monetary Fund and CNBC are all on the same page, warning about unexpected, extremely detrimental economic effects of lockdown.
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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.